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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Christmas dinner could cost UK families 13% more this year | Christmas food and drink | The Guardian

Christmas dinner could cost UK families 13% more this year | Christmas food and drink | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Analysis of cheapest possible price for 11 dinner items suggests a minimum spend of £4.14 a head
Graham Watson's insight:

The traditional piece highlighting the rising cost of Christmas dinner, courtesy of Good Housekeeping, which suggests that the cost of 11 items required for a Christmas dinner has increased to £33.08, or £4.14 per person, or 13% more.

 

The items that have increased the most in price are carrots and brussels sprouts which are both up by more than 150%, and parsnips and potatoes have also seen significant price rises. 

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Fears of food inflation rise as UK harvests hit by cool, wet summer | Food & drink industry | The Guardian

Fears of food inflation rise as UK harvests hit by cool, wet summer | Food & drink industry | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Farmers warn wheat, oilseed rape, potatoes and other crops have been affected after wettest July on record
Graham Watson's insight:

The wet July weather seems to have had a damaging effect upon agricultural markets, with wheat, oilseed rape and potato crops all expected to be hit. This could just simply be a D&S issue; however, there's the wider context of food price inflation more generally, and how this feeds into the cost of living crisis too. 

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Farmers 'struggling' to recruit harvest workers

Farmers 'struggling' to recruit harvest workers | Macroeconomics: UK economy, IB Economics | Scoop.it
Tessa Elliot says "potatoes aren't going to be on the table" if seasonal workers are not found.
Graham Watson's insight:

I've started my Year 12 course by looking at demand, so this could be a good example of derived demand. The demand for seasonal workers being derived from the crops that they are used to pick.

 

However, I'm going to take the opportunity to file this away as one of the costs of Brexit. Who in their right mind thought that Brexit would do anything other than have a catastrophic effect upon the size of the seasonal labour force, or that British workers would voluntarily take farm jobs that they've shunned in the recent past. And if this means that the price of potatoes goes up, well, you'll have to ask the Leavers if they voted for that because it's an almost inevitable consequence of their choice. 

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