Influences on Balance of Payments in Goods

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Influences on Balance of Payments in Goods

UK productivity

Close output gap

Unemployment - youth

Move to services

Subtopic

Exchange rate

Not formally managed in UK

Economic performance of other countries we trade with

UK economic performance

Hot money - interest rates

Demand in export markets

Much of EU has been in recession

Trade barriers

Political reasons for barriers -e.g. Russia

WTO generally seeking to reduce barriers

barriers exist in emerging markets

None within EU

But EU has tariffs with other countries

Competiveness of UK produced goods

Supply side policies

relatively low Corporation Tax rates

Policies to encourage investment in manufacturing equipment

Tax relief for R&D

Technology hubs

Education & training