Current Uk Economic Conditions - 1160 Words

Information and definition UK The United Kingdom of Great Britain and Northern Ireland is also known as UK, United Kingdom or Britain. United Kingdom is a member of European Union, G 8, G-20, World Trade Organization, Common Wealth of Nations, United Nations Security Council, NATO, Organization for Economic Cooperation and Development (OECD). United Kingdom is a well developed country. It has a rich economy brought up by economies of its individual countries England, Scotland, Wales and Northern Ireland. Landon which is the capital of UK and England is the most important financial center for international business and commerce. UK is one of the most important globalised countries of the world. GDP GDP, or Gross domestic product is a†¦show more content†¦Leading up to the crisis, thanks to a buoyant housing market and cheap and easy credit, consumer spending had been rising in the years. â€Å"The fall in output was largely due to a drop in mining and quarrying, after maintenance delays at the UK s largest North Sea oil field,† the ONS said. The decrease in aggregate demand was caused by the credit crunch and job fears, which meant consumers cut spending, deciding to pay off debt and save instead; in addition, a fall in demand and the global economic crisis hit businesses and make aggregate supply decrease. Businesses also found that borrowing from banks - which most rely on - was harder or more expensive. Moody s now expects that economic growth will be sluggish into the second half of the decade. This means it will take longer for the government to reduce its budget deficit - the amount it has to borrow every year because it is spending more than it receives i n tax revenue. This situation was caused by a series of reasons. The lack of growth makes cutting the deficit more difficult because when an economy is not growing, less tax is coming in from companies and individuals, while the government has to spend more on welfare payments, such as unemployment benefit. And as the UK s debt problem will take longer to get under control, there will be a deterioration of the country s shock-absorption capacity. In other words, it will make it harder for UK to cope with any external problems, such as a worsening of the crisisShow MoreRelatedHuge Popularity of Low-cost Airline EasyJet1645 Words   |  7 Pagesbeing a part of it. The report examines the current situation in the market, looks at a number of UK/European carriers that operate the market, as well as thoroughly explains factors that affect the industry. Contents Coursework Header Sheet 1 1. Introduction 4 2. 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