b) The policies that UK government laid to overcome the financial crisis was that they adopted a lower interest policy for the existing bank loan borrowers and for the new borrowers. They also introduced major cut in the interest rate for the consumers (Green, et al., 2011). A temporary cut in vat was also introduced for improving the fiscal policies. This was a major step towards tightening of the financial crisis.
c) The policies adopted by the government proved to be a failure in that scenario. It thus reduced the use of labour and capital. Banks were running in a short of cash so they stopped lending money to loan borrowers (Mellor, 2010).
b) The United Kingdom economy went into recession specifically during the second half of the 2008 which is based on the decrease in overall output and increase in the unemployment (Grigg, 1995). The demand of jobs decreases due to the global financial crisis which eventually leads to the overall increase in the unemployment. These are the reason that increases of unemployment during the great recession. The real output figure decrease by 6.4% which is considered to be one of the most substantial shock to UK overall output since great depression. Most of the countries also faced substantial decrease in the overall output during and after financial crisis due to the increase in the hour instead of increase in the employee or staff or headcount of the organization. The overall increase in the unemployment in UK over the past year is due to the reduction in the labour market flexibility.
c) Productivity means the value of different input as well as output of the economic growth of production which analyzes the measurement of the workshop and factories (Van Riet, 2010).
Measure of productivity can be utilised to provide information which eventually help to determine and analyse the overall economic ability to grow without providing extra inflationary pressure. The reason behind the slow productivity after global financial crisis are due to the cyclical explanation which is related to the overall demand conduction, primary causes which dependent or related with the financial crisis which include reduced overall investment in the physical and intangible assets and capital and impaired overall resource assigned and unusually high firms survival rates.
b)Performance of the new system:However, the orthodox thought is that this new policy will hamper the education system as well as the strength of global acumen based economy, the new policy helps immensely to the students to achieve higher education (Callender, 2014). As the government makes the initial investment, poorer students also can enrol for higher education in their preferred subjects without worrying about the education fees, the choice of the students of subjects is increased (Dougherty and Reddy, 2013). Initially students have agony about this new policy but eventually it was decreased as they are benefitted by the policy. Taxpayer also happy as the budget allocation is decreased they have to pay lesser so that they can save money.
c)Short and longer-run implications of the removal of the cap on student numbers:Initially there are increasing agony among the students and the common people of UK for increasing the tuition fees most students thought that the poor students could not afford the tuition fees. Therefore, compelled to give up the idea of getting higher education, the students will be lifetime debtor, as they could not repay the education loan (Dougherty and Reddy, 2013). The amount of loan may affect the students’ credit scorecard. However, the agony is deceased eventually when it is found that in the new policy more investment can be made for higher education so that the student can achieve better higher education. Here in this policy the students get more choice of course for higher study (Callender, 2014). Potential students will be benefitted regardless of their financial condition. The students only start to repay their education loan after starting work. The loan payment will be affordable.
Callender, C. (2014). Student Numbers and Funding: Does Robbins Add Up?. Higher Education Quarterly, 68(2), pp.164-186.
Dougherty, K. and Reddy, V. (2013). Performance funding for higher education. Hoboken, N.J.: Wiley Periodicals, Inc.
Johnston, R. (2013). England's New Scheme for Funding Higher Education through Student Fees: ‘Fair and Progressive’?. The Political Quarterly, 84(2), pp.200-210.
Nuwagaba, A. (2013). Evaluation of the current higher education funding model in Rwanda using Higher Education Students Loans Department (HESLD-REB) as a case study. J. Econ. Int. Finance, 5(3), pp.71-98.
Ryan-Collins, J., Greenham, T. and Werner, R. (2014). Where Does Money Come From?. London: New Economics Foundation.
Gardetti, M. and Torres, A. (2013). Sustainability in fashion and textiles. Sheffield, UK: Greenleaf Publishing.
Grigg, D. (1995). An introduction to agricultural geography. London: Routledge.
Pattengill-Semmens, C., Gittings, S. and Shyka, T. (2000). Flower Garden Banks National Marine Sanctuary. Silver Spring, Md.: U.S. Dept. of Commerce, National Oceanic and Atmospheric Administration, National Ocean Service, Office of Ocean and Coastal Resource Management, Marine Sanctuaries Division.
Van Riet, A. (2010). Euro area fiscal policies and the crisis. Frankfurt am Main: European Central Bank.
Van Riet, A. (2010). Euro area fiscal policies and the crisis. Frankfurt am Main: European Central Bank.
Von Furstenberg, G., Alexander, V. and Melitz, J. (2004). Monetary unions and hard pegs. Oxford: Oxford University Press.
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