Current Performance of the UK Economy
There are many different indicators of the performance of an economy, each of which has a significant effect on the economic situation a nation is in. The first indicator of the UK’s economic performance that I will look at is the economic growth of the nation. ... Over the last 8 or so years, the UK’s economic growth has been relatively steady since the recession in the early 90’s, averaging 2. ... The current measurement of inflation in the UK is RPI (Retail Price Index) and RPIX (the same, but excluding mortgage interest payments). ... Another major indicator of the performance of the UK economy is unemployment. Unemployment is measured in two ways: Claimant Count, which is the measure of the UK residents who are currently claiming benefits from the government, therefore are unemployed. ... The UK has the highest level of employment and the lowest level of unemployment of all the main industrialized countries, according to government figures. ... In the United Kingdom, the base interest rates are set by the Bank of England’s Monetary Committee, and have steadily decreased until some of the recent events such as the September 11th terrorist attacks, which upset the whole economy, slowing down much of the UK’s economy.