Economic Growth
| Use attributes for filter ! | |
| Theory | Joseph Schumpeter |
|---|---|
| Date of Reg. | |
| Date of Upd. | |
| ID | 993117 |
About Economic Growth
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.
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... Last week, the OBR slashed its forecast for UK Economic Growth...
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... This meant he had room - within the government s self-imposed rules - to cut taxes in an effort to boost Economic Growth, as he prepared the ground for next year s general election campaign...
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...By Chris MasonPolitical editor, BBC NewsA big focus of the Autumn Statement on Wednesday will be Economic Growth...
Hunt does not rule out tax cuts in Autumn Statement
... Chancellor Jeremy Hunt has not ruled out cutting income tax in Wednesday s Autumn Statement, as he insisted Economic Growth was his priority...
Will Argentina vote in a radical politician to fix the economy?
... " Ask yourself if you prefer inflation over stability, if you prefer this decline in production and employment or if you prefer Economic Growth, " he said...
Government spending plans 'a very big risk', says watchdog
By Vishala Sri-PathmaBusiness reporter
Spending plans outlined in the chancellor's Autumn Statement represent " a very big fiscal risk" according to the UK's official economic forecaster.
Richard Hughes , chair of The Office for Budget Responsibility, told MPs on the Treasury Select Committee that spending plans carried A Level of " uncertainty".
He explained that much of the spending promised is funded by projected savings rather than income already received.
Last week, the OBR slashed its forecast for UK Economic Growth .
In March, the OBR said it expected Gdp - a measure of the size and health of a country's Economy - to grow by 1. 8% in 2024 and 2. 5% in 2025.
Those predictions have now been cut, with a new forecast suggesting the UK Economy will grow by 0. 7% in 2024 and 1. 4% in 2025.
Presenting his Autumn Statement last week, Chancellor Jeremy Hunt announced tax cuts, tighter welfare rules, and further measures aimed at Getting More people into work.
" It is very difficult to assess the credibility of the government's spending plans, because after March of 2025 the government doesn't have any spending plans, " Mr Hughes said, as he and other members of the OBR faced questions on the Autumn Statement.
The chancellor's speech, delivered to The Commons , is the government's main opportunity outside of the Budget to make tax and spending announcements.
Bigger-than-expected cuts to National Insurance (NI) and frozen tax brackets were raised in Tuesday's hearing in parliament.
The main rate will go down from 12% to 10% from January - although previous tax changes mean many workers will not be much better off.
However, members of the OBR told The Committee that the impact on Economic Growth from this measure was " unambiguously" positive.
While Mr Hunt announced The Cut to NI rates, he opted to leave NI and Income Tax thresholds untouched, meaning they remain frozen until 2028.
It means that as workers secure pay rises, they may end up paying more tax if they are dragged into a higher tax band than before.
Some 2. 2 million more workers now pay the basic rate Income Tax of 20% compared with three years ago, according to official figures, while 1. 6 million more people have found themselves in the 40% tax bracket in the same period.
Prof David Miles , a member of the Budget Responsibility committee, told MPs it wasn't clear how this measure would impact growth.
" It would mean that living standards would be lower and so may mean that workers would have to do additional hours, " said Prof Miles.
Related TopicsSource of news: bbc.com
Economic growth Photos
