Global Financial Crisis

Topics: Tax, United States dollar, United Kingdom Pages: 4 (1103 words) Published: February 8, 2015
The taxation policies under the Global Financial Crisis in UK Outline of essay
Introduction
Since the beginning of 2008, because of the wake of the financial crisis, the global economy has been suffering the severe damage. In October 2008, the WORLD ECONOMIC OUTLOOK published by the International Monetary Fund (IMF) illustrated that suffering the financial crisis, the world economy was entering a serious period of downturn. While in the latest outlook in April 2013, it is illustrated that the environment of global economic has improved, however, the road to recovery to the economic strength has before been still rough. Each country has created a series of measures to curb the spread of the crisis. Meanwhile, the UK government has issued a series of complete, systemic tax policy to respond to shocks of the financial crisis which leads to a better result in 2013 which is grew 0.6% in the three months to June. In spite of other policies, the taxation policy plays an important role in the economy. Therefore, what categories and effects of taxation policy in the meantime are valuable to evaluate. In order to make the best of considering the full aspects of taxation policy of China and UK, this essay will be divided into three parts, first of all, the main causes and the effects of the financial crisis will be included. After that, the measures UK government took and their characteristics will be discussed. The final part will indicate the evaluation and inspiration of the taxation policy related to the title. Main Body

1.1Causes and effects of financial crisis
Causes
The interest of mortgage loan increased rapidly
The housing market getting cooler
Effects
The UK Bank shrank, heavily debt
A serious decline in the value of sterling
It is difficult to survive for UK companies. People lost jobs. Society became unstable. 2.1 The measures
For UK
Tax reduction in VAT, the corporate tax and personal tax.
tax increase, raised cigarette, wine, the fuel...
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