Discuss how far recent UK economic policy has been...

Discuss how far recent UK economic policy has been successful in achieving the macroeconomic objectives. The four main macroeconomic objectives are: full employment, price stability (low and stable inflation), sustainable economic growth, and a healthy Balance of Payments. A diagram showing unemployment and jobseekers allowance in the UK: On the diagram shown above, unemployment within recent years (2008-2013) is seen to be increasing. In 2011 unemployment peaked at 2.6 million which around the time the chancellor George Osborne said â€Å"...the government was continuing efforts to help create new jobs† followed by Policies like enterprise zones... are going to make a real difference†. The policy in question is a supply side policy,†¦show more content†¦In 2012, the rate of inflation fell rapidly as seen in the inflation diagram. How Europes economy effects the UK The Eurozone looks more vulnerable than ever before. In this climate of debt default, investors have shown preference for government bonds outside the Eurozone, where there is less risk of liquidity shortages. The Eurozone’s troubles have led to weakening of the Euro and making Sterling relatively more attractive. This appreciation in the sterling pound will reflect upon the price competitiveness on exports which will decrease therefore lowering demand for our goods domestically and abroad by foreigners which will decrease our net exports (a component of AD) and so shifts the AD curve inwards from AD-AD1 resulting in a decrease in inflationary pressure but at the expense of economic growth as the AD curve recedes. Further consequences are that the current account deficit increases therefore weakening the balance of payments. Also due to the negative growth in AD businesses and consumers may lose confidence in the economy, therefore demand for goods and services decrease and bu sinessed do not invest in capital or labour so contributes to a higher rate of unemployment/redundancy. So the UK government uses a combination of fiscal, monetary and supply side policies to achieve their macroeconomicShow MoreRelatedEurope Economic Crisis55278 Words   |  222 PagesISSN 0379-0991 Economic Crisis in Europe: Causes, Consequences and Responses EUROPEAN ECONOMY 7|2009 EUROPEAN COMMISSION The European Economy series contains important reports and communications from the Commission to the Council and the Parliament on the economic situation and developments, such as the Economic forecasts, the annual EU economy review and the Public ï ¬ nances in EMU report. 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