The UK’s government is undertaking a study to understand the economic impact of some domestic and global events. You have been contacted as a consultant of the business environment to present a report to the government by answering the following questions.
- Using the circular flow of income, explain the main impacts of lockdown on the UK’s economy.
(Approximately 500 words)
- What are the (likely) impacts of the ongoing war in Ukraine on the UK’s economy? Consider both the short-term and long-term economic impacts.
(Approximately 500 words)
- What economic recommendations if any can be provided to the government of UK to remedy any negative effects of the war in Ukraine on the UK’s economy?