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Analysis the cost of running the UK economy in the fiscal year 2003/2004, and also try to analysis the various funding mechanisms that the British government implements.
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Introduction: Every developed country has a degree of State Control in economy. United Kingdom is one of the developed countries. The Government's goal is to deliver high and stable levels of growth and employment, with opportunity and rising living standards for all. In this assignment, I am going to analysis the cost of running the UK economy in the fiscal year 2003/2004, and also I will try to analysis the various funding mechanisms that the British government implements. The UK economy background 1.GDP Gross Domestic Product (GDP) is a measure of the total domestic economic activity. It is the sum of all incomes earned by the production of goods and services on UK economic territory, wherever the earner of the income may reside. GDP is equivalent to the value added to the economy by this activity. Value added can be defined as income less intermediate costs. Therefore growth in GDP reflects both...
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