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Macroeconomics: UK economy, A-Level Economics

A brief overview of relevant articles for IB and A-Level all relating to the UK economy

Curated by Graham Watson

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October 24, 7:11 AM

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Can John Healey make a dent in the cost of living crisis in his first budget? | Budget 2026 | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 24, 5:00 AM

Graham Watson's insight:

The main theme of the budget appears to be dealing with the ongoing cost of living crisis, and putting it in a broader political context.

It's a good summation of the current challenges and the legacy left by both the previous Conservative government and the previous Chancellor, Rachel Reeves.

vape distro's curator insight, October 30, 5:48 PM

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October 24, 6:17 AM

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From www.theguardian.com - October 24, 2:00 AM

Graham Watson's insight:

And here's a case study - demonstrating how complicated levelling up is, how difficult it is to achieve and how it fits into the government's devolution agenda. The article looks at Grimsby, and in doing so highlights the complexity of policymaking.

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October 24, 6:11 AM

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From www.bbc.co.uk - October 23, 8:09 PM

Graham Watson's insight:

A nice little primer looking at the UK state pension and comparing it to the pension offered in other nations, in the context of the debate about the removal of the triple lock.

In the first place, despite the pension triple lock, introduced in 2011, pensioner poverty has actually risen, and the UK pension as a percentage of average earnings is about 10% lower than the pension in other wealthy nations. However, this is contextless: you also need to consider the availability of universal healthcare, among other things. Equally, spending on pensions, albeit likely to rise, is still below the OECD average - so it's difficult to take a definitive view on the issue.

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October 23, 5:51 AM

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Youth mobility scheme may be delayed to ensure success of UK-EU summit | European Union | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 23, 1:00 AM

Graham Watson's insight:

It seems as though part of the UK-EU reset, involving an increase in the freedom of movement for young people is going to be put on hold until after the UK-EU summit in November, because there's not yet agreement on things such as visa quotas, university fees and an NHS surcharge and so on.

The devil, as ever, is in the detail...

vape distro's curator insight, October 30, 4:48 PM

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October 23, 2:47 AM

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Britain’s gas security needs reinforcement. Last-minute deals with Belgium are not a proper fix | Nils Pratley | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 23, 1:00 AM

Graham Watson's insight:

Nils Pratley on yesterday's deal t secure Belgian gas - he's right, of course - but let's face it who is to blame for the parlous state of the energy sector? I think that, again, we might look back on privatisation and think that this coincided with the abrogation of oversight of the sector..

We might also think that for all the 'professionalization" of many sectors of life, politics is still the preserve of amateurs, none of whom have any incentive to act in the country's long-term best interests.

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October 23, 2:39 AM

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Some of Europe’s highest energy costs expected in Britain this winter | Energy industry | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 23, 1:00 AM

Graham Watson's insight:

The issue of why the question of energy security is so vexed is a complicated one: a combination of our mix of fossil fuels and renewables, and the high level of energy imports, with the Guardian reporting that National Gas has concluded a deal with a Belgian importer to secure gas from overseas, given the limited storage capacity in the UK.

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October 22, 3:55 AM

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From www.theguardian.com - October 21, 1:12 PM

Graham Watson's insight:

Nils Pratley is quick to praise the decision to grant a licence to exploit the Jackdaw gasfield arguing that it's sensible policymaking at a time when we're still nowhere near ready to switch away from all fossil fuels and given our dependence upon increasingly unreliable global energy markets.

vape distro's curator insight, October 22, 4:29 PM

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October 22, 3:09 AM

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From www.bbc.co.uk - October 21, 6:03 AM

Graham Watson's insight:

A bit late but never mind. Faisal Islam on what yesterday's inflation figure and the latest public finances data means for the Chancellor in the run-up to the Budget. As he says, it basically means that he's just got less room for manoeuvre, not that he had much in the first place.

vape distro's curator insight, October 23, 4:52 AM

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October 21, 3:54 AM

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From www.theguardian.com - October 20, 2:58 PM

Graham Watson's insight:

What does the exploitation of the Jackdaw gasfield mean for the UK. The Guardian explainer looks at the wider implications of this for energy bills, carbon emissions and global emissions. The answer to all of the above is marginal effects, but arguably is there something more symbolic at stake?

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October 21, 3:15 AM

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UK government borrowing rises to £24.5bn as John Healey prepares for budget | Government borrowing | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 21, 2:48 AM

Graham Watson's insight:

And the budget deficit is also up - reaching £24.5bn in September, with nearly £11bn of that debt interest, also a record for September. One of the main reasons for this is the higher inflation rate, with some bond yields index-linked. That alone has cost the government an extra £4bn in September.

The combination of both is going to make the Chancellor's job in formulating a Budget far harder.

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October 17, 2:18 AM

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Healey backs pro-growth case for Heathrow third runway after Burnham ducks issue | Heathrow third runway | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 16, 5:30 PM

Graham Watson's insight:

Not much of note here - just the notion that expansion of Heathrow is likely to promote growth but questions still remain about its costs and its environmental impact. As I've said before it also highlights the barriers to infrastructure investment that exist in the UK.

vape distro's curator insight, October 22, 12:56 AM

vape distro's curator insight, October 30, 4:50 PM

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October 16, 2:29 PM

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British food and drink exports to EU collapse by more than a third since Brexit | Food & drink industry | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 16, 8:34 AM

Graham Watson's insight:

What to say, other than I told you so...

Food exports to the EU have collapsed since 2019, according to the National Farmers' Union, who suggest that official data suggests that sugar exports are down 70% and egg product exports are down by 74% compared to 2019.

Vote for that, did we?

vape distro's curator insight, October 30, 4:54 PM

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October 16, 3:41 AM

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Cost of balancing Great Britain’s power grid reaches nearly £50m a day | Energy industry | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 15, 11:55 AM

Graham Watson's insight:

The extent to which the UK's electricity grid is struggling to cope with the expansion of renewable generating capacity is laid bare in this Guardian article that highlights the fact that the daily cost of balancing the grid has increased to nearly £50m per day. That's quite the opportunity cost and emphasises the need for investment in upgrading the electricity network.

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October 24, 6:21 AM

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You be the chancellor: play our budget game to see if you can balance the books | Budget 2026 | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 22, 4:04 AM

Graham Watson's insight:

And if you fancy a play, then the Guardian has an interactive budget game that allows you to formulate policy, and in doing so trying to keep the bond markets and electorate satisfied. I'd hope that all Year 12 and 13 economists would fancy a play around with all of the variables offered in trying to find the right fiscal mix.

vape distro's curator insight, October 30, 4:48 PM

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October 24, 6:15 AM

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Most levelling up projects still unfinished years after funding allocated | Inequality | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 24, 2:00 AM

Graham Watson's insight:

Surprise, surprise. The previous government's Levelling Up scheme is largely revealed to be a sham, with the majority of projects unfinished nearly a decade on, and as a result, the associated multiplier effects will be diminished and regional inequality perpetuated. Who would have thought it? Me.

It was self-evidently largely a rhetorical device designed to win votes, and the government had no intention of taking substantive action on the issue in my view.

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October 23, 9:02 AM

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From www.bbc.co.uk - October 23, 6:49 AM

Graham Watson's insight:

The Labour government's own version of Help to Buy - Your First Home - is being introduced with a cap on earnings of £110,000 for people outside of London and £140,000 for those looking to buy in London.

This is designed to head of criticism that the previous scheme was overly advantageous to some of the country's most affluent first-time buyers.

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October 23, 5:46 AM

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Retail sales in Great Britain fall as struggling households cut back | Retail industry | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 23, 3:34 AM

Graham Watson's insight:

Retail sales down by 0.4% in September in the UK, according to the latest ONS data, although given the bumper August, quarterly retail sales were still up by 0.7% on the same period last year.

It's difficult to work out where the economy is headed - and that, in many ways, is the most troubling thing about recent economie performance.

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October 23, 2:43 AM

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UK consumer confidence falls at fastest rate since Covid as cost of living bites | Consumer spending | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 23, 12:00 AM

Graham Watson's insight:

The latest GfK consumer confidence data suggests that current levels of confidence are falling at their fastest rate since COVID. And yet, for all that, up until now economic growth has remained remarkably resilient.

It's worth just watching to see what happens - and reflecting on the number of variables that determine growth rates. .

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October 23, 2:35 AM

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From www.bbc.co.uk - October 22, 7:04 PM

Graham Watson's insight:

I'm always reassured by the news that the National Energy System Operator believes that despite the prospect of some "tight days", we'll have power throughout the winter. As someone who experienced the Winter of Discontent at a young age, can I check that we are living in 2026?

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October 22, 3:15 AM

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From www.bbc.co.uk - October 21, 7:27 PM

Graham Watson's insight:

Nice bit of whataboutery this morning on the BBC website, asking what would have happened if the UK had set up a sovereign wealth fund to make best use of its oil revenues, much like Norway has done from 1996 onwards.

The argument has always been that the UK frittered away its oil revenues, not least on tax cuts, and that had we been more prudent, we'd have a trillion pound fund from which we could draw down a limited amount each year.

As it is, the decision to approve the Jackdaw gasfield is linked to the creation of such a fund, from the National Wealth Fund, designed to invest in green energy. This is presumably an attempt to offset the claim that the original permission to extract gas is unenvironmental.

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October 21, 4:56 AM

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From www.bbc.co.uk - January 14, 2011 12:34 PM

Graham Watson's insight:

Basics for Year 12 macroeconomists: What is inflation? What does it mean to the average consumer? What are its wider economic implications?

All simple stuff...

vape distro's curator insight, October 22, 12:56 AM

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October 21, 3:43 AM

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From www.theguardian.com - October 21, 2:15 AM

Graham Watson's insight:

One for the seemingly endless economic growth versus environment debate, with the news that the UK government is going to allow the exploitation of the Jackdaw gas field representing a supply-side boost for the UK but promising carbon emissions.

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October 21, 3:10 AM

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UK inflation rises by more than expected to 3.5% as war drives up fuel prices | Inflation | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 21, 2:02 AM

Graham Watson's insight:

Today's big domestic story is the fact that recent oil price rises have driven inflation up to 3.5%, with a very real prospect of it reaching 4% should the conflict in the Middle East continue.

This would seem to make an increase in interest rates nearly inevitable.

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October 16, 2:33 PM

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Neet rates higher in England’s smaller cities and towns than in biggest cities | Youth unemployment | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 16, 9:00 AM

Graham Watson's insight:

Another look at youth unemployment and its uneven distribution, with it more likely to affect young people in smaller towns and cities rather than larger urban areas. As a consequence, it would make sense to target policy at these areas, and their context-specific causes of youth unemployment and the greater likelihood that young people there are NEETs.

vape distro's curator insight, October 22, 10:18 PM

vape distro's curator insight, October 30, 4:52 PM

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October 16, 2:24 PM

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The Guardian view on the banks: too big to fail cannot mean too big to tax | Editorial | The Guardian | Macroeconomics: UK economy, A-Level Economics | Scoop.it

From www.theguardian.com - October 16, 12:52 PM

Graham Watson's insight:

It seems that the Guardian agrees with me about taxing the banks; although if you speak to bankers, my experience is that they will tell you how hard they work and how talented they are...

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Macroeconomics: UK economy, A-Level Economics

Can John Healey make a dent in the cost of living crisis in his first budget? | Budget 2026 | The Guardian

Can a £5.8bn scheme help revive Grimsby and other town centres? | Regeneration | The Guardian

UK state pension: How does it compare with other countries?

Youth mobility scheme may be delayed to ensure success of UK-EU summit | European Union | The Guardian

Britain’s gas security needs reinforcement. Last-minute deals with Belgium are not a proper fix | Nils Pratley | The Guardian

Some of Europe’s highest energy costs expected in Britain this winter | Energy industry | The Guardian

Jackdaw approval is a step towards a grownup North Sea policy | Nils Pratley | The Guardian

Inflation and borrowing data illustrate chancellor's Budget challenge

What does the UK’s approval of the Jackdaw gasfield mean? | Oil | The Guardian

UK government borrowing rises to £24.5bn as John Healey prepares for budget | Government borrowing | The Guardian

Healey backs pro-growth case for Heathrow third runway after Burnham ducks issue | Heathrow third runway | The Guardian

British food and drink exports to EU collapse by more than a third since Brexit | Food & drink industry | The Guardian

Cost of balancing Great Britain’s power grid reaches nearly £50m a day | Energy industry | The Guardian

You be the chancellor: play our budget game to see if you can balance the books | Budget 2026 | The Guardian

Most levelling up projects still unfinished years after funding allocated | Inequality | The Guardian

Earnings limit of up to £140K for first-time buyers loan scheme

Retail sales in Great Britain fall as struggling households cut back | Retail industry | The Guardian

UK consumer confidence falls at fastest rate since Covid as cost of living bites | Consumer spending | The Guardian

Grid operator says lights will stay on this winter after concerns

The 'trillion pound' oil fund the government believes Britain could have built

UK inflation: What is the rate and why are prices still rising?

UK approves Jackdaw gasfield in North Sea | Environment policy | The Guardian

UK inflation rises by more than expected to 3.5% as war drives up fuel prices | Inflation | The Guardian

Neet rates higher in England’s smaller cities and towns than in biggest cities | Youth unemployment | The Guardian

The Guardian view on the banks: too big to fail cannot mean too big to tax | Editorial | The Guardian