Policy and its effect on Public services
Economists employed by the government are involved in implementing policies, which were especially established to meet government 's objectives that are very often multidimensional. There are four very fundamental objectives for viable economy, including decreasing the unemployment rates in certain regions, lower or stabilise the inflation , constant economic growth and a satisfactory balance of payments position. The UK economy continues to suffer from a number of underlying structural weaknesses. The government is now set on providing the economic framework, which will enhance the opportunity to raise a sustainable rate of economy growth, (Anderton, 2006). Economic growth also known as economic
…show more content…
Most countries in the world give an account each year for their financial transactions with the other countries. In the UK government, the balance of payments became very dominant in 1970 from a desire to defend the strength of the sterling. The balance of payments refers to mainly to trade-related payments and all payments made between one country and the rest of the world. Such payments include personal payments made between individuals in different countries or subscriptions to international bodies such as the United Nation or international aid given to poorer countries. In Britain, the balance of payments account shows the foreign currency that has been spent on imported goods and services and foreign currency, which on the other hand has been earned by exporting goods and services. Many times, such accounts are not in equilibrium, which means that there's a difference between earnings and expenditure. Therefore, when the value of goods and invisibles-services exported exceed the values of imported goods and invisibles, we say that there is a surplus current balance. However, when the reverse occurs, we say that there is a deficit current …show more content…
Government's objectives have transformed from from long-standing ones and have focused on inflation and stable macro stance through establishing supply side policies. Moreover, supply side policy has a direct or indirect impact on many government's spheres. Cutting the marginal rate of income was a major supply side objective during the Thatcher's governance. At the beginning of Thatcher governance in 1979, the standard rate of income was 33 per cent and the top rate was more than 80 per cent. By 1997 the standard income rate fell to 23 per cent and the top rate was only 40 per cent, (Sloman, 2007). Such policy appears to be prosperous as the Blair government continued with this policy. According to many economists, cuts in the marginal rate of income tax have a positive effects, for example, people wish to work long hours, people work more enthusiastically, employment rises and unemployment rapidly falls. Furthermore, the Thatcher's government took a number of measures to reduce the power of labour in order to encourage investments and hence economic growth, (Sloman, 2007). Conservative government believed that the rise of economic growth can be achieved by helping to small businesses, which are very fundamental as they create provide job
M1: Explain the importance of public service skills using examples from at least two contrasting public services.
|Your first task is to write a special news article where you must report on three examples of current affairs that affect |
The government will take cuts from the amount of power the British army has, this means that the army would have limited amount they can do to win wars and help other countries with their problems. The British Army presence in Germany will end by 2020 this means that The Basing Plan sets out the location changes for the Army and also confirms the drawdown of all units from Germany by 2020. The plan has transitioned into a delivery Programme and this will affect most areas of the Army as more than 100 units will relocate over the next six years. Overall personnel numbers will drop by 7,000 to 95,500 this means people from the army
Improvement in the UK economy is usually dependant on the improvement of four major factors, economic growth, balance of payments, unemployment and inflation. This should lead to steady economic growth that would lead to a steady increase in the productive capacity in the economy. Income tax is the percentage of income that people are taxed upon that is given to the government. There are many policies that can be used to tackle these certain goals, for example fiscal and monetary policy. Fiscal is a change in government spending or taxation, an example of fiscal policy is to reduce taxation and thus give consumers more spending power, hopefully increasing economic activity. Monetary policy is centred on interest rates, for example reducing
In this assignment I am going to analyse how government policies are developed, covering all aspects of the policy making process.
Personalisation is when the public services and social care in an entirely different way. They do this by starting with the person rather than the service; it will require the transformation of adult Social Care. There is going to be new legislation brought in 2013 for mental health issues based on autonomy, this is respecting the individual Capacity to decide and act on his own and his rights and to subject to restraint by others. Justice, this is to the law is equal; therefore if a person with learning disabilities or mental health disorder should retain the same rights and entitlement as others. Benefits, this is a way of acting in the individual best interest and finally least harm this is when treatment and care must be provided in
In the 2009 budget, several tax increases were announced by Alistair Darling, the then Chancellor, in attempts to generate more than £6 billion by 2012. These increases were also geared towards securing the country’s economic future and providing assistance to people when necessary. Some of these changes include increases in the rate of indirect taxes and changes to income tax through the introduction of a new 50 percent rate on incomes above £150,000. The introduction of the 50 percent additional rate of income tax was primarily part of the coalition Government’s fiscal policy toward cutting the deficit.
I agree with you that with the neoliberalism views, under Thatcher in UK and Reagan in US, the administration cut taxes significantly. Harvey states: “Corporate taxes were reduced dramatically, and the top personal tax rate was reduced from 70 to 28 per cent in what was billed as ‘the largest tax cut in history’” (Harvey 2005). So, cutting taxes seems like a good idea, but at the same time the government most likely will start cutting budget, cutting back on some government programs. The rich started to accumulate more wealth and those in need for various government programs, were disadvantaged. In result, there was a shift for greater social inequality and the economic power of the upper class was reestablished.
Correspondence concerning this paper should be addressed to Youness Elhamidi, Department of Public Administration, American Public University System, 111 W. Congress Street, Charles Town, WV 25414. E-mail: yelhamidi@apus.edu.
A positive current record adjust demonstrates that the country is a net moneylender to whatever is left of the world, while a negative current record adjusts shows that it is a net borrower from whatever is left of the world. A present record surplus builds a country's net remote resources by the measure of the overflow, and a present record shortfall diminishes it by that sum. A nation's adjust of current account is the net or distinction between the nation's exports of products and enterprises and its imports of merchandise and ventures, disregarding all money related current accounts, speculations, and different segments, over a given timeframe. A nation is said to have a current account surplus if its export surpass its imports and a current account deficit if its imports surpass its current account. Positive net deals abroad, by and large, adds to a present record overflow; negative net deals abroad, for the most part, adds to a present record
The current account is one of the components of the Balance of Payment together with the capital and financial account and the reserve assets account. This represents the difference between a country’s savings and its investment and it is defined as the sum of the payments of goods and services bought from foreigners, net income from abroad and net current transfers. When the current account is in deficit, it means that the country’s net sales abroad value is negative, while it is in surplus when this value is positive. The current account must balance, so surplus of one nation means deficits of another.
According to Federal Reserve Bank of New York, “The Balance of Payment” (BOP) is a statement used by a country to summarize an economy’s transactions with the rest of the world by both private and public sectors for a specified time period, usually every quarter or year. It is known as “Balance of International Payment”, it involves all transactions between a country’s residents and its non-residents involving goods, services and income, financial claims on and liabilities to the rest of the word. If a country has received money, this is known as a “credit”, and if a country has paid or given money, the transaction is counted as a “debit”. Theoretically, the BOP should be zero, meaning that assets (credits) and liabilities (debits) should balance; however, in the reality, this is rarely the case.
For example if we go out in market and buy some thing we pay some
The current account balance is a part of the balance of payments. A country’s current account balance provides a measure of how much the country’s position in international wealth
The balance of payments account indicates a systematic record of all export incomes and import payments of a country during any year. Any import from abroad has to be paid for. On the other hand, any export will bring money flow into the country. If we subtract the total value of the imported commodities from the total value of the exported commodities of a country, what we obtain is called the ‘Balance of Trade’ of the country. If the difference is positive, i.e. if the value of commodity exports exceeds the value of commodity imports, we say that the balance of trade is favourable. If the difference is negative, we say that the balance of trade is unfavourable.