Compose a 500 words essay on UK Economic Policies. Needs to be plagiarism free!
Economic Policy Measures undertaken on or before the 1990s.
Mainly aimed to tackle the stagflation that gulped the nation during the 1970s and to prevent further such developments. However has been criticised by a number of economists.
Also enabled the revision of labour laws so as to reduce the power of the labour union and assign more power to the company.
Moreover, the competitive spirit that the step would instil among the producers will help the nation to achieve a comparatively advantageous position.
Most relevant sectors, other than the postal system, were privatized.
The scheme was preceded by a number of failures and required a lot of effort from the then Prime Minister, Margaret Thatcher, before it finally achieved success almost a decade later.
•Reduction in unemployment benefits combined with a modification of tax laws that might act as an incentive for higher production and thus an improved GDP position (Wagnur, 2000).
•Modification of the education system in the country and providing maximum financial coverage to the students.
•New pension plans so as to shift the burden from the state to the individuals.
Introduction of pay-as-you-go scheme in the occupational structure, where the individual has to purchase and become a part of some pension benefit scheme (Taylor-Gooby, 2006).
•Increased housing ownership due to introduction of buyer-side subsidies.
•Capital account convertibility that helped the inflow foreign investments.