Identify the various economic system that exists and explain the particular one (Mix economic system) being used by the UK and why in the government sometimes must interfere in the economy.
2.2. Ways the UK’s government has Interfered in the Market in Bid of Controlling the Inflation – (800 words – Select any 4 factors and explain their implications on the UK’s economy)
2.2.1. Increase in National Insurance
2.2.2. Increment in Taxes
2.2.3. Increase in Country’s Gas Production
2.2.4. A Cut or Suspension of Import Duties on Crude Oil
2.2.5. Increment of Universal Credit
2.2.6. Increase Public Spending
2.2.7. Introduce Small Business Support Schemes
2.2.8. Seeking Alternative Gas Suppliers
2.2.9. Encouraging the Use of Oil Substitutes
2.2.10. Increase Interest Rate
2.2.11. Increase Service Charges to Banks
2.2.12. Increase the Reserve-Ratio for Banks
2.2.13. Sustenance of Government Bonds
3. How the Policies have Worked So Far (400 words)
(Consider the impacts of these policies on inflation of the UK. Identify if it has made inflation to increase or reduce. In a nutshell, explain if the policies have been successful so far. You can use graphs/charts to help explain your point)
4. Conclusion (150 words)
5. Recommendations (100 words)
(Provide recommendations to the government on the challenges of implementing these economic proposals you have made)
6. References
(Provide at least 20 References)
