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The Impact of the 1980s UK Recession on Arts Council Funding - Assignment Example

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The following assignment "The Impact of the 1980s UK Recession on Arts Council Funding" aims at highlighting how recession impacts arts, and particularly theatres within the UK. For this purpose, a case of the recession of the 80s in the UK has been used…
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The Impact of the 1980s UK Recession on Arts Council Funding
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Download file to see previous pages According to Ginsburgh (2006), boom and recession are mandatory constituents of a progressing economy in today’s world, each following the other in the form of a cycle. On a general note, economists and strategy planners try to their level best to avoid a recession or to at least delay its much as they can but a natural cycle is difficult to overrule. The major issues associated with recession are not the rising level of inflations but actually, it is the level of unemployment and lack of growth, which makes it difficult for an average family to meet ends, because otherwise, the increasing levels of general prices, inflation, is there in times of boom as well. A natural and predictable step taken by a government to combat recession is tightening the screws of the monetary and fiscal policy i.e. increasing taxes (to earn revenues and to avoid excessive spending) as well as a reduction in government spending projects. Reduced government spending saves money but at the same time, it impacts the life of a common man. The following section discusses the same with reference to the recession of the UK that took place in the 80s.
In accordance with Towse (2003), the time of the 1980s was a recessionary period for the globe, and the UK was the first to enter into this recession. The government, as a result, deployed a tight fiscal and monetary policy, as the figures of the inflation raised to approximately 20%, and unemployment was spreading up fast. Taxes were increased and government spending was reduced to a greater effect. During the same recessionary period, the GBP hit its all-time low of 1.05 against USD. It was a depressive scenario for the UK masses on a general note, where individuals followed the same strategy as utilized by the government i.e. of developing a saving habit, implying avoidance of extra taxes and reduced expenditure. ...Download file to see next pages Read More
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