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Aggregate Supply
In economics, aggregate supply (AS) or domestic final supply (DFS) is the total supply of goods and services that firms in a national economy plan on selling during a specific time period. It is the total amount of goods and services that firms are willing and able to sell at a given price level in an economy. Analysis There are two main reasons why the amount of aggregate output supplied might rise as price level ''P'' rises, i.e., why the ''AS'' curve is upward sloping: * The short-run ''AS'' curve is drawn given some nominal variables such as the nominal wage rate, which is assumed fixed in the ''short run''. Thus, a higher price level ''P'' implies a lower real wage rate and thus an incentive to produce more output. In the neoclassical ''long run'', on the other hand, the nominal wage rate varies with economic conditions. (High unemployment leads to falling nominal wages which restore full employment.) Hence, in the long run, the aggregate supply curve is vertical. * A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aggregate Supply
In economics, aggregate supply (AS) or domestic final supply (DFS) is the total supply of goods and services that firms in a national economy plan on selling during a specific time period. It is the total amount of goods and services that firms are willing and able to sell at a given price level in an economy. Analysis There are two main reasons why the amount of aggregate output supplied might rise as price level ''P'' rises, i.e., why the ''AS'' curve is upward sloping: * The short-run ''AS'' curve is drawn given some nominal variables such as the nominal wage rate, which is assumed fixed in the ''short run''. Thus, a higher price level ''P'' implies a lower real wage rate and thus an incentive to produce more output. In the neoclassical ''long run'', on the other hand, the nominal wage rate varies with economic conditions. (High unemployment leads to falling nominal wages which restore full employment.) Hence, in the long run, the aggregate supply curve is vertical. * A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kwasi Kwarteng
Akwasi Addo Alfred Kwarteng (born 26 May 1975) is a British Conservative Party politician who has been the Member of Parliament (MP) for Spelthorne in northern Surrey since May 2010. He was Secretary of State for Business, Energy and Industrial Strategy from 2021 to 2022, and Chancellor of the Exchequer in the short-lived Liz Truss government between September and October 2022. Kwarteng was born in London to Ghanaian immigrant parents and was educated at Eton College and Trinity College, Cambridge. He worked as a columnist for ''The Daily Telegraph'' and as a financial analyst before standing for election to the House of Commons. As a backbencher, Kwarteng co-wrote a number of papers and books, including '' After the Coalition'' (2011) and '' Britannia Unchained'' (2012). In November 2018, Kwarteng was appointed Parliamentary Under-Secretary of State for Exiting the European Union by Theresa May. Following Boris Johnson's appointment as Prime Minister in July 2019, Kwarteng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy Committee (United Kingdom)
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom (the Bank of England Base Rate). It is also responsible for directing other aspects of the government's monetary policy framework, such as quantitative easing and forward guidance. The Committee comprises nine members, including the Governor of the Bank of England, and is responsible primarily for keeping the Consumer Price Index (CPI) measure of inflation close to a target set by the government, currently 2% per year (as of 2019). Its secondary aim – to support growth and employment – was reinforced in March 2013. Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the committee was designed to be independent of political interference and thus to add cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spencer Dale
Spencer Dale (born 12 January 1967) is a British economist who sat on the Bank of England's Monetary Policy Committee from 2008 through 2014, including a period as Chief Economist. He is currently the group chief economist of BP. Dale was educated at the University of Wales (University College Cardiff), gaining BSc in Economics in 1988 and at the University of Warwick, gaining an MSc in Economics in 1989, whereupon he immediately joined the Bank of England. He was appointed to the position of Chief Economist on 1 July 2008. He finished being Chief Economist with effect from 1 June 2014, becoming the Bank's Executive Director for Financial Stability Strategy and Risk, moving from the Monetary Policy Committee to the Financial Policy Committee The Financial Policy Committee (FPC) is an official committee of the Bank of England, modelled on the already well established Monetary Policy Committee. It was announced in 2010 as a new body responsible for monitoring the economy of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recession
In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster (e.g. a pandemic). In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply and decreasing i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigel Lawson
Nigel Lawson, Baron Lawson of Blaby, (born 11 March 1932) is a British Conservative Party politician and journalist. He was a Member of Parliament representing the constituency of Blaby from 1974 to 1992, and served in the cabinet of Margaret Thatcher from 1981 to 1989. Prior to entering the Cabinet, he served as the Financial Secretary to the Treasury from May 1979 until his promotion to Secretary of State for Energy. He was appointed Chancellor of the Exchequer in June 1983, and served until his resignation in October 1989. In both Cabinet posts, Lawson was a key proponent of Thatcher's policies of privatisation of several key industries. Lawson oversaw the sudden deregulation of financial markets in 1986, commonly referred to as the 'Big Bang', which decisively strengthened London's place as a financial capital. Lawson was a backbencher from 1989 until he retired in 1992, and now sits in the House of Lords but has announced his intention to retire with effect on 31 Dece ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chancellor Of The Exchequer
The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is a high-ranking member of the British Cabinet. Responsible for all economic and financial matters, the role is equivalent to that of a finance minister in other countries. The chancellor is now always Second Lord of the Treasury as one of at least six lords commissioners of the Treasury, responsible for executing the office of the Treasurer of the Exchequer the others are the prime minister and Commons government whips. In the 18th and early 19th centuries, it was common for the prime minister also to serve as Chancellor of the Exchequer if he sat in the Commons; the last Chancellor who was simultaneously prime minister and Chancellor of the Exchequer was Stanley Baldwin in 1923. Formerly, in cases when the chancellorship was vacant, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
King's College London
King's College London (informally King's or KCL) is a public university, public research university located in London, England. King's was established by royal charter in 1829 under the patronage of George IV of the United Kingdom, King George IV and the Arthur Wellesley, 1st Duke of Wellington, Duke of Wellington. In 1836, King's became one of the two university college, founding colleges of the University of London. It is one of the Third-oldest university in England debate, oldest university-level institutions in England. In the late 20th century, King's grew through a series of mergers, including with Queen Elizabeth College and Chelsea College of Science and Technology (in 1985), the Institute of Psychiatry (in 1997), the United Medical and Dental Schools of Guy's and St Thomas' Hospitals and the Florence Nightingale School of Nursing and Midwifery (in 1998). King's has five campuses: its historic Strand Campus in central London, three other Thames-side campuses (Guy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Kingman (businessman)
Sir John Oliver Frank Kingman KCB FRS (born 24 April 1969) has been Chairman of Legal & General since 2016. He is also Chair of Tesco Bank and Deputy Chair (and twice Acting Chair) of the National Gallery. From 2016-21 he was the first Chair of UK Research and Innovation, which oversees Government science and innovation funding of about £8bn a year. He was elected an Honorary Fellow of the Royal Society in 2021 “for his unwavering support for science throughout his career”. In 2018 he undertook a highly critical review of the Financial Reporting Council, recommending wholesale reform of the FRC and ending self-regulation of the major audit firms. He is a former Second Permanent Secretary to HM Treasury. Education He was a Queen’s Scholar at Westminster School and a Casberd Scholar at St John's College, Oxford, where he took a 1st class degree in Modern History; he is now an Honorary Fellow. Career Early in his career (1995-7) Kingman was a Financial Times Lex columnis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tom Scholar
Sir Thomas Whinfield Scholar (born 17 December 1968) is a British civil servant who served as Permanent Secretary to the Treasury until 8 September 2022. Scholar was previously the Prime Minister's Adviser on European and Global Issues in the Cabinet Office from 2013 to 2016. He has been a director of the nationalised bank, Northern Rock and served as Chief of Staff for Gordon Brown. Personal life and education Scholar was educated at Dulwich College (1979–1986), Trinity Hall, Cambridge (where he read History), and the London School of Economics. He is the son of Sir Michael Scholar who was Permanent Secretary of the Department of Trade and Industry between 1996 and 2001. He has two younger brothers, Richard and John (who is a lecturer in English Literature at the University of Reading and worked at the Treasury). Career Scholar joined HM Treasury in 1992, rising to Principal Private Secretary to the Chancellor of the Exchequer in 1997, serving Gordon Brown for four y ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treasury Select Committee
The House of Commons Treasury Committee (often referred to as the Treasury Select Committee) is a select committee of the House of Commons in the Parliament of the United Kingdom. The remit of the committee is to examine the expenditure, administration and policy of HM Treasury, with all of its agencies and associated bodies, including HM Revenue and Customs, the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority, the Royal Mint, and so on. Since 2010 the Treasury Committee has taken on new powers, including the right to veto appointments to the independent Office for Budget Responsibility, and has forced the Financial Services Authority to publish a detailed report into its handling of the collapse of Royal Bank of Scotland. Membership As of November 2022, the members of the committee are as follows: Changes since 2019 2017–2019 Parliament The chair was elected on 12 July 2017, with the members of the committee being announced on 11 Se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
November 2022 United Kingdom Autumn Statement
The November 2022 United Kingdom autumn statement was delivered to the House of Commons on 17 November 2022 by Chancellor of the Exchequer Jeremy Hunt, after being delayed by three weeks from its original scheduled date of 31 October. The budget addressed the ongoing cost of living crisis, and saw the announcement of a five-year package of tax increases and spending cuts designed to steer the UK through recession. An economic forecast published on the same day by the Office for Budget Responsibility (OBR) stated the UK had entered a recession after experiencing two quarters of a shrinking economy, and predicted the UK's economy would shrink during 2023. A reduction in households' disposable income was also forecast. In his statement, Hunt committed to maintaining scheduled public spending plans until 2025, but said that spending would slow after then. He also lowered the threshold at which earners become eligible to pay the top rate of income tax, and announced an increase in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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