The historic nations such as England.docx - The historic nations such as England Wales and Scotland and Northern Ireland comprise the state of United

The historic nations such as England.docx - The historic...

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The historic nations such as England, Wales and Scotland, and Northern Ireland comprise the state of United Kingdom. Both present-day parliamentary democracy and Industrial Revolution are belonging to the United Kingdom (BBC News, 2018). In the world, while consider sovereign state the United Kingdom ranks as 78th-biggest sovereign state. In the case of crowded nation, the United Kingdom ranks as the 22nd-most crowded nation where 66.0 million occupants in 2017. London is the capital and biggest city of the United Kingdom and it is global city as well as financial centre that has urban population of 10.3 million (nationsonline.org, 2018). With developing era, and an increase in competition every country aims their best to earn more money and make sure their economy doesn’t suffer loss. For an economy to perform well, they need to make sure they have a low debt and that’s what United Kingdom has decided to. Also, Brexit is taking place in the United Kingdom in year 2019 which will affect the economy of the United Kingdom. According to the BBC News (2019), Last year 1.5% growth was forecast by the economists accurately. Meanwhile in year 2019 economists said forecasting for this year is impossible because of the vulnerability made by the Brexit. For Government to create revenue and solve inter-temporal and sustainable deficit, United Kingdom Government have come up with two policies, which are as below: In a dynamic economy limitation on the stock of wealth over specific periods and the restrictions on income and spending flow are referred as intertemporal budget constraints. Intertemporal budget refers that every financial agent including the government borrowing are recognised in particular period of time and generally position of the government adds to zero (Arestis & Sawyer, 2006). United Kingdom policy of cutting child tax profit has been one of the controversial policies as the government has decided to cut of the benefits in order to save money. In future families of more than two children who will apply for tax credit will not receive the credit for their third or more children.
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