2542621
Description
Mind Map by Abullah Al Arifi, updated more than 1 year ago
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Created by Abullah Al Arifi
about 9 years ago
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Impact of falling oil prices on the UK economy
- The oil prices have fall 50% from the third quarter of 2014 until now
- This fall have a significant impact reducing transport and other businesses costs
- Lower oil prices help to reduce the cost of living
- This have helped the UK economy to reduce its inflation to 1.2%
- Which meet the Bank of England target of 2% +/- 1 inflation
- This gives Western consumers more income to spend therefore, this might add to real GDP
- This gives Western consumers more income to spend therefore, this might add to real GDP
- This can be explained further to explain how inflation can effect the economy as a whole
- Which meet the Bank of England target of 2% +/- 1 inflation
- This have helped the UK economy to reduce its inflation to 1.2%
- Impact on oil consumers
- This will boost both investment and employment (Pws, 2015)
- Lower oil prices help to reduce the cost of living
- Falling of oil prices is a good news for oil importers, such as the Western Europe countries
- This can be an introduction for the presentation
- This fall have a significant impact reducing transport and other businesses costs
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