• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Gordon Brown has made some radical changes to the counties monetary policies, he has given independence to the Bank of England and increased public spending while not increasing income tax. However, has the current government delivered on their promises?

Extracts from this document...

Introduction

Since coming into power in 1997 the Chancellor of the Exchequer Gordon Brown has made some radical changes to the counties monetary policies, he has given independence to the Bank of England and increased public spending while not increasing income tax. However, has the current government delivered on their promises? Economic Growth Economic Growth is the increase in the level of output from one year (base) to another, this is measured by a percentage change in GDP. Up until 1997 we can see a very jagged economic cycle with a high point 1988 at 6%, and a huge decline in output hitting a recession in 1991, the trend picks up again and reaches another high point 1995. ...read more.

Middle

In the manufacturing sector we see a very low growth and even beginning to decline from 2000. The UK's economic trend follows quite closely with the rest of Europe mainly because of trade with Europe, however since 2002 there is a gap widening and the UK is performing a lot better than the rest of Europe mainly because of the slumping economies in France and Germany. Although at times the US and Japan have a higher growth rate than the UK, the British economy is a lot steadier whereas the US and to an even greater extent Japan go though a lot of boom and bust periods. ...read more.

Conclusion

Since 1997 both the RPI and RPIX rate have been quite steady, in contrast with the huge rises and lows during the Tory government. Unemployment The unemployment rate has seen a steady fall since 1993. The claimant account is always lower than the labour force survey as it does not take into account those who are unemployed but not on benefits. The current government has done well in keeping the unemployment rate low as in 2002 the figure was the lowest for 25 years. Trade This is the one area when the government have not performed that well, since 1997 the balance of payment have been negative as we were borrowing more and importing more goods and services than exporting. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Why did it take until 1833 for the British government to illegalise the transatlantic ...

    as Baptists, Congregationalists, and Methodists), which meant that Locke's writings were never discussed as the government was too busy with other matters. The concept of timing of the arguments is also seen in 1792 when the abolition committee were at the closest point o bringing about slavery.

  2. Why has GDP growth been so slow in Somalia?

    The income which the state obtained, mainly through foreign aid, was seen as similar to water and pasture which Somalis competed for in the pre-state era. The practical idea behind this is that each and every pastoral Somali, thus, representing his clan, has a right to appropriate a slice of this gift from Allah.

  1. NEW TAX PROPOSITION

    In many cases, this is unavoidable as the Internet has become vital to the world we live in. However, one aspect of the Internet has huge and highly inelastic demand, has additional negative effects attached, known involved parties and is not a necessity. What is this mysterious component of cyberspace?

  2. Globalisation of GAP

    You may not be familiar with new company and so trust would have to be built between the two businesses in order for the partnership to be effective. The cultures of the two businesses could also be different causing difficulties in situations such as ethics.

  1. In what ways is the government attempting to increase the willingness to wor

    these, now more than ever there is a huge amount of help available thanks to the increase spending on education and training by the government. There is no doubt this has helped decrease unemployment and increase incentive to work. This has also meant that Britain has a higher skilled workforce, which can only be good.

  2. Where does the World Trade Organisation fit in the overall scheme of international public ...

    would be impossible to police, either domestically or through the WTO, and would be subject to rampant abuse. This happens already through the WTO's almost unconditional sanction of protection through anti-dumping duties (in Article VI GATT); a social-cum-development safeguard clause would make matters much worse.

  1. Business Risk Analysis Global Business Plan for Global Builders - Manufactured Low Income Housing ...

    "The growing maturity of the financial system has begun to promise the stability that enables the longer range business planning critical to attracting foreign capital, and -perhaps even more important- has begun to restore the public's confidence in the political and financial system."

  2. Critically assess the impact of the Internet and E-commerce on Tax Regimes in the ...

    on the status10 of the individual in relation to the taxing country, whilst corporations on the other hand taxation is dependent on where the central control and management of the corporation actually resides. An examination of the bases now follows.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work