Chancellor of the exchequers budget statement claim

The Annual Growth for UK GDP was 3.8 % in 1999. In The ‘UK GDP’ Published Accounts (Chained Volume Measure £1million) presented for the 3rd Quarter of 2006, published on 21.12.2006, the Overall GDP stood at £301.1 million, signifying a 0.7change since the last Quarter and 2.9 since the last year. (http://www/ The office of National Statistics revealed that UK GDP during the period grew by 0.4% from the previous quarter and 2.1% on a year-on-year basis. Both were downward revisions from rises of 0.5% and 2.7% respectively ( Whether this change of 2.9 measures to a “strong and strengthening” proponent, as ascribed by the Chancellor of the Exchequer, is a contentious issue.

Employment rates have changed in these years and some sectors reported an increase in employment while other sectors show a fall in the number of employment opportunities. In the context of the Labour Market, the employment rate was 74.5% and the unemployment rate was 5.5%. “The number of unemployed people increased by 197,000 over the year to reach 1.70 Million” (Http: www/ ID=5900 2006). Thus we find that the UK government has not been able to exactly control unemployment, which is a significant indicator of economic growth since the increase of job opportunities leads to higher earnings and consequently, more money in circulation.

Don't use plagiarized sources. Get Your Custom Essay on
 Chancellor of the exchequers budget statement claim
Just from $13/Page
Order Essay

Consumer expenditure accounts for 2/3 of the total UK’s domestic expenditure. The government expenditure reported an increase in this year’s expenditure and continues to rise at a steady rate of 0.7% in the 1st quarter of the previous year. As the Keynesian Theory has propounded, “if free market forces are not capable of regulating the level of economic activity, there is a clear case for state intervention” (Nellis, Parker. 1996).

Order your essay today and save 20% with the discount code: OFFNOW

Order a unique copy of this paper

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
Top Academic Writers Ready to Help
with Your Research Proposal
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code OFFNOW