Macro Economist
In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy. Max also outlines why traditional policy tools may not be enough to bring us out of the crisis and discusses some unconventional policies which may help.
In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy. Max also outlines why traditional policy tools may not be enough to bring us out of the crisis and discusses some unconventional policies which may help.
The cost of living crisis has been brought on by a multitude of problems, emergence from the pandemic, the Russian invasion of Ukraine and Brexit.
The ongoing crisis is likely to present a similar economic threat that the COVID-19 crisis displayed in terms of scale, but policy makers haven’t reacted with the same strength and determination they did during the pandemic. The government has been delayed, timid and imprecise in their assistance.
Given the rise in prices of everyday items and the skyrocketing inflation, it is predicted that 20% of UK households will see food and energy bills higher than their incomes.
Key learning objectives:
Outline the effects of the cost of living crisis
Understand how the cost of living crisis will affect savings
Outline what could be done to tackle the crisis
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