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Current Financial and Economic Situation in the UK - Statistics Project Example

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This paper “Current Financial and Economic Situation in the UK” summarizes that after the Thatcher crisis the UK economy has recovered, although it is experiencing a budget deficit and high inflation. Experts recommend avoiding external borrowing and control of monetary and fiscal policies. …
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Current Financial and Economic Situation in the UK
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Download file to see previous pages A decade after the “Thatcher’s economic miracle”, the United Kingdom is considered as one of the most advanced and developed countries around the world. As of December 2007, the United Kingdom stands the 5th largest in the world market in terms of its exchange rate and the 3rd in terms of its purchasing power parity (PPP) (Finfacts Team, 2007).
Despite being one of the world’s strongest countries in the world economy, the British government made a confirmation that the UK economy is in the recession because of the recent global financial crisis (BBC News, 2009a). Although the United Kingdom has been capable of maintaining a low level of inflation, interest, and unemployment rates for many years; the trend behind these economic indicators show signs of increase since the first quarter of the year 2008 (BBC News, 2009b; National Statistics, 2009a, 2009b).
Despite the strength of the British economy, the International Monetary Fund (IMF) has recently warned the public of the possibility that the overall economic condition in the UK can be negatively affected because of the global financial crisis combined with the continuously increasing commodity prices (Tang, 2008). A large number of the UK private banking sector has been negatively affected by the U.S. economic crisis (FT.com, 2008). Because of the monetary problems related to the growing imbalances in domestic and fiscal money borrowing and lending, the entire British economy is likely to suffer the consequences.
To determine whether or not the British government and the Bank of England have been successful in running the British economy, evidence pertaining to the degree wherein the British government and the Bank of England failed to run the British economy successfully will be identified and thoroughly discussed. The effectiveness of the fiscal policy will be analyzed in terms of its ability to address the recent problems of the British economy. As part of analyzing the fiscal policy, employment and unemployment rate, gross domestic product (GDP), and budget deficit during the past twenty years will be carefully examined. Likewise, the success of the Bank of England in terms of running the British economy will be criticized. As part of analyzing the subject matter, the historical trend behind the exchange rate and inflation rate during the past twenty years will be identified. Based on the gathered information, the monetary policy used to address financial crisis thoroughly examined.
As part of the conclusion, whether or not the British government and the Bank of England have been successful in running the British economy will be answered followed by providing some recommended solutions that can improve the British economy despite the global financial crisis many countries are facing today. ...Download file to see next pagesRead More
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