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UK Protectionism - Medical Supplies During Covid

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      Due to the ongoing pandemic, the United Kingdom government has the VAT tax on medical supplies made outside of the EU. This is so that it is easier for these necessary and vital supplies to be produced and shipped to places that need them. The theoretical impact on domestic producers of medical supplies is since there will be a lot more foreign medical supplies being imported into the UK and bought by UK medical firms, domestic producers will have supply and demand issues. Since there will be many more options to choose from and an increase in foreign supply, the domestic suppliers will likely have less issues with supply, as they will not need to make as many products due to the increase in overall supply. As for domestic consumers, they will be able to purchase a lot more supplies, since they will have more they will be able to purchase, and secondly, because they will not have to pay tax on the foreign goods they buy. As for foreign producers, they will have a co...
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U.K Fiscal Policy Trend (Last Five Years)

  Example No.1 November 2020 - Due to the ongoing Covid-19 pandemic, the U.K has had to implement a fiscal policy for the people of England and Scotland. This is because many people in these two countries have begun to struggle financially due to the pandemic. In addition, the Scottish government does not have the means and capability to implement a similar policy for the people of Scotland. This has led the British government to implement a fiscal policy to keep the people of England and Scotland afloat and to keep the respective economies afloat.  Example No.2 Financial Crisis 2008 - During the 2008 financial crisis, the U.K government had to increase their fiscal policy in order to help keep businesses afloat and the economy maintained. To do this, and since many people did not have the means to pay their normal tax rate, the government had to decrease taxes. In addition, the government had to grant a subsidy of sorts in order to help keep businesses running and to help kee...
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U.K. Aggregate Supply Curve

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  https://ourworldindata.org/grapher/labor-productivity-per-hour-pennworldtable?time=2007..2017&country=~GBR Other Causes of Change Globalization: over the last decade in particular, the U.K. has become a lot more global. They've begun trading with a lot more foreign countries, as well as communicating with new countries. This means that they have been producing less of their own goods, which is mentioned below. This also means that they will be spending less money on their own industry, meaning that money will be spend instead on trading and foreign products.   Deindustrialization: over the last decade, the U.K has produced a lot less of their own goods and services. This is mainly due to the 2008 financial crisis. In this crisis, individual companies in the U.K. lost a lot of money, meaning they had to be given money by the government in order to stay afloat. This is why they've begun trading with a lot more countries since that financial crisis as well. Since they ...
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United Kingdom GDP

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   Real GDP for the last 10 years https://fred.stlouisfed.org/series/CLVMNACSCAB1GQUK Real GDP per capita for the last 10 years https://knoema.com/atlas/United-Kingdom/GDP-per-capita Real GDP growth per year for the last 10 years https://www.macrotrends.net/countries/GBR/united-kingdom/gdp-growth-rate#:~:text=U.K.%20gdp%20growth%20rate%20for,a%200.44%25%20decline%20from%202015. Hidden economy percentage Approximately 10% Unemployment rate https://www.macrotrends.net/countries/GBR/united-kingdom/unemployment-rate Inflation rate https://www.macrotrends.net/countries/GBR/united-kingdom/inflation-rate-cpi#:~:text=U.K.%20inflation%20rate%20for%202019,a%200.64%25%20increase%20from%202015. Current account balance https://data.worldbank.org/indicator/BN.CAB.XOKA.CD?end=2019&locations=GB&start=2009 Observations The GDP seems to increase steadily and then have a sharp decline, whereas the GDP per capita and GDP growth per year seemed to be a lot more spikey. There would be sharp...
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