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UK government policies in response to the emerging financial crisis in 2008 may undermine credibility and transparency and sugge - Essay Example

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UK government policies in response to the emerging financial crisis in 2008 may undermine credibility and transparency and sugge

37 billion thus far (Simpson). However, in 2013, the Bank of England warned that UK banks would require nearly ?25 billion in additional capital in order to improve current economic weaknesses in the economy (Worldwide Invest 2013). The aforementioned illustrates that government leadership is ill-equipped with knowledge of the fundamentals of fiscal policy in which original capital injections to save banks from substantial losses did not correct the problems with the economy associated with the recession. The UK government attempted to modify the concept and ideology of a free market economy, giving it more authority and influence in governing the banking system. This is the mobilisation of power resources (available government capital) to force a modification of behaviour of the private sector (Hales 1993). UK government representatives, without the necessary academic foundations of economic policy development, attempted to manipulate frenzied economic policy without taking into consideration the broader needs of UK stakeholders through this form of unethical self-protectionism. As a result, unemployment rates increased in the UK. In 2008, 17.4 percent of households were jobless, but in 2010, this figure spiked to 19.4 percent (Statista 2013). The United Kingdom is a monarchic democracy. However, in a democratic nation, representatives are elected by the people and society maintains the majority of influence over government actions and accountability. Barrett (2011) identifies that in

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order for a legitimate democracy to exist, it must maintain equality, transparency and accountability. The UK government, therefore, stripped itself of credibility and implemented a variety of highly unorthodox economic policies without adequate representation from UK society. Government representatives likely understood that providing “appeals to balance of power logic” are completely unable to rally public support for “expensive and risky ventures” (Markey 1999, p.145). It is quite common for government representatives in a democratic nation to illustrate that the government will work diligently to provide equal allocation of resources to satisfy all consumers. However, in the mad rush to develop new economic policies to avoid banking institution collapses, the government did not provide the appropriate transparency in their actions and recognised that balance of power arguments would not foster social support. Therefore, as another effort toward government self-protectionism, they shrouded capital injections and other new fiscal objectives until these actions had been completed. The International Monetary Fund warned that “broad public consensus” would be needed to make a substantial adjustment to fiscal policy (Schifferes 2009, p.2). However, government apparently did not agree, but developed its own policies that challenged international sentiment, further reducing trustworthiness of the competency and integrity of UK government officials. On September 30, 2008, the Irish government guarantees to the UK government that it will provide regular deposits within UK banks for a period of two years (The Telegraph 2009). This altered many years of economic sovereignty in the United Kingdom by working

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UK Government Policies in Response to the Emerging Financial Crisis in 2008 Undermining Credibility and Transparency BY YOU YOUR SCHOOL INFO HERE DATE HERE UK Government Policies in Response to the Emerging Financial Crisis in 2008 Undermining Credibility and Transparency The UK government response to the financial crisis started in 2008 absolutely undermined credibility and transparency in the country…
UK government policies in response to the emerging financial crisis in 2008 may undermine credibility and transparency and sugge
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