Macroeconomics: UK economy, IB Economics
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Macroeconomics: UK economy, IB Economics
A brief overview of relevant articles for IB and A-Level all relating to the UK economy
Curated by Graham Watson
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Paying bills a struggle for 7.4 million UK consumers, regulator finds | UK cost of living crisis | The Guardian

Paying bills a struggle for 7.4 million UK consumers, regulator finds | UK cost of living crisis | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
FCA survey tracking bills and credit repayments in January shows many still weighed down by cost of living
Graham Watson's insight:

The cost of living crisis rears its head again, with the news that 7.4m consumers are struggling to pay their bills, which indicates the extent to which income inequality remains an issue, and also tells you that consumer spending is going to be low.

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Escaping poverty has become much harder in past two decades, report says | Poverty | The Guardian

Escaping poverty has become much harder in past two decades, report says | Poverty | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Six million of the poorest people would need more than double their incomes to move out of hardship, says Joseph Rowntree Foundation
Graham Watson's insight:

If you are of the view that the poor are lazy, you can stop reading here. But if, like most humane and intelligent people you find poverty disturbing, then this article is for you.

 

In it, Richard Partington looks at the Joseph Rowntree Foundation's 2024 UK Poverty Report, which highlights the rather grim fact that it is now far harder to escape poverty than it was 2 decades ago. 

 

6 million people live in deep poverty, and higher energy bills, food prices and reduced access to public services are all making the lives of the poor harder. And that's before we start contemplating things well beyond their reach such as buying a house. 

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Budget 2023: What a florist, gym and cafe want to see

Budget 2023: What a florist, gym and cafe want to see | Macroeconomics: UK economy, IB Economics | Scoop.it
Firms in Slough tell us what they are hoping to hear from the chancellor next week.
Graham Watson's insight:

The first of what will be numerous 'vox pops' in the next week, asking people what they want from the Budget. And ironically, given the the Prime Minister is the former Head of School at Winchester, and his Chancellor, the former Head of School at Charterhouse, the BBC has gone to Slough - next door to Eton, to ask, at one of the rare times in the past decade when the Prime Minister hasn't been an Etonian.

 

Still, it's worth reading what ordinary businesses want. Frankly, I think they've set the bar a bit high. Would competence be too much to ask... 

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Steel industry fears more job cuts without help

Steel industry fears more job cuts without help | Macroeconomics: UK economy, IB Economics | Scoop.it
UK Steel says plans for government help are welcome, but says there could be more cuts before support begins.
Graham Watson's insight:

To what extent should the government help the steel sector? The industry body, UK Steel, seems to think that without increased government help, the sector is facing a bleak future.

 

But surely if Economics is all about trying to ensure the efficient use of scarce resources, it makes more sense for the government to spend money on retraining steel workers, and accepting that the UK has lost its comparative advantage in the sector? 

 

It's an emotive subject - but I suspect that former shipbuilders, miners and others who've lost their jobs in similar circumstances might take a view.

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Act now on energy bills subsidy or see fuel poverty surge, says Martin Lewis | UK cost of living crisis | The Guardian

Act now on energy bills subsidy or see fuel poverty surge, says Martin Lewis | UK cost of living crisis | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Jeremy Hunt urged to reconsider raising state-subsidised energy rate from April as market prices make delay affordable
Graham Watson's insight:

Martin Lewis makes a case for the extension of the government's energy intervention to support the poorest in society, otherwise he argues that a number of people are going to be driven into fuel poverty. 

 

He argues that falling wholesale prices, and the prospect of energy being cheaper by the summer mean that a temporary extension of the scheme until July make sense, albeit that it has an opportunity cost.

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UK inflation could fall rapidly as energy prices drop, says Bank boss | Bank of England | The Guardian

UK inflation could fall rapidly as energy prices drop, says Bank boss | Bank of England | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
But Bank of England’s Andrew Bailey says worker shortage may still pose major risks in cost of living crisis
Graham Watson's insight:

Another entry for the 'that's why they earn the big bucks' file - the Governor of the Bank of England thinks that inflation could fall rapidly as energy prices drop. 

 

Whether he's able to translate this into the future direction of monetary policy, only he knows.  

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New energy bills support package for business is not finely targeted, but broadly reasonable | Nils Pratley | The Guardian

New energy bills support package for business is not finely targeted, but broadly reasonable | Nils Pratley | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Formula applying discount on the wholesale – as opposed to a fixed-rate – price seems a sensible fudge
Graham Watson's insight:

Nils Pratley offers a balanced assessment of the latest energy support package suggesting that as such measures go, it's far from the worst stab at policymaking, focusing support on those sectors that are energy-intensive and leaving sufficient leeway for subsequent tweaks to policy.

 

He's of the view that all things consider it's not the worst solution to a tricky problem, and that the government have a little bit more money to spend given the fact that the wholesale price of gas has fallen in the recent past. 

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UK household income likely to fall by £2,000 a year, says thinktank | UK cost of living crisis | The Guardian

UK household income likely to fall by £2,000 a year, says thinktank | UK cost of living crisis | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Resolution Foundation says UK only halfway through two-year cost of living crisis, with only very richest likely to see income rise in 2023-24
Graham Watson's insight:

The Resolution Foundation have forecast that there's going to be an extended cost of living crisis, and that average household incomes are going to fall by £2,000 per year by April 2024. Factor in rising mortgage repayments and energy bills, amongst other things and people are going to feel the pinch.

 

This have obvious implications for economic growth, and other macroeconomic objectives, as well as for standards of living. 

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Energy bill help for firms expected to be halved

Energy bill help for firms expected to be halved | Macroeconomics: UK economy, IB Economics | Scoop.it
Gas and electricity prices have been fixed for firms until the end of March, but many want the support to continue.
Graham Watson's insight:

It seems that the business community are expecting the government's energy bill help to halve after March, meaning that their costs are going to increase, and we all know what that means....

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‘Groundhog year’: UK disposable incomes to fall by 3.8% in 2023 | UK cost of living crisis | The Guardian

‘Groundhog year’: UK disposable incomes to fall by 3.8% in 2023 | UK cost of living crisis | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
The Resolution Foundation thinktank forecasts a drop in living standards for a second year as the cost of living crisis deepens
Graham Watson's insight:

The Resolution Foundation has forecast that disposable incomes are going to fall by 3.8% in the year ahead. Additionally, with a significant rise in mortgage interest rates and energy bills, it's going to put a squeeze on household finances. 

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Britain’s poorest families living in severe hardship, warns Save the Children | Poverty | The Guardian

Britain’s poorest families living in severe hardship, warns Save the Children | Poverty | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Exclusive: Better known for its work in developing countries, charity has supported thousands of UK households this year
Graham Watson's insight:

My latest 'scoop' reinforces the last: Save the Children are better known for their relief work abroad, but at the moment they are helping families in the UK get through the cost of living crisis. And as a result, the government are calling for more government assistance in providing targeted help for the poor. 

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Energy bills to rise to £3,000 a year from April

Energy bills to rise to £3,000 a year from April | Macroeconomics: UK economy, IB Economics | Scoop.it
Help has been extended, but it's now less generous, meaning a typical household will pay more.
Graham Watson's insight:

And energy bills will rise too - for typical households, reaching £3,000 per year from April, although the government are extending help for the most vulnerable. 

frankline's curator insight, January 24, 2023 8:57 PM

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Inflation: Food bills see price rises return to 40-year high

Inflation: Food bills see price rises return to 40-year high | Macroeconomics: UK economy, IB Economics | Scoop.it
Inflation - a measure of price rises - inched up again in September, matching the 40-year high seen in July.
Graham Watson's insight:

Inflation is up again, fractionally, reaching 10.1% in September, the highest level for 40 years - apart from July, of course. 

 

This has been driven by energy bills and food prices - up by 14.5% year-on-year - and represents a cut in real incomes although, of course, your personal rate of inflation may differ from this. 

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UK energy grid needs £60bn upgrade to hit green target, plan says

UK energy grid needs £60bn upgrade to hit green target, plan says | Macroeconomics: UK economy, IB Economics | Scoop.it
New undersea cables and power lines could add up to £30 a year to energy bills, a new plan suggests.
Graham Watson's insight:

It seems that once again, the energy sector is struggling to hit environmental targets, in this case relating to decarbonisation, because the energy grid is in need for upgrading. 

 

The proposed investment in undersea cables and power lines will cost £60bn, and the National Grid's Electricity Systems Operator (ESO) are suggesting that this could add up to £30 a year to consumer bills.

 

The latter I find fascinating: energy customers are currently on the hook to account for collapsed energy companies, and the non-payment of bills, and now upgrades of the infrastructure. It makes you wonder what the electricity generators themselves actually pay for, and the extent to which their business is essentially risk-free. 

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Millions will face fuel poverty despite Ofgem move to cut energy price cap | Energy bills | The Guardian

Millions will face fuel poverty despite Ofgem move to cut energy price cap | Energy bills | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Crisis ‘far from over’, warn campaigners as an estimated 6.5m households across Great Britain will still struggle to pay bills
Graham Watson's insight:

Despite the news that the energy price cap is going to fall to around £2,000 from July according to industry analysts, this is still going to leave 6.5 million people in fuel poverty according to National Energy Action, not least because although the bills are falling, so too is the level of government support for the most vulnerable. 

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UK moves to cut industry energy bills to help compete with European rivals | Manufacturing sector | The Guardian

UK moves to cut industry energy bills to help compete with European rivals | Manufacturing sector | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Long-awaited scheme aims to cut costs for 300 firms in energy-intensive sectors such as steel and chemicals
Graham Watson's insight:

The government has moved to support energy intensive industries - steel, metals, chemicals and paper manufacturing - to ensure that they face a level playing field with their European competitors. 

 

The so-called British Industry Supercharger scheme is designed to protect the jobs of 400,000 workers and will see them exempted from a number of costs associated with renewable energy obligations and potentially some network charges that they face. 

 

In total, the government support will total £5.5bn from 1 April 2023 - but it's still seen as too little in some quarters. 

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UK inflation: Price rises slow but remain close to 40-year high

UK inflation: Price rises slow but remain close to 40-year high | Macroeconomics: UK economy, IB Economics | Scoop.it
UK inflation, a measure of the cost of living, fell to 10.1% in the year to January.
Graham Watson's insight:

Welcome to the world of disinflation - inflation is falling, but prices are still rising. The latest ONS data for January shows that inflation fell to 10.1% - it still feels very strange to be writing that - but is down from the previous month.

 

Food price inflation though remains exceptionally high - at 16.7% in the 12 months to January, and, of course, energy bills remain high too. What this all means for monetary policy is anyone's guess - some analysts think the Bank of England will keep rates at 4% but I'm not so sure, despite the fact that last month's rate rise was far from unanimous.  

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UK energy bills to fall to about £2,200 from July as wholesale gas costs drop | Energy bills | The Guardian

UK energy bills to fall to about £2,200 from July as wholesale gas costs drop | Energy bills | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Mild weather in Europe reduces gas demand but bills will remain higher than 2021 energy price cap
Graham Watson's insight:

Is there light at the end of the tunnel? Certainly Cornwall Insights think that average bills are going to fall to £2,200 by July, although that's still almost twice what they were prior to the conflict in the Ukraine. 

 

Wholesale gas prices have fallen as a result of lower than expected demand in the so-far warm winter and, as a result, higher than expected gas reserves. 

sheronlu's curator insight, January 27, 2023 6:33 PM

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Energy bill support: Firms fear ‘worst to come’

Energy bill support: Firms fear ‘worst to come’ | Macroeconomics: UK economy, IB Economics | Scoop.it
Some businesses expressed disappointment over reduced government help with energy bills from April.
Graham Watson's insight:

The government's latest offer of support for businesses in the midst of the ongoing energy crisis has received mixed reviews - this BBC article argues that for some their are tougher times ahead. 

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Business energy bill support to be reduced after March, Treasury confirms | Energy industry | The Guardian

Business energy bill support to be reduced after March, Treasury confirms | Energy industry | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Promise of £5.5bn of ‘transitional’ help for 12 months from 1 April called ‘huge disappointment’ by small firms
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The government have announced that they are scaling back their support for businesses after March, with the promise of £5.5bn transitional help for firms for 12 months from 1 April.

 

However, businesses themselves aren't very pleased - particularly small businesses who think that such a level of support is not enough and puts them at a disadvantage, and other energy uses, notably the steel sector, have pointed out that the level of support in the UK is lower than that in other economies, such as Germany.  

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Shoppers face higher prices after energy bill help ends

Shoppers face higher prices after energy bill help ends | Macroeconomics: UK economy, IB Economics | Scoop.it
Shops may have no choice but to up prices when energy bills rise in April, the retail industry body says.
Graham Watson's insight:

And here's the consequence of lower levels of energy bill support, higher prices, with the latest British Retail Consortium survey of its members suggesting that lower levels of government support are going to inevitable filter through into higher prices for consumers. 

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UK inflation will fall in 2023 but energy bills and taxes will rise as house prices drop. Happy new year | Larry Elliott | The Guardian

UK inflation will fall in 2023 but energy bills and taxes will rise as house prices drop. Happy new year | Larry Elliott | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Britain’s recession, however, will be relatively mild, although such forecasting is a mug’s game
Graham Watson's insight:

Larry Elliott on the shape of things to come: a recession, although likely to be reasonably mild but long-running, rises in energy bills and taxes, and falling house prices. A snapshot, and nothing particularly eye-catching, but the year ahead...

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The Guardian view on charities and the cost of living crisis: overwhelming needs | Editorial | The Guardian

The Guardian view on charities and the cost of living crisis: overwhelming needs | Editorial | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Editorial: As more and more people struggle with food and heating bills, the danger is that the services supporting them will collapse
Graham Watson's insight:

Another angle on the cost of living crisis, with the Guardian editorial looking at the ability of charities to mitigate the cost of living crisis. The editorial highlights the fact that as more people require charitable assistance, the charities themselves are less able to provide it because they also face higher bills. 

 

This is of particular concern at a time when the third sector is increasingly responsible for what was previously seen as the the state's responsibility. And if they are unable to meet these needs, then increasingly it seems that no-one will be able to.

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What the Autumn Statement means for you and the cost of living

What the Autumn Statement means for you and the cost of living | Macroeconomics: UK economy, IB Economics | Scoop.it
Chancellor Jeremy Hunt's statement is full of policies that will affect your finances in the coming years.
Graham Watson's insight:

The usual personal finances primer: looking at the prospects for higher tax revenues - through fixing personal allowances, apart from the top rate of tax - inflation, energy bills and more besides.  

frankline's curator insight, January 24, 2023 8:54 PM

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‘We need help now’: UK hospitality warns of ‘tidal wave’ of closures as crises loom | Business | The Guardian

‘We need help now’: UK hospitality warns of ‘tidal wave’ of closures as crises loom | Business | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
After lockdown closures, supply and staffing issues, inflation and high energy bills could be fatal for many businesses
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The hospitality sector is, once again, under the pump with the sector forecasting a 'tidal wave' of closures, not least because of the extent to which energy prices have risen and threatened all sorts of hospitality businesses - pubs, restaurants and independent shops

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