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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The doomsters were wrong about the minimum wage. They’re wrong about Labour’s new deal for workers, too | Larry Elliott | The Guardian

The doomsters were wrong about the minimum wage. They’re wrong about Labour’s new deal for workers, too | Larry Elliott | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
This is a policy that could make a radical difference – as long as it’s not watered down like the green prosperity plan, says the Guardian’s economics editor Larry Elliott
Graham Watson's insight:

Larry Elliott argues that the proposed Labour Party changes to labour market law, in providing greater worker protection, are going to be a good thing for the UK, and workers in particular. 

 

He suggests that people argued the same thing about the introduction of the National Minimum Wage, now rebranded as the National Living Wage. They argue that despite the growth in the number of people of zero hours contracts, there's been no negligible effect on productivity. 

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The broken US economy breeds inequality and insecurity. Here’s how to fix it | James K Galbraith | The Guardian

The broken US economy breeds inequality and insecurity. Here’s how to fix it | James K Galbraith | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
On one side, oceans of wealth and power. On the other, precarity and powerlessness. But we have the tools for reform
Graham Watson's insight:

James K.Galbraith argues that the United States economy has for too longer fostered inequality and reduce the poorest in society to a state of near-penury and the insecurity of living from hand to mouth.

 

He suggests a number of solutions to the widening inequality - based on strengthening the benefit system, boosting the minimum wage and investing in infrastructure and fighting climate change  among other things. 

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Budget 2021: Eight ways Rishi Sunak's plans affect you

Budget 2021: Eight ways Rishi Sunak's plans affect you | Macroeconomics: UK economy, IB Economics | Scoop.it
The chancellor has delivered his Covid recovery Budget, here's how it will affect your money.
Graham Watson's insight:

A quick guide to the Budget - with eight headlines to reflect upon, including the change in the minimum wage and some oversight of the various tax changes. 

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Budget 2021: Six things that could affect you

Budget 2021: Six things that could affect you | Macroeconomics: UK economy, IB Economics | Scoop.it
Chancellor Rishi Sunak will deliver his second Budget for 2021 next week. How will it affect you?
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I suspect that I'll spend a lot of my weekend looking at Budget articles - this one details a number of potential changes, to VAT on energy bills, to alcohol duties, to capital gains tax, to student loans repayments, to the minimum wage, to tax relief on pensions. 

 

It's a week for thinking about the implications of fiscal policy, not least in distributional terms. 

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Wealth inequality rises even as wage gap narrows

Wealth inequality rises even as wage gap narrows | Macroeconomics: UK economy, IB Economics | Scoop.it

The gap between how much people earn in London and the rest of the country has narrowed since the early 2000s, says the Institute for Fiscal Studies (IFS).

Graham Watson's insight:

A fascinating piece of research from the IFS which reveals that the gap between how much people earn in London and the rest of the country has narrowed at the same time as wealth inequality has risen. 

 

Having listened to the head of the IFS, Paul Johnson, on the "Today" programme, he attributes this to two things - stagnant earnings in the financial services sector and the impact of the minimum wage outside the capital. 

 

But equally, he also pointed out that there hasn't been much of an increase in income for anyone in the last 12 years.  

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Johnson’s thin coat of red paint could win him an election | Larry Elliott | Opinion | The Guardian

Johnson’s thin coat of red paint could win him an election | Larry Elliott | Opinion | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
The idea of the Conservatives as the party of the working class should be beyond parody. Sadly, it is not, says economic editor Larry Elliott
Graham Watson's insight:

This is a must-read for any prospective PPE applicants, or potential politics students. Larry Elliott produces a succinct summary of recent shifts in the Conservative party's economic position, and reinforces the notion that what the Conservatives lack in the way of a coherent ideology, they more than make up for in their ability to craft election victories. 

 

It highlights the fact that the current thrust of economic policy is directed at appealing to Leave voting members of the working class - safe in the knowledge that the Tory shires will continue to vote for them in the absence of any alternative. 

 

It's a very astute assessment of the contemporary UK politics. 

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Thinktank calls for major overhaul of Britain's economy | UK news | The Guardian

Thinktank calls for major overhaul of Britain's economy | UK news | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
IPPR commission suggests changes on a par with Labour’s post-war reforms
Graham Watson's insight:

Just my luck! Having prepared this week's material on income inequality, I stumble upon the latest IPPR research that calls for an overhaul of the UK economy. The IPPR Commission on Economic Justice has found that the UK is being held back by a number of weaknesses, not least a lack of investment, and high levels of inequality and has proposed a number of solutions to these deep-seated problems. 

 

I'd outline them here - if I didn't think it would stop you from reading the article itself.

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UK retailers face weak demand and a barrage of increased costs | Retail industry | The Guardian

UK retailers face weak demand and a barrage of increased costs | Retail industry | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Tough first few months of 2024 forecast for the industry as consumer confidence remains low
Graham Watson's insight:

There's little Christmas cheer in the retail sector, with the prospects for 2024 looking similarly bleak. Higher costs, including the minimum wage, and lower levels of consumer spending don't make for a good trading environment. 

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There’s a simple way to fight the cost of living emergency: a £15 an hour minimum wage | Nadia Whittome | The Guardian

There’s a simple way to fight the cost of living emergency: a £15 an hour minimum wage | Nadia Whittome | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Opponents say this will lead to a wage-price spiral – but that’s an argument that’s stuck in the 1970s, says Labour MP Nadia Whittome
Graham Watson's insight:

Despite this article featuring lots relating to a minimum wage, I've put this Guardian article here because it's real focus is the cost of living crisis. 

 

In it, Nadia Whittome, a Labour MP, argues for a £15 minimum wage suggesting that critics who see it as fuelling a wage-price spiral are wrong-headed.  She argues that not only can firms afford it, but it will save the Treasury money in reducing benefit payments, and would simply see a redistribution of profits away from executive pay and in favour of the pay of ordinary workers. Superficially, it has appeal but you'd worry about how increasing the minimum wage would trigger further pay increases in other areas, and unfortunately, I also don't see executive pay coming down any time soon.

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Wage rises will put 30p on a pint, says pub chain

Wage rises will put 30p on a pint, says pub chain | Macroeconomics: UK economy, IB Economics | Scoop.it
Clive Watson, boss of City Pub Group, says the rise will be needed to pay for a higher minimum wage.
Graham Watson's insight:

On the morning of the Budget, the hospitality sector are arguing that the price of a pint is going to rise as a result of recent policy changes. The touted increase in the minimum wage and rising costs elsewhere are inevitably going to be passed on to the consumer it seems, and if indicative of other sectors, this implies inflation. 

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Scooped by Graham Watson
Scoop.it!

£15 UK minimum wage may not be the best way to tackle poverty | Minimum wage | The Guardian

£15 UK minimum wage may not be the best way to tackle poverty | Minimum wage | The Guardian | Macroeconomics: UK economy, IB Economics | Scoop.it
Analysis: experts say it may be better to bear down on zero-hours contracts to ensure more reliable work patterns
Graham Watson's insight:

This is a brilliant article that gets to the very heart of policymaking and highlights the fact that there are rarely simple solutions to economic problems. 

 

If you want to tackle poverty, especially in-work poverty, the clarion calls for the £15 minimum wage are unlikely to be as effective as resolving the issue. However, tackling the job insecurity associated with zero-hours contracts may well be. 

 

Looked at in the round, the UK's minimum wage is actually generous in comparison to many in Europe, relative to the median wage, and, in fact, a bigger cause of poverty in uncertainty about the hours that someone is going to work, rather than their hourly rate of pay. 

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EUR - Euro
USD - US Dollar
DNR - DINAR
GBP - British Pound
INR - Indian Rupee
AUD - Australian Dollar
CAD - Canadian Dollar
AED - Emirati Dirham
ZAR - Rand
CHF - Swiss Franc
CNY - Chinese Yuan Renminbi
MYR - Malaysian Ringgit
THB - Thai Baht
NZD - New Zealand Dollar
SAR - Saudi Arabian Riyal
QAR - Qatari Riyal

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Scooped by Graham Watson
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'Real living wage' rises in pre-Christmas pay bump

'Real living wage' rises in pre-Christmas pay bump | Macroeconomics: UK economy, IB Economics | Scoop.it
Employers signed up to the voluntary scheme will increase the UK hourly rate to £9.30.
Graham Watson's insight:

A welcome boost in real pay for workers as those employers signed up to the Real Living Wage are increasing the hourly rate by £0.20. This voluntary scheme pays more per hour that the statutory National Living Wage

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Scooped by Graham Watson
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Tory conference: National Living Wage to rise to £10.50, says chancellor

Tory conference: National Living Wage to rise to £10.50, says chancellor | Macroeconomics: UK economy, IB Economics | Scoop.it
The chancellor says it will be £10.50 an hour by 2024, with a lower age threshold - down from 25 to 21.
Graham Watson's insight:

The Chancellor has addressed the Conservative Party Conference and announced yet more promises - but this time the National Living Wage is going to rise, which is an easy promise to make if you aren't going to pay for it. 

 

However, a higher minimum wage - now called the National Living Wage - at £10.50 per hour - is clearly a good thing for the low paid, provided that it doesn't price them out of the labour market.

Graham Watson's curator insight, September 30, 2019 11:16 AM

The Chancellor has addressed the Conservative Party Conference and announced yet more promises - but this time the National Living Wage is going to rise, which is an easy promise to make if you aren't going to pay for it. 

 

However, a higher minimum wage - now called the National Living Wage - at £10.50 per hour - is clearly a good thing for the low paid, provided that it doesn't price them out of the labour market.