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93-handout - 1 Prospects for the UK Economy in 2011 ‐ 12...

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Unformatted text preview: 05/04/2011 1 Prospects for the UK Economy in 2011 ‐ 12 Green shoots or red skies for danger? Madrid Workshop – April 2011 Use context in your evaluation At A2 level, really strong answers have a sense of context – i.e. putting issues, events, developments, policies into a sense of context – look to see how this can be done during today’s sessions! Be aware of and write about external forces Events outside of the domestic economy that cause “shocks” and changes in domestic demand, prices, profits, jobs and growth …very important at A2 05/04/2011 2 External Forces: Making connections Food prices Oil and gas prices Currency Manipulation Risks of Protectionism Cycles of trade partners e The Global Economic Crisis “Economic and financial crises occur quite frequently – they are no longer the exception..and the costs of crises are staggering” Nouriel Roubini A lot can change in a short time! Ireland stands as a shining example of the art of the possible in long ‐ term economic policymaking, and that is why I am in Dublin: to listen and to learn. George Osborne, July 2006 05/04/2011 3 We have been through a lot since 2007 UK’s 1 st recession was a deep ‘V’ what next? Percent Spain’s macro stability also takes a hit Percent 05/04/2011 4 Can a recovery be sustained in 2011 ‐ 12? The UK economy has spare capacity thousand bilions GBP (thousand bilions) So too does Spain!...
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93-handout - 1 Prospects for the UK Economy in 2011 ‐ 12...

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