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How Successfully Has the British Government in Running the British Economy over the Last Two Years - Coursework Example

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The author of the "How Successfully Has the British Government in Running the British Economy over the Last Two Years" paper describes and evaluates the main macroeconomic policies used by the British Government and the Bank of England over the last two years…
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How Successfully Has the British Government in Running the British Economy over the Last Two Years
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Download file to see previous pages There were several issues confronting the British government since the time of the financial crisis, which had lead to the collapse of some of the largest banks in the nation. Government deficits had also increased considerably during that time and the situation of employment was worse than ever. The project tries to make an analysis of the steps taken by the British government in combating such serious issues. It also tries to gauge the extent to which the programs have been effective in mobilizing the British economy.

One of the major policies undertaken by the British Government in the last two years was fiscal decentralization. The government has taken steps to ensure that improvement is made in the country’s macroeconomic performance resulting from the policy. It was found that output levels per capita increased in response to decentralization. As the sub-central tax increased by 1% of GDP, the gross domestic product was up by $500. Unemployment also dropped substantially after the policy came into force. Decentralization was also implemented with the view to curb inflation which is a growing menace in the UK economy. It was found that decentralization moves Phillip’s Curve towards the origin (King & Ma, p.1). One issue is whether the greater focus should be given to sub-central spending or taxation. Much of the spending was financed by the government, particularly by the Central government (King & Ma, p.2).

One of the major concerns of the British Government was to rescue the economy from the impacts of the global financial crisis. In the year 2008, the government announced a plan worth $850 billion, as a measure to rescue the banking sector. The details and nature of the plan have been discussed below. UK’s banks “lost £17 billion on the London Stock Exchange” (Nanto, p.70). This called for the implementation of the “Stability and Reconstruction Plan” (Nanto, p.70). One of the major losers was the Royal Bank of Scotland. The bank’s shares fell by 39% which was worth £10 billion. ...Download file to see next pagesRead More
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