1.

0 Introduction
Ever crossed the London Bridge or heard the Big Ben clock ringing hourly? Thats right we are
talking about the thick British accent and their famous English Tea. The United Kingdom, also
known as United Kingdom of Great Britain and Northern Ireland constitute of Scotland,
Northern Ireland, England and Wales under same ruler and government. (BV, 2000) During the
mid of 2016, UK decided whether they should leave or remain in the European Union (EU).
Leave won by 52% to 48%.
The U.K. was once the greatest sovereignty and economic power in the world. Today, taking the
fifth place as largest nation with a record of $2.9 trillion in GDP. (Page, 2015) The nations been
opening to trade and people for decades now. Besides those, the island nation for the most part
spotlights on services, manufacturing, and tourism.
Reportedly in 2014, the financial and insurance industry have over two million employees and
earned 120 billion (in pounds). Following up with professional and scientific services, pulling up
the GDP by a little over 4% in 2013.
The U.K. takes the second place for the largest aviation producing industry in the world, having
nearing to a million employees and supplying more than half a billion to the economys GDP.
Besides, the nation is home to numerous substance organizations and is a top in producing
pharmaceutical items. Brands such as AstraZeneca (AZN) and GlaxoSmithKline (GSK) does a
considerable measure of Research and Development (R&D) in their assembling bases situated in
the U.K.
In 2013, the U.K. came under the 8th being the biggest travel destination in the world. The
Britain accepting more than half of the nation's guests and cash. E.U. Americans being the
second biggest gathering of tourists and spend the most money while Australians round up the
main three.
2.0 Production Output Performance Analysis
2.1 Gross domestic product (GDP)

GDP, in short for, gross domestic product. It is the selling cost of the final goods and services
produced in the country within a given period of time. The definition breaks down into four
categories which consists of market price, final production of goods and services, produced in a
country, and in a given time period.
GDP is a market value, by valuing items at their selling price. To measure total manufacture, we
have to sum up the productions of several goods (for example apples, oranges, computers, and
popcorn) in order to have a total value output in a dollar.
To ascertain GDP, we esteem the last merchandise and administrations delivered. A last decent or
administration is a thing that is purchased by its last client amid a predetermined era. A last
decent stands out from a middle descent. It is a yield of one firm, purchased by another firm, and
utilized as a part by the last to make into definite great or administration. Only final production
of goods and services are measured in the GDP. To prevent counting the same goods twice,
intermediate goods are not included.
Only domestic production count as part of that countrys GDP. For instance, Nike Corporation
(an American brand), have their production in Vietnam. Then, the market price of those shoes
will go to Vietnams GDP instead of U.S.
GDP measures production during a specific time period, either measured annual or quarterly.

2.2 GDP Growth Rate

The actual economic growth rate calculates the economic growth, in connection to gross
domestic product (GDP), starting with one interval then onto the next, adjusted for inflation. The
real economic growth rate is presented as a percentage that displays the rate of change for a
country's GDP normally starting from one year then onto the next.
The above diagram displayed the UK annual GDP growth rate between 2008 and 2015. There is
a sharp fall of 6% in the UKs economy in 2008 and 2009 due to a recession occurred. In
between July or August 2007, the UK stock market went through a period of volatility. (UK
recession, 2009) Banks cut off loan in the fear of dealing with over exposure to potential damage
on dangerous US debt. The recession strived after the 2007 and 2008 global credit crunch and led
to an extended period of negative growth and ascending jobless rate. (Pettinger, 2016)

After the recession has broken out in 2008, has broken the record of the worst recession ever
happened in UKs economy since the 1930s. Problems such as several companies closing down,
high unemployment rate and cutting down on the interest rate. In the mid of 2009, industrial and
services output rises for the first time in the year but it didnt help the economy much. At the end,
GDP for 2009 was revised to be -0.2%. (Wearden, 2009)
In 2010, the unemployment rate remains at its peak. Governments debt continue to accumulate.
The GDP grows by negative 0.1% which after all still remains in the negative range. (Pettinger,
2009)
In 2011, UK is slowly emerging from recession. Although some issues are still surfacing such as
the high unemployment rate, high inflation rate, and UKs debt accumulating. The government
has been finding ways to improve the economy while coping with a tight budget. Yet, the GDP
rate actually grows 2% which gives hope that the economy is soon to be rising up again.
(Pettinger, 2011)
Following up the next year, there is a growing of 1.6%, slightly lower than the previous year.
Same problems remain as the factors to be pulling the GDP down. Demand for buying houses
remains weak as it is difficult to get a mortgage finance. Overall, GDP been flat for the past two
years. (Pettinger, 2012)
The growing rate of 1% shows signs of economy recovery in the UK in 2013 . The
unemployment rate also decreases slightly. Euro crisis held in suspension with the reduction in
the bank lending cost. The housing market began to display sign of life, and consumers spending
are starting to rise up. With all that is happening, there is reasonable hope that the UK will
manage positive growth. (Pettinger, 2013)
The UK become the fastest growing economy in 2014 with a shot up of 2.6% of GDP. (Khan,
2015) Development in production and services, and, household spending are part of the reasons
to the rise. Nonetheless, the largest contribution was due to the stable performance in
exportation. Business investment, however, reflects the financial crisis that is still going on, also
partly due to the decrease of oil prices, continued to decline. (BBC, 2015)

The GDP rate is at 2.5% at 2015 slightly lower than the previous year. The service sectors are
mainly the source of income for the economy while production is in stagnation and construction
in recession. The UK has to figure out how to get away from pre-recession and to enhance the
growth of their economy. (Allen, 2016)

2.3 GDP Per Capita

GDP Per Capita based on PPP (2015)

Source: Knoema
GDP per capita indicates how well an economy is doing, it also implies the standard of living.
Using graph based on Purchasing Power Parity (PPP), it gives a more accurate and fair
comparison. As can be seen from the graph above, the differences between United Kingdom and
Australia is not too far ahead of each other.
Unlike other western countries, Australias business closes as early as five in the evening making
the foreigners wonder if the Australians are actually gaining profits. Australians culturally view
family as very important, and think people deserve time with family. Since most Australians
shops keeps their closing time similar, it becomes a tradition for other shops to follow.
With the UK turning into a more multicultural and various society. Businesses are extending
working hours to compete in a global economy. There is no longer such thing as dedicating only
8 hours in the office for weekdays anymore. Despite the short operating hours in Australia, they
actually have a higher income rate than the Britain. (2, 2014) Australians actually earn 26.3%

more than those in the UK for equivalent jobs. It has clearly shown how much further that
Britain needs to catch with the Australians. But looking at the bright side, the Britain have a
wider job opportunities.
Australia do not owns any international brands. UK carries Marc Jacobs and Topshop which has
gained success over the years and definitely helped to pull up the revenue. Being said so,
Australias population is one-third of the UKs population. The amount of income the economy
earned has to be shared among 312 million people in the UK. Whereas in Australia there is only
a little over 60 million people. Which in results, causing the GDP per capita for UKs individual
to be lower.

2.4 Government Measure - GDP

The recession in 2009 have hit the manufacturing sector particularly hard. The manufacturing
sector accounts for 2.6 million of people. Simply to say, every one of ten workers.
Manufacturing is a key export sector: UK manufacturing exports contributes to nearly 50% in the
GDP. Therefore, it is crucial to promote manufacturing sector in order to have a higher
possibility to pull up the overall UKs GDP. Optimism for the sector has focussed on the
potential economic dynamism and balance offered by modern manufacturing, together with the
export opportunities associated with the weak pound. (Key issues for the 2010 parliament, 2010)
In 2011, the UK economy is in slow recovery from recession, with very little progress and high
jobless rate. Also, the government have taken actions in order to lower to the burden of
government borrowing; using fiscal policy, spending cuts and increasing taxes.
The government also invested in educated workforce to boost up the economys skills and talent.
UK are giving subsidizes for up to 180 new Free Schools, 20 new Studio Schools and 20
University Technical Colleges annually. There are currently additional 3,000 academies and Free
Schools, as well as over 20 University Technical Colleges and Studio Schools, with some more
due to open from September 2013 onwards.

To make sure the UK can be successful in the global economy, the governments are coming with
plans to stimulate stable and sustain economic growth. To support businesses investment and
growth, the UK have cut the main rate of corporation tax from 28% in 2010 to 23% and to 20%
in April 2015. This will give the UK the joint lowest rate among the G20 nations, including
competitors from the US, France, and Germany. (UK economic growth, 2015)

3.0 Labour Market Analysis

3.1 Types of Unemployment
Basically, unemployment is a situation when a person is looking for a job and can't discover one.
All things considered, market analysts partition unemployment into various diverse
classifications, since distinguishing sorts of unemployment all the more accurately reveals some
insight into why unemployment happens and what should be possible about it.
First major type of unemployment is frictional unemployment. It essentially implies somebody
leaves their current to search for another. Until they discover another employment and start, they
are briefly unemployed. There can be numerous reasons prompting frictional unemployment moved on from school to finding an occupation, taking a break due to personal commitments, or
maybe, being troubled with the present job and on the chase for another. One case of frictional
unemployment - a recent graduate who suddenly becomes available in the employment market,
but has yet to locate his first occupation. Frictional unemployment only last for short period of
time and does not appear to be problematic from an economic standpoint.
Second major type of unemployment is structural unemployment. Advancement in technology or
new skills needed to be learnt to perform jobs or the switch in location of jobs are the few factors
that contribute to structural unemployment. The case of such are the incompetent laborers or
migrant farm workers in nations like China and India, who look for temporary jobs, yet never
stay in one employment for long. Also, taxis driver getting replaced with Uber driver due to the
improvement in technology.

Third major type of unemployment is cyclical unemployment. Cyclical unemployment associates

with GDPs cycle. When GDP falls beyond negative and recessions occurs, the rate of cyclical
unemployment increases. Vice versa. When the economy is doing well, the rate of cyclical
unemployment decreases.

3.2 Unemployment Trend

The above diagram displayed the UK unemployment trend between 2010 and 2015. After the
recession hit the UK in the last quarter of 2008, the following year has been a tough year for the
UKs economy. Recession highlighted the high unemployment rate and reflected the working
economy reaching its trough. Unemployment is the most serious issue with over 2.5 million
people jobless in 2010 with the rate of 8%, above the dangerous index of 5%. The fall in
unemployment could be due to the recession that caused a huge blow to the UKs GDP. With
falling genuine GDP, firms are producing less and hence, specialists are not largely needed.
Additionally, in a retreat, some firms leave business making people lose their jobs (Pettinger,
2009).

Despite the slight growth of GDP in 2011, the unemployment did not reflect the good news in the
chart. The jobless rate hit 8.5%, making it the highest rate ever in 17 years. 114,000 more
individuals unemployed between the month of June and August. Jobseeker's recompense claims
increment to 1.6 million in September and almost a million jobless individuals are within the age
group of 16-24. It seemed like the fiscal austerity plan that the government has come up with to
overcome the high jobless rate failed to play out a positive outcome, making the economists
question if the plan is actually working. (Allen, 2011)

In 2012, the jobless rate in the UK has continued to drop. Unemployment fall to 2.53 million in
the three months to August, jobless rate now at 7.9%. The number of people employed rise up to
about 30 million. Even so, the growing number of temporary jobs are overgrowing the full-time
occupations and that is the next issue on the list that the government wants to address. (BBC,
2012)

The unemployment rate was 7.7% August 2013, a fall of 0.3% from March. Nearly 2.5 jobless
people are age 16 and above, the decrease of 18,000 from March to May 2013 and fall of 40,000
from the previous year. (Foundation, 2016) This has clearly shown signs of improvement as
compared to previous years. The decrease in unemployment is due to the fact the UK labor
market has proved more flexible than expected, helping to keep unemployment low. Be that as it
may, the drawback is that there has been an ascent in under-job. Moreover, the prospects for
2013 are less encouraging, a drowsy recuperation could see firms turn out to be more ruthless in
disposing of laborers trying to expand efficiency. (Pettinger, 2013)

With the fast growing pace the UK is moving at 2014, the positive GDP growth also reflected the
lower unemployment rate. Bringing it down to 6.2% in June 2014 and 5.5% in July 2015. UK
unemployment has declined underneath the 2 million mark for the first time since the global
financial system was on the verge of falling six years back. More than half a million people were
employed over the three months in comparison to the previous year. (Monaghan, & Inman, 2014)

3.3 Government Measure - Unemployment

To minimize the fast-moving pace of jobless rate. The government had launched a new scheme
called The Work Programme, hoping to discover occupations for the individuals who have been
unemployed for over six months. It was launched in mid-2011 along with the Universal Credit
benefit reforms.
The Work Project is being conveyed by a scope of private, open and willful division associations
which are supporting individuals who are in danger of turning out to be long haul unemployed to
look for some kind of employment. It replaces past projects, for example, New Deals,
Employment Zones and Flexible New Deal and speaks to a long haul venture by the government
and its accomplices in looking to offer assistance more individuals into enduring work. The
program has benefitted over 600,000 people and the government is ready a spend a maximum
cost of 14,000 on every individual in order to bring them back to the workings economy.
The government also announced the extension of its New Enterprise Allowance scheme, which it
says will help 33,000 more job seekers advantage from counsel from a tutor to draw up a strategy
for success. The circumstance likewise enhanced for ladies and youth - two gatherings that have
been especially hard hit amid this retreat.
The UKs prime minister, David Cameron, revealed a plan that will bar childless 18 to 21-yearolds from housing benefit and evacuate their privilege to jobseeker's recompense following six
months of failing to discover an occupation. This was a part of the arrangement to end youth
unemployment. He wants to diminish the idea of young adults getting unemployment benefits
and housing benefits for free. (Wintour, 2014)
Further emphasizing that such should not be offered to young people who might take this for
granted and does not put in the effort to survive on their own just because they know they will
receive governments help after they graduated. An improved education system and welfare
change were one of an ideal approaches to lower immigration, and helping the economy save
money by pushing the people to get a job instead of plainly relying on the governments care.

4.0 Price Level Analysis

4.1 Inflation Trend

Inflation is the escalation in the cost of goods and services. It also means the cost of living
becomes higher and consumers cant buy the same good and services as they can before.
(EconomicsHelp, 2000) Inflation can happen due to a few reasons, such as a disproportion
between demand and supply of money, adjustment in production, and distribution cost or a rise
in taxes on products. For today, we are going to look at consumer price index (CPI). (Bennett,
2016)
The inflation rate has been stable between 2005 and 2007, with an increase of 2.3% from 2% in
2005. The UKs inflation rate hit the peak at 5.2% in September 2008. Setting the highest rate of
increase since the CPI measure was proposed in 1997. The increment in inflation rate came from
swelling in utilities bill. There were also large upward pressures from air transport and

communication services. Utilities bill rose up close to 10% for the previous month and up 18.3%
annual. are up 18.3% on the year. Transport has increased 12.8%, and the food was 6% more in
comparison to the previous year. (BBC, 2011)
Inflation has been declining ever since the outbreak of Britains worst recession in 2009 and
causes trader to cut cost, energizes unemployment, drives down house costs and crushes interest
for products. In September 2009, the inflation rate was at 1.2% (below the economist's
expectation of 1.5%). Price of oil fall to $40 per barrel from $147 in July. Same thing goes to the
house costs in UK with a descend of 16%. (Monaghan, 2009)
When the economy experiences low inflation, it does not necessarily mean it is a bad thing to the
economy. With moderate inflation, it is easier to alter relative wages. If regular wages are rising
because of moderate inflation, it makes it easier to increases the wages of efficient employees.
Inefficient employees wages will be solidified. This will improve the effectiveness in business
and help produce high-quality results. (Pettinger, 2014)
Inflation hits 3.7% at the year end of 2010, with a big jump of 1.1%. The upturn of percentage
was due to the rising prices of food and apparel, increment of 1.6% and 2% respectively. Food
and beverages gained 6.1% with vegetable costs up by 8% while restaurant and cafe prices,
ascended 3.6% over the year. The dangerous increase in inflation means prices are getting ahead
of pay deals. This will be an intense year for workers considerably difficult to hold up under.
(Wearden, 2011)
With inflation rate above 2%, people would expect the Bank of England to raise up their loan
cost so as to slow down the inflationary. However, the interest rate was near 0.5%. Reason being
the Bank of England are concerned about the depth of the recession. The increase in inflation
will be in all likelihood because of makeshift cost push elements, for example, - charges, item
costs and impacts of cheapening. Hence, they withstand CPI swelling above target as opposed to
hazard a more profound retreat. (Pettinger, 2016)
Overall, the inflation rate varies throughout the span of five years. Carrying different factors that
contribute to the growth and fall of the inflation percentage.

4.2 Causes of Inflation

The fundamental reasons of inflation are economy expanding too fast which results in excess
aggregate demand or cost push factors which are supply-side factors. When the economy hits
high employment, then an increase in aggregate demand prompts a swelling in the value level.
As firms reach higher capacity, they react by putting up prices leading to inflation.
If there is an increase in the costs of firms, then firms will pass this on to consumers. The
aggregate supply curve will move away from the right. There are a few elements led to cost push
inflation. One of the few factors is rising wages. Rising wages are the main reason for cost push
inflation because wages are very important to many businesses. Higher imported price also
ignites the rise of inflation. 33% of all products is transported in the UK. If there is a devaluation
then import prices will become more pricey leading to an upturn in inflation. A reduction or
depreciation means the Pound is worth less than before, which means we have to pay more for
the same amount of goods we bought. Somewhere around 2011 and 2012, the UK experienced a
rise in cost-push inflation, partly due to the depreciation of the Pound against the Euro.
Proceeding onward is the addition in raw material costs. The best case is the cost of oil, if the oil
cost increment by 20% then this will affect many products in the economy and led to cost-push
inflation. For example, amid mid-2008, there was a spike in the cost of oil to over $150 bringing
on a provisional ascent in inflation.
Before we wrap things up, how about we discuss higher expenses. Lets say if the administration
set up charges, for example, VAT and Excise duty, this will prompt higher costs, and
subsequently, CPI will rise up.
Aside from the above-mentioned factors that could be the reason for the shot up in inflation rate.
Overprinting of money can also be one of the culprits. In the event that there is more cash
pursuing the same measure of products, then costs will rise. Hyperinflation is normally brought
on by an extreme increment in the cash supply. (EconomicsHelp, 2000)

4.3 Government Measure - Inflation

One of the ways to control inflation is monetary policy. Monetary policy can be broken down
into two different categories, they are expansionary and contractionary. For today, we are
focusing on expansionary monetary policy. Expansionary monetary policy swells the cash supply
to descend jobless rate, enhance private-sector borrowing and consumer expenses, and trigger
economic growth. (Investopedia, 2003)
High inflation could lead to the demand in the economy to be moving at a pace where capacity
might not be able to catch up on. Hence, leading to inflationary pressures. We called this demand
pull inflation. By reducing the high aggregate demand, it should cause a reduction in inflationary
pressures.
Higher interest rates can lower the inflationary. Higher rates would discourage loan and
encourage savings. This should lead to lower growth in consumer spending and investment.
One other way is contractionary fiscal policy. Contractionary fiscal policy is a shrinkage in
government purchases and swelling taxes. Focus on reduction in aggregate total demand enough
to reduce the economy to potential output without declining inflation. (Pettinger, 2010)
5.0 Conclusion
In summary, the UK economys has a stable performance throughout the years since 2007.
Although the economy faced the outbreak of retreat during 2008, the UK was able to tackle the
problems and stand up again on its feet in less than three years. The UK was listed as the fastest
growing global economy in 2014, which has surprised both Britain and other nations.
However, the Britain voted to leave EU in mid-2016 and that have made people doubted whether
the economy will be affected. The GDP rate in 2015 displays a not so good performance of the
UK considering the stable GDP rate growth in the previous years.
It has been forecasted that the GDP rate is going to lie along the percentage between 1.3 and
1.6% in 2016 (which is still slightly below the healthy index of 2%). The jobless rate has

dropped to about 5%. Fiscal policy is planned to carry on, but it wont be able to bring up the
GDP any higher than 1%, which is understandable given the weak economic outlook.
The UKs efficiency has been exceptionally weak since the recession. It is significant to sustain
growth and living standards. Fiscal distribution and bigger infrastructure investment can back up
as capital inventory accumulation and good use of resources. Better coordinating of abilities to
occupations and higher expertise levels would likewise lift profitability. Financial conditions
have enhanced for organizations, however as business sectors fix more fast exit of nonreasonable organizations would make space for new, more creative organizations. (OECD, 2016)

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