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Evaluate The Uk’s Economic Performance In Recent Decades From Both An Historical And International Perspective

938 words - 4 pages

Evaluate the UK’s economic performance in recent decades from both an historical and international perspective.

The UK has one of the largest and most globalised economies in the world. The UK was also the very first country to industrialise and historically for many decades was the leader of the global economy, however with the rises of China, United States, Germany and many others the UK has much less of a dominant role. Within recent decades the UK economy has faced many serious challenges, including three recessions in the early 80’s, early 90’s and late 00’s. Up until the onset of the recent financial crisis, output growth in the UK exceeded that in many other European countries. The ...view middle of the document...

Inflation once again appeared and the UK economy suffered. The worst hit area of the economy was the housing market. After the late 80s with 30% annual growth in house prices, the housing market slumped as people simply couldn't afford the record mortgage interest payments. House prices began falling in 1990, and were still falling in 1995. By, 1997, the Bank of England were made independent, giving them control of setting interest rates. By, the end of the 1990s, the economy seemed to be doing well, and quietly there was growing optimism. The labour market also improved its performance considerably, with one of the lowest unemployment rates in the EU.
At the beginning of 2000 the UK economy was enjoying a period of economic growth, and economic performance was on track and the UK briefly had budget surpluses. In 2004 the UK economy grew by more than 3%, which was its 12th consecutive year of growth, meaning the UK maintained over a decade of constant growth. Yet, at the end of the decade, the UK economy is still suffering similarly to that of Great Depression of the 1930s. Faced with plummeting markets and falling output, the Federal Reserve acted quickly to cut interest rates and restore economic growth. It was also a period of financial deregulation, and financial innovation. The combination of low interest rates and financial deregulation incurred a new generation of homeowners taking out mortgages who it previously have been unthinkable for. Based on a huge sense of optimism of permanently rising house prices, banks seemed willing to lend a mortgage to thousands more then they previously would have. With low inflation, low unemployment and strong growth, it appeared policy makers had achieved economic stability and constant growth. But,...

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