{"id":76,"date":"2025-08-07T20:54:28","date_gmt":"2025-08-07T20:54:28","guid":{"rendered":"http:\/\/localhost\/politicsuk\/?p=76"},"modified":"2026-08-26T11:14:46","modified_gmt":"2026-08-26T11:14:46","slug":"chapter-25","status":"publish","type":"content","link":"https:\/\/routledgelearning.com\/politicsuk\/part-6-the-policy-process\/chapter-25\/","title":{"rendered":"Chapter 25"},"content":{"rendered":"\n<div class=\"wp-block-group has-base-color has-text-color has-background has-link-color wp-elements-38c590376343bf81719fdd27538ce061 is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#213f8d;padding-top:var(--wp--preset--spacing--60);padding-bottom:var(--wp--preset--spacing--60)\">\n<div class=\"wp-block-group alignwide has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group alignwide has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-849b2ae7 wp-block-group-is-layout-constrained\"><nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/routledgelearning.com\/politicsuk\/\">Home<\/a><\/li><li><a href=\"https:\/\/routledgelearning.com\/politicsuk\/part-6-the-policy-process\/\">Part 6 \u2013 The Policy Process<\/a><\/li><li><span aria-current=\"page\">Chapter 25<\/span><\/li><\/ol><\/nav><\/div>\n\n\n\n<div class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"alignwide wp-block-post-title\">Chapter 25<\/h1>\n\n\n<p class=\"has-large-font-size wp-block-paragraph\" style=\"margin-top:0;margin-bottom:0\"><em><em><em>Economic policy<\/em><\/em><\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-4805a82d wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:75%\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h2 id=\"aioseo-chapter-summary\" class=\"wp-block-heading\">Chapter Summary<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Economic policy went through a long period when it was \u2018depoliticised\u2019, particularly after the transfer of the setting of interest rates to the Bank of England. This reflected the influence of the \u2018rules v. discretion\u2019 debate in economics, which argued that the more policy decisions that were rules-based the better as politicians were liable to be influenced by short-term electoral considerations. The GFC has seen a reintroduction of politics into economic policy, which has become more central to the political process once again, something that was reflected in views expressed in the referendum campaign that many people had seen their standard of living deteriorate as the results of the effects of globalisation. Although the Gini coefficient as a measure of inequality was actually improving, there was concern about the growing gap between the very rich and the rest of the population, many of whom had become reliant on food banks. There was a widely held view that economic policy was simply not delivering for large parts of the population.&nbsp; The Labour Government elected in 2024 faced a highly challenging economic environment that threatened the achievement of its programme.<\/p>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h2 id=\"aioseo-learning-objectives\" class=\"wp-block-heading\">Learning Objectives<\/h2>\n\n\n\n<ul class=\"wp-block-list numbered-list\">\n<li>To identify the nature of economic policy.<\/li>\n\n\n\n<li>To explain the economic policy-making process.<\/li>\n\n\n\n<li>To explain shifts over time in the conduct of economic policy.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h2 id=\"aioseo-quizzes\" class=\"wp-block-heading\">Quizzes<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Test your knowledge with the Chapter 25 quizzes!<\/p>\n\n\n\n<div class=\"wp-block-group has-background is-vertical is-nowrap is-layout-flex wp-container-core-group-is-layout-431b1423 wp-block-group-is-layout-flex\" style=\"background-color:#f1f5f6;margin-top:var(--wp--preset--spacing--70);margin-bottom:var(--wp--preset--spacing--70)\">\n<div class=\"wp-block-group has-base-color has-black-background-color has-text-color has-background has-link-color wp-elements-88e6e8d950154e686fb280ac585ef07b has-global-padding is-layout-constrained wp-container-core-group-is-layout-2a973b5d wp-block-group-is-layout-constrained\" style=\"margin-top:-25px;margin-bottom:-25px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--50);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--50)\">\n<h3 id=\"aioseo-quiz\" class=\"wp-block-heading has-extra-small-font-size\">Quiz<\/h3>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\" style=\"margin-top:0;margin-bottom:0;padding-top:0;padding-right:var(--wp--preset--spacing--50);padding-bottom:0;padding-left:var(--wp--preset--spacing--50)\"><script>\n                            if (window.qmn_quiz_data === undefined) {\n                                    window.qmn_quiz_data = new Object();\n                            }\n                    <\/script><script>window.qmn_quiz_data[\"29\"] = {\"quiz_id\":\"29\",\"quiz_name\":\"Chapter 25\",\"disable_answer\":0,\"ajax_show_correct\":0,\"progress_bar\":\"1\",\"contact_info_location\":0,\"qpages\":{\"1\":{\"id\":\"1\",\"quizID\":\"29\",\"pagekey\":\"m63PeQwG\",\"hide_prevbtn\":\"0\"}},\"skip_validation_time_expire\":0,\"timer_limit_val\":0,\"disable_scroll_next_previous_click\":0,\"disable_scroll_on_result\":0,\"disable_first_page\":0,\"enable_result_after_timer_end\":0,\"enable_quick_result_mc\":0,\"end_quiz_if_wrong\":0,\"form_disable_autofill\":0,\"disable_mathjax\":0,\"enable_quick_correct_answer_info\":\"0\",\"quick_result_correct_answer_text\":\"Correct! 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cuts that led to market instability and rising interest rates\",0,1]]},\"346\":{\"question_id\":\"346\",\"quiz_id\":\"29\",\"question_name\":\"How did globalisation impact economic policy in the UK?\",\"answer_array\":\"a:5:{i:0;a:5:{i:0;s:59:\\\"It allowed the government to fully control domestic markets\\\";i:1;s:0:\\\"\\\";i:2;s:0:\\\"\\\";i:3;s:0:\\\"\\\";s:5:\\\"label\\\";s:0:\\\"\\\";}i:1;a:5:{i:0;s:78:\\\"It made national economies more interdependent and vulnerable to global shocks\\\";i:1;s:0:\\\"\\\";i:2;s:1:\\\"1\\\";i:3;s:0:\\\"\\\";s:5:\\\"label\\\";s:0:\\\"\\\";}i:2;a:5:{i:0;s:54:\\\"It reduced the need for international trade agreements\\\";i:1;s:0:\\\"\\\";i:2;s:0:\\\"\\\";i:3;s:0:\\\"\\\";s:5:\\\"label\\\";s:0:\\\"\\\";}i:3;a:5:{i:0;s:69:\\\"It led to a decline in multinational corporations operating in the UK\\\";i:1;s:0:\\\"\\\";i:2;s:0:\\\"\\\";i:3;s:0:\\\"\\\";s:5:\\\"label\\\";s:0:\\\"\\\";}i:4;a:5:{i:0;s:72:\\\"It eliminated the influence of foreign investment on 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action=\"\/politicsuk\/wp-json\/wp\/v2\/content\/76\/\" method=\"POST\" class=\"qsm-quiz-form qmn_quiz_form mlw_quiz_form\" novalidate enctype=\"multipart\/form-data\">\n\t\t\t\t<input type=\"hidden\" name=\"qsm_hidden_questions\" id=\"qsm_hidden_questions\" value=\"\">\n\t\t\t\t<input type=\"hidden\" name=\"qsm_nonce\" id=\"qsm_nonce_29\" value=\"2c03aeebc1\">\n\t\t\t\t<input type=\"hidden\" name=\"qsm_unique_key\" id=\"qsm_unique_key_29\" value=\"6a8f716eb72b3\">\n\t\t\t\t<div id=\"mlw_error_message\" class=\"qsm-error-message qmn_error_message_section\"><\/div>\n\t\t\t\t<span id=\"mlw_top_of_quiz\"><\/span>\n\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-1\" data-apid=\"1\" data-qpid=\"1\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-0  question-section-id-341 slide0 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 1 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p>What was the primary aim of the austerity policies implemented after 2010?<\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers mlwRequiredRadio'>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question341-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question341\" id=\"question341_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question341_1\">\n\t\t\t\t\tTo stimulate rapid economic growth\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question341-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question341\" id=\"question341_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question341_2\">\n\t\t\t\t\tTo reduce the budget deficit by cutting public spending\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question341-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question341\" id=\"question341_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question341_3\">\n\t\t\t\t\tTo increase government intervention in the economy\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question341-4 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question341\" id=\"question341_4\" value=\"3\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question341_4\">\n\t\t\t\t\tTo prioritise infrastructure investment\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question341-5 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question341\" id=\"question341_5\" value=\"4\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question341_5\">\n\t\t\t\t\tTo shift economic power to local governments\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question341_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question341\" id=\"question341_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_341\" value=\"\" \/>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-2\" data-apid=\"2\" data-qpid=\"2\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-0  question-section-id-342 slide1 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 2 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p>What is the primary objective of monetary policy in the UK?<\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers mlwRequiredRadio'>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question342-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question342\" id=\"question342_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question342_1\">\n\t\t\t\t\tTo control inflation and stabilise the economy\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question342-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question342\" id=\"question342_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question342_2\">\n\t\t\t\t\tTo directly manage employment levels\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question342-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question342\" id=\"question342_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question342_3\">\n\t\t\t\t\tTo regulate financial services\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question342-4 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question342\" id=\"question342_4\" value=\"3\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question342_4\">\n\t\t\t\t\tTo set income tax rates\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question342-5 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question342\" id=\"question342_5\" value=\"4\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question342_5\">\n\t\t\t\t\tTo control government spending\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question342_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question342\" id=\"question342_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_342\" value=\"\" \/>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-3\" data-apid=\"3\" data-qpid=\"3\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-0  question-section-id-343 slide2 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 3 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p>What is quantitative easing (QE)?<\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers mlwRequiredRadio'>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question343-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question343\" id=\"question343_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question343_1\">\n\t\t\t\t\tA policy of increasing the minimum wage\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question343-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question343\" id=\"question343_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question343_2\">\n\t\t\t\t\tA government programme to expand welfare spending\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question343-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question343\" id=\"question343_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question343_3\">\n\t\t\t\t\tA monetary policy tool to inject money into the economy by purchasing assets\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question343-4 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question343\" id=\"question343_4\" value=\"3\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question343_4\">\n\t\t\t\t\tA tax reduction policy tool to support local business\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question343-5 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question343\" id=\"question343_5\" value=\"4\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question343_5\">\n\t\t\t\t\tA trade policy to increase exports to developing countries\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question343_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question343\" id=\"question343_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_343\" value=\"\" \/>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-4\" data-apid=\"4\" data-qpid=\"4\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-0  question-section-id-344 slide3 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 4 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p>Which institution is responsible for setting interest rates in the UK?<\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers mlwRequiredRadio'>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question344-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question344\" id=\"question344_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question344_1\">\n\t\t\t\t\tHM Treasury\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question344-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question344\" id=\"question344_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question344_2\">\n\t\t\t\t\tThe Financial Conduct Authority\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question344-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question344\" id=\"question344_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question344_3\">\n\t\t\t\t\tThe Office for Budget Responsibility\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question344-4 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question344\" id=\"question344_4\" value=\"3\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question344_4\">\n\t\t\t\t\tThe Bank of England\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question344-5 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question344\" id=\"question344_5\" value=\"4\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question344_5\">\n\t\t\t\t\tThe Competition and Markets Authority\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question344_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question344\" id=\"question344_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_344\" value=\"\" \/>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-5\" data-apid=\"5\" data-qpid=\"5\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-0  question-section-id-345 slide4 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 5 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p>Why did Liz Truss&#8217;s government face economic turmoil in 2022?<\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers mlwRequiredRadio'>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question345-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question345\" id=\"question345_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question345_1\">\n\t\t\t\t\tA failure to implement Brexit trade agreements\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question345-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question345\" id=\"question345_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question345_2\">\n\t\t\t\t\tAn economic downturn caused by the COVID-19 pandemic\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question345-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question345\" id=\"question345_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question345_3\">\n\t\t\t\t\tA housing crisis due to excessive government spending\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question345-4 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question345\" id=\"question345_4\" value=\"3\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question345_4\">\n\t\t\t\t\tA lack of investment in financial regulation\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question345-5 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question345\" id=\"question345_5\" value=\"4\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question345_5\">\n\t\t\t\t\tUnfunded tax cuts that led to market instability and rising interest rates\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question345_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question345\" id=\"question345_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_345\" value=\"\" \/>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-6\" data-apid=\"6\" data-qpid=\"6\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-0  question-section-id-346 slide5 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 6 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p>How did globalisation impact economic policy in the UK?<\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers mlwRequiredRadio'>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question346-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question346\" id=\"question346_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question346_1\">\n\t\t\t\t\tIt allowed the government to fully control domestic markets\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question346-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question346\" id=\"question346_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question346_2\">\n\t\t\t\t\tIt made national economies more interdependent and vulnerable to global shocks\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question346-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question346\" id=\"question346_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question346_3\">\n\t\t\t\t\tIt reduced the need for international trade agreements\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question346-4 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question346\" id=\"question346_4\" value=\"3\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question346_4\">\n\t\t\t\t\tIt led to a decline in multinational corporations operating in the UK\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question346-5 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question346\" id=\"question346_5\" value=\"4\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question346_5\">\n\t\t\t\t\tIt eliminated the influence of foreign investment on the British economy\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question346_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question346\" id=\"question346_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_346\" value=\"\" \/>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-7\" data-apid=\"7\" data-qpid=\"7\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-0  question-section-id-347 slide6 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 7 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm_remove_bold' >\n\t\t<p>What was a key function of the Office for Budget Responsibility (OBR) when it was created in 2010?<\/p>\n\t<\/div>\n\t\t<fieldset>\n\t\t<legend><\/legend>\n\t<div class='qmn_radio_answers mlwRequiredRadio'>\n\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question347-1 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question347\" id=\"question347_1\" value=\"0\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question347_1\">\n\t\t\t\t\tTo provide independent forecasts on the economy and public finances\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question347-2 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question347\" id=\"question347_2\" value=\"1\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question347_2\">\n\t\t\t\t\tTo set interest rates independently of the government\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question347-3 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question347\" id=\"question347_3\" value=\"2\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question347_3\">\n\t\t\t\t\tTo directly oversee government spending decisions\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question347-4 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question347\" id=\"question347_4\" value=\"3\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question347_4\">\n\t\t\t\t\tTo regulate banks and financial institutions\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"qmn_mc_answer_wrap  mrq_checkbox_class\" id=\"question347-5 \">\n\t\t\t\t\t\t\t\t\t\t\t<input type='radio' class='qmn_quiz_radio qmn-multiple-choice-input ' name=\"question347\" id=\"question347_5\" value=\"4\" \/>\n\t\t\t\t\t<label class=\"qsm-input-label\" for=\"question347_5\">\n\t\t\t\t\tTi replace the Bank of England in managing monetary policy\t\t\t\t\t<\/label>\n\t\t\t\t\t \t\t\t\t<\/div>\n\t\t\t\t\t \t\t\t<label style=\"display: none !important;\" for=\"question347_none\">None<\/label>\n\t\t\t<input type=\"radio\" style=\"display: none;\" name=\"question347\" id=\"question347_none\" checked=\"checked\" value=\"\" \/>\n\t\t\t\t<\/div>\n\t<\/fieldset>\n\t<input type=\"hidden\" name=\"answer_limit_keys_347\" value=\"\" \/>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-8\" data-apid=\"8\" data-qpid=\"8\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-14  question-section-id-348 slide7 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 8 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm-align-fill-in-blanks qsm_remove_bold' >\n\t\t<p>The Bank of England&#8217;s Monetary Policy Committee (MPC) is responsible for setting <input type=\"text\" class=\"qmn_fill_blank mlwRequiredText\" name=\"question348[]\" \/>.<\/p>\n\t<\/div>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-9\" data-apid=\"9\" data-qpid=\"9\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-14  question-section-id-349 slide8 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 9 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm-align-fill-in-blanks qsm_remove_bold' >\n\t\t<p>The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) were introduced as part of the UK&#8217;s <input type=\"text\" class=\"qmn_fill_blank mlwRequiredText\" name=\"question349[]\" \/> regulation system.<\/p>\n\t<\/div>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t\t\t\t<div class=\"qsm-auto-page-row qsm-question-page qsm-apc-10\" data-apid=\"10\" data-qpid=\"10\" style=\"display: none;\">\n\t\t\t\t\t\t\t\t<div class=\"quiz_section qsm-question-wrapper question-type-14  question-section-id-350 slide9 \">\n\t\t\t\t\t\t<div class='mlw_qmn_new_question'>Question 10 <\/div>\n\t\t\t<div class='mlw_qmn_question  qsm-align-fill-in-blanks qsm_remove_bold' >\n\t\t<p>The Competition and Markets Authority (CMA) ensures fair competition in the economy by investigating <input type=\"text\" class=\"qmn_fill_blank mlwRequiredText\" name=\"question350[]\" \/> and anti-competitive behaviour, and preventing monopolistic practices.<\/p>\n\t<\/div>\n\t\t\t\t<\/div><!-- .quiz_section -->\n\t\t\t\t\t\t\t\t<\/div><!-- .qsm-auto-page-row -->\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"qmn_question_list\" value=\"341Q342Q343Q344Q345Q346Q347Q348Q349Q350Q\" \/>\n\t\t\t\t\t<div class=\"qsm-auto-page-row quiz_section quiz_end empty_quiz_end qsm-d-none\" >\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div id=\"mlw_error_message_bottom\" class=\"qsm-error-message qmn_error_message_section\"><\/div>\n\t\t\t\t\t<input type=\"hidden\" name=\"qmn_all_questions_count\" id=\"qmn_all_questions_count\" value=\"10\" \/>\n\t\t\t\t\t<input type=\"hidden\" name=\"total_questions\" id=\"total_questions\" value=\"10\" \/>\n\t\t\t\t\t<input type=\"hidden\" name=\"timer\" id=\"timer\" value=\"0\" \/>\n\t\t\t\t\t<input type=\"hidden\" name=\"timer_ms\" id=\"timer_ms\" value=\"0\"\/>\n\t\t\t\t\t<input type=\"hidden\" class=\"qmn_quiz_id\" name=\"qmn_quiz_id\" id=\"qmn_quiz_id\" value=\"29\" \/>\n\t\t\t\t\t<input type='hidden' name='complete_quiz' value='confirmation' \/>\n\t\t\t\t\t\t\t\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t<div style=\"display: none;\" class=\"qsm-popup qsm-popup-slide\" id=\"modal-4\" aria-hidden=\"false\"><div class=\"qsm-popup__overlay\" tabindex=\"-1\" data-micromodal-close=\"\"><div class=\"qsm-popup__container qmn_quiz_container\" role=\"dialog\" aria-modal=\"true\"><div class=\"qsm-popup__content\"><img decoding=\"async\" src=\"https:\/\/routledgelearning.com\/politicsuk\/wp-content\/plugins\/quiz-master-next\/assets\/clock.png\" alt=\"clock.png\"\/><p class=\"qsm-time-up-text\"> Time&#8217;s up<\/p><\/div><footer class=\"qsm-popup__footer\"><button class=\"qsm-popup-secondary-button qmn_btn\" data-micromodal-close=\"\" aria-label=\"Close this dialog window\" onclick=\"location.reload();\">Cancel<\/button><\/footer><\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h2 id=\"aioseo-discussion-questions\" class=\"wp-block-heading\">Discussion Questions<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Different parties, different politicians, and different periods in time have seen different approaches to the economy. To what extent should the government intervene in the economy? Should policies prioritise fiscal responsibility (e.g. reducing deficits) or economic growth (e.g. increasing public investment)?<\/li>\n\n\n\n<li>Since 1997, the Bank of England has had operational independence in setting interest rates. Should the UK government have more control over monetary policy, or does the current system ensure better economic stability?<\/li>\n<\/ol>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h2 id=\"aioseo-weblinks\" class=\"wp-block-heading\">Weblinks<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>HM Treasury<\/strong> \u2013 The UK government department overseeing economic policy, taxation, and public spending. (<a href=\"https:\/\/www.hm-treasury.gov.uk\/\">www.hm-treasury.gov.uk<\/a>)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bank of England<\/strong> \u2013 The UK&#8217;s central bank responsible for monetary policy, financial stability, and regulating interest rates. (<a href=\"https:\/\/www.bankofengland.co.uk\/\">https:\/\/www.bankofengland.co.uk\/<\/a>)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Institute for Fiscal Studies (IFS)<\/strong> \u2013 An independent think tank analyzing tax, public spending, and economic policy. (<a href=\"https:\/\/www.ifs.org.uk\/\">https:\/\/www.ifs.org.uk\/<\/a>)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>National Institute of Economic and Social Research<\/strong> \u2013 A leading UK economic research institute studying macroeconomic trends and policy impacts. (<a href=\"https:\/\/www.niesr.ac.uk\/\">https:\/\/www.niesr.ac.uk\/<\/a>)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>OECD (Organisation for Economic Co-operation and Development)<\/strong> \u2013 An international organization providing data-driven analysis of global and UK economic trends. (<a href=\"https:\/\/www.oecd.org\/\">https:\/\/www.oecd.org\/<\/a>)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Resolution Foundation<\/strong> \u2013 A think tank focusing on living standards, employment, and economic inequality. (<a href=\"https:\/\/www.resolutionfoundation.org\/\">https:\/\/www.resolutionfoundation.org\/<\/a>)<\/p>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h2 id=\"aioseo-flashcards\" class=\"wp-block-heading\">Flashcards<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Refresh your knowledge of key terms with this chapter\u2019s flashcards.<\/p>\n\n\n\n<!-- Swiper -->\n<div class=\"swiper mySwiper\">\n    <div class=\"swiper-wrapper\">\n\n        \n        <!-- Swiper Slide -->\n        <div class=\"swiper-slide\">\n          <!-- Flashcard -->\n           <button class=\"flip-card\" role=\"button\" tabindex=\"0\">\n            <div class=\"flip-card-inner\">\n              <div class=\"flip-card-front\"><p><p>Financial Institutions<\/p>\n<\/p><\/div>\n              <div class=\"flip-card-back\"><p>institutions such as pension funds and insurance companies, identified as the largest holders of shares in British companies. <\/p>\n<\/div>\n            <\/div>\n          <\/button>\n        <\/div>\n\n        \n        <!-- Swiper Slide -->\n        <div class=\"swiper-slide\">\n          <!-- Flashcard -->\n           <button class=\"flip-card\" role=\"button\" tabindex=\"0\">\n            <div class=\"flip-card-inner\">\n              <div class=\"flip-card-front\"><p><p>Inflation<\/p>\n<\/p><\/div>\n              <div class=\"flip-card-back\"><p>the increase in the amount of money in circulation producing rising prices and falls in value. <\/p>\n<\/div>\n            <\/div>\n          <\/button>\n        <\/div>\n\n        \n        <!-- Swiper Slide -->\n        <div class=\"swiper-slide\">\n          <!-- Flashcard -->\n           <button class=\"flip-card\" role=\"button\" tabindex=\"0\">\n            <div class=\"flip-card-inner\">\n              <div class=\"flip-card-front\"><p><p>Bank of England<\/p>\n<\/p><\/div>\n              <div class=\"flip-card-back\"><p>the institution concerned with the government\u2019s management of all financial markets, and after the Treasury the most important institution in economic policy. <\/p>\n<\/div>\n            <\/div>\n          <\/button>\n        <\/div>\n\n        \n        <!-- Swiper Slide -->\n        <div class=\"swiper-slide\">\n          <!-- Flashcard -->\n           <button class=\"flip-card\" role=\"button\" tabindex=\"0\">\n            <div class=\"flip-card-inner\">\n              <div class=\"flip-card-front\"><p><p>Fiscal<\/p>\n<\/p><\/div>\n              <div class=\"flip-card-back\"><p>relating to public revenue, e.g. taxes. <\/p>\n<\/div>\n            <\/div>\n          <\/button>\n        <\/div>\n\n        \n        <!-- Swiper Slide -->\n        <div class=\"swiper-slide\">\n          <!-- Flashcard -->\n           <button class=\"flip-card\" role=\"button\" tabindex=\"0\">\n            <div class=\"flip-card-inner\">\n              <div class=\"flip-card-front\"><p><p>Euro<\/p>\n<\/p><\/div>\n              <div class=\"flip-card-back\"><p>the short name for the single European currency which since 2002 has been the only currency used in most member states of the European Union; several member states however retain their own currencies, e.g. Denmark, Sweden and Croatia. <\/p>\n<\/div>\n            <\/div>\n          <\/button>\n        <\/div>\n\n        \n        <!-- Swiper Slide -->\n        <div class=\"swiper-slide\">\n          <!-- Flashcard -->\n           <button class=\"flip-card\" role=\"button\" tabindex=\"0\">\n            <div class=\"flip-card-inner\">\n              <div class=\"flip-card-front\"><p><p>Full Employment<\/p>\n<\/p><\/div>\n              <div class=\"flip-card-back\"><p>a political and economic doctrine which advocates that everyone seeking work should be able to find a job within their capacities at a wage that would enable them to live an adequate life. <\/p>\n<\/div>\n            <\/div>\n          <\/button>\n        <\/div>\n\n        \n        <!-- Swiper Slide -->\n        <div class=\"swiper-slide\">\n          <!-- Flashcard -->\n           <button class=\"flip-card\" role=\"button\" tabindex=\"0\">\n            <div class=\"flip-card-inner\">\n              <div class=\"flip-card-front\"><p><p>Liberalisation<\/p>\n<\/p><\/div>\n              <div class=\"flip-card-back\"><p>literally to make freer or less restrictive, as in \u2018liberalisation of trade\u2019. <\/p>\n<\/div>\n            <\/div>\n          <\/button>\n        <\/div>\n\n        \n        <!-- Swiper Slide -->\n        <div class=\"swiper-slide\">\n          <!-- Flashcard -->\n           <button class=\"flip-card\" role=\"button\" tabindex=\"0\">\n            <div class=\"flip-card-inner\">\n              <div class=\"flip-card-front\"><p><p>Multinational Companies \/ Firms<\/p>\n<\/p><\/div>\n              <div class=\"flip-card-back\"><p>organisations that operate in a wide range of companies\/firms across several national boundaries, shifting economic activity around them in order to exploit the best conditions for producing profit. <\/p>\n<\/div>\n            <\/div>\n          <\/button>\n        <\/div>\n\n        \n        <!-- Swiper Slide -->\n        <div class=\"swiper-slide\">\n          <!-- Flashcard -->\n           <button class=\"flip-card\" role=\"button\" tabindex=\"0\">\n            <div class=\"flip-card-inner\">\n              <div class=\"flip-card-front\"><p><p>Recession<\/p>\n<\/p><\/div>\n              <div class=\"flip-card-back\"><p>a period of economic downturn, usually defined as two consecutive quarters of zero growth. Features of a recession include rising unemployment, declining investment and falling consumer spending. It also has psychological features, most notably a lack of confidence in the economy generally. Recessions are described as being V-, U-, W- or L-shaped depending on the nature of the recovery. <\/p>\n<\/div>\n            <\/div>\n          <\/button>\n        <\/div>\n\n        \n        <div id=\"flashcard-instruction\" class=\"sr-only\">Press Enter or Space to flip the card<\/div><div id=\"flip-announcement\" class=\"sr-only\" role=\"status\" aria-live=\"polite\"><\/div>\n\n    <\/div>\n\n    <div class=\"swiper-button-next\"><\/div>\n    <div class=\"swiper-button-prev\"><\/div>\n    <div class=\"swiper-pagination\"><\/div>\n    \n<\/div>\n<div role=\"region\" aria-live=\"polite\" id=\"announcement\" class=\"visually-hidden\"><\/div>\n\n<script>\n\nvar swiper = new Swiper(\".mySwiper\", {\n    pagination: {\n    el: \".swiper-pagination\",\n    type: \"fraction\",\n    },\n    navigation: {\n    nextEl: \".swiper-button-next\",\n    prevEl: \".swiper-button-prev\",\n    },\n});\n\n\n\nconst flipCards = document.querySelectorAll('.flip-card');\n  const announcement = document.getElementById('announcement');\n\n  flipCards.forEach(flipCard => {\n    flipCard.addEventListener('click', () => {\n      flipCard.classList.toggle('flipped');\n      const frontContent = flipCard.getAttribute('data-front');\n      const backContent = flipCard.getAttribute('data-back');\n      const isFlipped = flipCard.classList.contains('flipped');\n      \n      if (isFlipped) {\n        announcement.textContent = `${backContent} is now visible.`;\n      } else {\n        announcement.textContent = `${frontContent} is now visible.`;\n      }\n    });\n\n    flipCard.addEventListener('keydown', event => {\n      if (event.key === 'Enter' || event.key === ' ') {\n        flipCard.classList.toggle('flipped');\n        const frontContent = flipCard.getAttribute('data-front');\n        const backContent = flipCard.getAttribute('data-back');\n        const isFlipped = flipCard.classList.contains('flipped');\n        \n        if (isFlipped) {\n          announcement.textContent = `${backContent} is now visible.`;\n        } else {\n          announcement.textContent = `${frontContent} is now visible.`;\n        }\n      }\n    });\n\n    flipCard.addEventListener('focus', () => {\n      const frontContent = flipCard.getAttribute('data-front');\n      announcement.textContent = `Card: ${frontContent}  Press Space or Enter to flip`;\n    });\n\n    flipCard.addEventListener('blur', () => {\n      announcement.textContent = '';\n    });\n  });\n<\/script><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-4805a82d wp-block-group-is-layout-flex wp-container-1 is-position-sticky\">\n<nav class=\"wp-block-table-of-contents\"><ol><li><a class=\"wp-block-table-of-contents__entry\" href=\"https:\/\/routledgelearning.com\/politicsuk\/part-6-the-policy-process\/chapter-25\/#aioseo-chapter-summary\">Chapter Summary<\/a><\/li><li><a class=\"wp-block-table-of-contents__entry\" href=\"https:\/\/routledgelearning.com\/politicsuk\/part-6-the-policy-process\/chapter-25\/#aioseo-learning-objectives\">Learning Objectives<\/a><\/li><li><a class=\"wp-block-table-of-contents__entry\" href=\"https:\/\/routledgelearning.com\/politicsuk\/part-6-the-policy-process\/chapter-25\/#aioseo-quizzes\">Quizzes<\/a><ol><li><a class=\"wp-block-table-of-contents__entry\" href=\"https:\/\/routledgelearning.com\/politicsuk\/part-6-the-policy-process\/chapter-25\/#aioseo-quiz\">Quiz<\/a><\/li><\/ol><\/li><li><a class=\"wp-block-table-of-contents__entry\" href=\"https:\/\/routledgelearning.com\/politicsuk\/part-6-the-policy-process\/chapter-25\/#aioseo-discussion-questions\">Discussion Questions<\/a><\/li><li><a class=\"wp-block-table-of-contents__entry\" href=\"https:\/\/routledgelearning.com\/politicsuk\/part-6-the-policy-process\/chapter-25\/#aioseo-weblinks\">Weblinks<\/a><\/li><li><a class=\"wp-block-table-of-contents__entry\" href=\"https:\/\/routledgelearning.com\/politicsuk\/part-6-the-policy-process\/chapter-25\/#aioseo-flashcards\">Flashcards<\/a><\/li><\/ol><\/nav>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Economic policy Chapter Summary Economic policy went through a long period when it was \u2018depoliticised\u2019, particularly after the transfer of the setting of interest rates to the Bank of England. This reflected the influence of the \u2018rules v. discretion\u2019 debate in economics, which argued that the more policy decisions that were rules-based the better as&hellip;<\/p>\n","protected":false},"featured_media":0,"parent":158,"menu_order":0,"template":"single-chapter","format":"standard","class_list":["post-76","content","type-content","status-publish","format-standard","hentry"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Economic policy Chapter Summary Economic policy went through a long period when it was \u2018depoliticised\u2019, particularly after the transfer of the setting of interest rates to the Bank of England. 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