In 1952 when Queen Elizabeth II came to the throne, the UK was a major economic power, but still reeling from the costs of the Second World War, with rationing and austerity still visible. The post-war period saw a remarkable rising living standards, strong economic growth and radical changes in the economy, but also saw …
The Russian fossil fuel industry is facing a real crisis. Western sanctions and Russia’s own embargo on exports to the West mean that the industry is facing long-term decline. Already there have been reports of ‘capping’ of natural gas facilities. This means that natural gas is burnt at its source because the industry cannot sell …
In March 2022, the EU, US and other western countries introduced a range of sanctions on the Russian economy. These sanctions have hurt the Russian economy, but they are also causing unprecedented strain on the West and Europe in particular. The big economic threat to Europe involves: Higher inflation from rising energy prices Threat of …
Since 1980, China has experienced an economic miracle with over three decades of economic growth averaging over 10% a year. This growth has enabled millions of people to be lifted out of absolute poverty and for China to become one of the most dominant economies in the world. Problems facing Chinese economyWatch this video on …
Readers Question: How important is the budget deficit? The budget deficit is the annual amount the government borrow. The government usually financed the budget deficit by selling bonds to the private sector To libertarian and free-market economists, budget deficits are liable to cause significant economic problems – crowding out of the private sector, higher interest …
Despite unprecedented economic sanctions imposed on Russia, the Russian Rouble has become the best performing currency in the world. Rising 30% in the year 2022 to 26 May 22 (source: Reuters) After the initial sanctions and freezing of Russian foreign currency reserves, the Russian rouble fell 25%. But, since then the Rouble has performed a …
Higher wheat prices will have a significant impact on raising food prices and reducing living standards; it is feared it could cause widespread poverty and social unrest. The impact of higher wheat prices will be felt disproportionately by low-income consumers and major wheat importing countries, such as Egypt and Nigeria. This is because consumers on …
Readers Question: Why is the cost of living in the UK so expensive? The cost of living depends on: The price of basic necessities – food, fuel, heating, transport, housing/rent, entertainment. The effective cost of living also depends on real wages. It is expensive to live in Nordic countries, but real wages tend to be …