To what extent has the current financial crisis affected people's living standards in the UK? - Essay Example

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To what extent has the current financial crisis affected people's living standards in the UK?

Similarly, the real income remains at levels in 2002 whereas Consumer Price Inflation has risen by 25% (Croucher, 2013). This indicates the growing disparity between people’s purchasing power and the cost of commodities. Therefore, people are worse off with the increased prices and falling incomes. The commodity prices in UK have been affected largely by the current financial crisis. Prior to the financial crisis, the rapid oil price hike (including that in UK) had generated hope that the UK government would focus on renewable energy projects. However, the oil prices stabilized following the global recession owing to falling demand for fuel (Alvarez-Ramirez et al., 2012). As a result, the prices of commodities in UK, including both direct commodities such as petroleum and indirect commodities such as food stabilized. On the contrary, prices of diamonds saw a sharp decline in 2008 which was followed by a “rebound” whereby diamond prices exceeded equilibrium levels (White & Rowley, 2013). This is referred to as a “commodity boom”. Thereafter, in 2011 when economic activity slowed down, the commodity prices suffered a fallback from their previously high levels. ...Show more

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Customer inserts his/her name Institution’s name Department’s name Date Part 1: The impact of the current financial crisis on price of commodities in UK Areas such as Britain face what has been termed as the “living standards” crisis especially because several families will never be compensated for the losses they incurred during recession (Straus & Gye, 2013)…
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