Poverty and equality are treated as a peoples’ incapacity to meet the basic necessity in the standards of life. Evidence of poverty and inequality exist in both developed and developing nations of the world. It is a basic life fight to cope up with a severity in the scale of scarcity in present time. The poverty in the UK exists in a form of “absolute poverty” where basic framework of living standards determines the poverty unit. Another one inequality determines on the basis of “fiscal report” made every year. On an average one in four families survives without proper resources provided by government.
The term “Poverty and Inequality” are the two most controversial issues exist in the nation like United Kingdom. It has a seventh position in the inequality and poverty as paralleled to other settled nations. Though the nation is categorised under developed, still the disparity in the income inequality and poverty exist (Belfield, Hood and Joyce, 2016).
The constant high level of poverty and inequality in the United Kingdom states the general consequences of poverty and inequality. Both the terms are interconnected with a lack in societal resources. It completely depends on the governmental actions in favour of disabled or weaker segment of the society. Unemployment, weak education system and unavailability of good opportunities in providing quality lives are current challenges in front of government in which responsible authorities are escaping. There is an urgent need to put best endeavour to curb these challenges by the government.
The causes of the poverty entirely depend on the inequality because poverty does not mean only with a situation that person having no money. It is beyond the problem of money. It mainly deals with such drastic circumstance in which poor person finds no resources to survive even a day that is scarcity in food, cloth and shelter. The United Kingdom is experiencing such issue on poverty and inequality from last many decades and still struggling with it (Beteille, 2007).
The present statistics of UK shows the negative vision of “poverty and inequality”. The poverty line is declining by the major growth in nations’ revenues and values of basic commodities. In order to eliminate the highest level in poverty and inequality, the proper generation and distribution of income must take place. Several economists argue that the status of poor is affected mainly by the increase of price in the agricultural sector. The agricultural sector mainly affected by the least liberal schemes and policies in it. Small sector or households is also facing the same issues in respect of unequal level in price system (Brewer, Muriel & Sibieta, 2017).
The record of 2012 till present year of National Statistics, UK represent that the UK is holding a fifth ranking in the persistent decrease in poverty and nearly 16.7 is context of inequality. The rough draft states that almost 30.2 per cent of population is in risk of poverty and inequality. It is also reported that the gap between male and female is approximately 1.9 per cent. The neighbouring countries of UK are not experiencing such a downfall in the context of poverty and inequality. For instance-the southern and eastern Europe has a slight rate in poverty and inequality (Davidson & Duclos, 2016).
The reformative policies on poverty and inequality must include the agricultural development, rapid capital accumulation and proper implementation of the technology advancement and growth. The introduction of “sustainable economy” must take place in order to curb the basic disparity of the income system. Policies must ensure an individual’s standard of living where every basic commodity is affordable to consumption. No one should be deprived by any basic material resources due to threatening cause of poverty and inequality.
The facts and figures on the Inequality and poverty conclude that the lack of monetary flexibility and economic opportunities is one of the major causes in the United Kingdom. Broadening of poverty and inequality contributes vital ideas in modification of economic policies. The economic policies of UK must aim to focus on stability of the terms of monetary scale. It must also stress to reduction of unequal investment of the government. Thus in spite handling the issues of poverty and inequality, the reformative or social legislation must be created for benefits of the economically disabled or disadvantageous section of the society.
Youth employment is another serious impact exists in the development of any nation. The economic literature of United Kingdom states the explanation of term “youth” as a teen or young citizen between the ages of 18 to 25. The present statistics of the UK evaluates the unemployment rate of 18.6 per cent and it is one of the highest ranges of unemployment rate in past twenty years. Such high unemployment rate in the developed country like United Kingdom requires a deep concern for future interest of youth. The economic growth and development is adversely affecting by the problem of “youth unemployment”. Thus, the direct relationship creates between youth unemployment and economic growth (Elias, 2014).
The decreasing rate in “youth unemployment” can be possible if the youngsters are provided with numerous employment opportunities by the every public and private unit of the nation. It is significant measure to highlight the hidden talent or skill of the young citizens. The youth requires an enthusiasm and motivation for the work (O’higgins, 2011).
The current statistics on UK Economy determines that the half of the young population is facing issues in “lack of job opportunities”. Almost 29.6 per cent recorded the current rate of young’s as job less. The report also classified two types of youngsters who are unable to get jobs. The first category of youngsters belongs to small cities or towns particularly Swansea, Middlesbrough and Bradford. On the other side, the second category of youngsters belongs to urban or developed cities like London. Both the categories are disabled in context of job opportunities and the rate is rising day by day. In the year 2014, the rate was 14.9 and the current year the rate is 19.6 per cent. The young unemployed claimants are in a range of 1.45 million which is very high in respect of economic growth.
According to International Labour Organisation (ILO), the causes of youth unemployment are fiscal calamity, lack of quality education and lack of monetary resources. The world economist argues that youth unemployment is increasing mainly due to lack of appreciation of individual talent and skills. At least 72 million of young population are unemployed due to non-consideration of their skills and talents. The economist also stressed that the strong necessity of “man power” for the economic growth of the nation (Marelli & Signorelli, 2012).
The National Youth Development Agency (NYDA) suggests that the government should ensure the effective policies or schemes so that youth development takes place in a proper manner. Such policies or schemes must include the exploration of numerous job opportunities especially in their first job. The diversity in working environment also leads a positive measure to attach the youngsters for numerous job opportunities. If such effective policies does not implement practically then it may cause a factor of “an increased crime activities” among youngsters. Even the suicides cases may also emerge due to depression in the jobless youngsters. The current crime report evaluates the “unemployment” as one of the factors for crime. Almost 32.5 per cent youngsters engaged in crime activities (MacDonald, 2008).
The mutual relationship of youth unemployment and economic growth affects according to both external and internal economic stage any nation’s economy. Such external and internal factors include the present scenario of market system, employment, job opportunities, development or expansion in the numbers of private or public enterprises. Thus, it is recommended that the effective policies or schemes to be implemented for infrastructure development in order to curb the grass root of unemployment. The present report states the high changes in the youth unemployment per cent among the cities like brad worth, Budapest and north east region of UK due to weak infrastructure which fails to provide a diversified job opportunities among youngsters.
Therefore, it is concluded that economic growth of the nation can be raised only when the constant endeavours be put by the administration authority. It is also important to foresee the future medical impacts of youth unemployment. For instance-high number in young suicides or depression recorded. No young person can determines or evaluates its own integral role towards nation. It is true to state that youth is a future assets which need to preserve at any cost.
The general meaning of foreign direct investment (FDI) refers to a speculation of a governing possession and proprietorship in a business in any nation. The concept of FDI deals with an investment of national economy in respect of commercial enterprises. It commonly includes the contribution in management by union and purchase or building different services. In other words, the foreign direct investment confers investments by one nation to another with an aim of shaping an attractive country.
A nation’s economy growth mainly raised by the factor of “private investments” among two countries. It is able to increase the economic output and employment opportunities. Moreover, the low rate of investment may become a threatening cause to nation’s economy. It is significant to promote the foreign direct investment to facilitate the nation’s growth. The domestic multi-national companies get boost by the direct contribution of foreign direct investment. The nation like United Kingdom holds approximate 38 per cent of FDI from non-European countries. Thus, UK has a great attractiveness power in context of FDI (Erdal & Tatoglu, 2012).
Undoubtedly, the long history of UK states that the investment sector is capable to stem the high growth of investor’s business. The recent year confirmed that UK’s FDI index is highly contributing a good share in Gross domestic product (GDP) of the nation. The survey on FDI states that the index of investment has high attracting sector for foreign investor. The city like London is giving a deep influence to high rate in FDI. However, the affirmative policy on FDI needs a priority action in reference of UK attractiveness strategy. Such strategies are based on developing comprehensive perception over skills, delivering a best infrastructure system, signing of effective trade policies to grow UK market, need introduction of productive incentives in investment sector and lastly there is urgent need to create the efficient digital platform to both foreign investment skills and technology (Noorbakhsh, Paloni & Youssef, 2011).
The strategic policies on foreign direct investment must reflect such positive tailored amendment to establish the strong investment system. For the purpose of shaping of strong investment market an identification of effective or productive approach especially for corporates requires, need clear classification on sectors’ type or investment programme and tracing of investor’s origin. Hence, such policies must base on specific drivers to commit productive resources.
An investment sector should provide the optimum resources for creating an efficient policies and schemes. The recent research on FDI index, it is suggested that the investor skills must be modified according to present era. There is an urgent need to improve the weak infrastructure especially in the small areas or cities of UK. It is also recommended the implementation of skilled labour by the foreign investors. The infrastructure like air, road, telecommunications and railway is highly on the demand in investor’s list.
Recently, the survey also identified the additional challenges in the growth of FDI due to changing approach in foreign investor’s in practical implication. These additional challenges includes focusing of market system by striking trade practices with new countries, schemes for reduction in corporate tax levels and other attractive incentives for foreign investor especially in the research and development sector. Further, the top skilled foreign industry should access fairly in terms of combating the drawback of investor system. There must be a fair and appropriate negotiation dealing takes place between two foreign investors of the two different nations (Murat & Pirotti, 2010).
The mutual relationship of foreign direct investment and its attractiveness analysis that the UK government should identifies the key factors of investors’ approach. There should be a shaping of proper goals for investors skills. The investor’s’ skills may include the services of software investors, accessibility of European market, enhancing of business services and lastly putting of an effective incentive schemes for infrastructure regime (Barrell & Pain, 2009). Moreover, the UK government should ensure the articulated and ambitious marketing schemes to shape the scheme on foreign direct investment. Therefore, the mutual relationship of foreign direct investment and country’s attractiveness should focus on the enhancing the integrated sectors of infrastructure, skill, research & development, taxation and trade practices through the practical implication by government endeavours and policies or schemes in favour of foreign investors.
The above stated components enhance my inner conscience about the serious issues of the nation. These components develop my learning outcomes in all spheres of the nation. Such broadens my perception over critical issues of the society at large.
Firstly the component on “Poverty and Inequality” describes the essence of nation’s basic issue on the present facts or figures. Such facts or figures presented a feeling of astonishing while doing research. These figures were as threatening to me as now I have realised the true value of material resources which are handy and available to me. Though the poverty often considered as a basic challenging issue of every nation but its challenges are hard to explain the real circumstances of the poor. Challenges like poverty and inequality need to curb by a reformative ways and methods. I am satisfied that government is putting its best endeavour to deal with such sensitive issue of the nation. The research analysis represents the fair graph and statistics of the poverty line and gender discrimination in the nation like United Kingdom. The report provides truly remarkable information about the factors of the poverty and inequality.
Further, the impacts of the poverty and gender inequality are so drastic in nature that deteriorating the living standard of the society. Recently, the facts and figures referred in the component are able to provide a general understanding that consequences of the poverty and inequality are drastic in nature. The poor became poorer and rich become richer. Such inequality scale is getting uncertain nowadays. It needs to stress on such vague or ambiguous situation in the poverty and inequality. The mutual relationship of the poverty and inequality does not provide any affirmative methods unless a best endeavour put by both government and individual. I think it is significant to promote basic awareness about the adverse impacts by the effective programmes and policies. Thus, such programme and policies must contain sound and strict norms so that every individual take it as a burden to curb such basic challenges of the nation.
Secondly, the component on “Youth unemployment and economic growth” states the terrible stage of the youngsters. The unemployment of the youth is directly impact to the economic growth of the nation. This component provided a lesson to me that employment issue is very common in the young generation. Even this issue threatens my job security and more opportunities for the jobs. This issue needs a deep analysis about the numerous causes and impacts. I think it is important to understand the root level of the youth unemployment. The facts and the figures mentioned the basic understanding of the consequences. One must need to understand that the youth requires motivation and encouragement. In fact I also require a strong sense of motivation and encouragement by my parents’ ad well-wishers. There is constant requirement to fulfil the gap of job opportunities. The statistics of the youth unemployment allow me to evaluate the base of the youth problems. Now I am able to tackle situation of my unemployment.
Moreover, the decreased in the employment rate shaken my inner conscience that person is not safe even in context of job. There is lack of ethics among professionals or managers of the company who neglects the skills and qualification of the aspirant youth. According to my perception, the nation’s economic growth may never raise unless every young aspirant provided with full resources. The component explored my learning part to present my reformative theory. My reformatory theory states that the youth must participate in creative activities like meditation. One must not sit idle if he’s unemployed. It is true proverb that fit in present situation that “an empty mind’s is a devil’s mind”. One must not forget that the youth is an important asset to the nation as it directly contributes in the growth in the economy.
Lastly, the component on “FDI and its attractiveness” enhances my knowledge about the role of foreign investors. I understand the crucial role of investors that how they magnificently maintained the beauty of the nation by building attractive infrastructure. The construction of the infrastructure and investment of the funds in the sector of education, employment and health by the investors is seriously appealed me. I truly appreciate the significant role of foreign investors that how they organised directly in the attractiveness of the nation. Such uncompromised role of investors provided that investors are also considered as a capital of the nation. Foreign investors are equally important as any citizens of the nation as it showing their real contribution towards the nation.
Further, the statistics of the foreign direct investment shows their best endeavours towards the nation. I appreciate the certain facts and figures about the foreign investment where investors the basic availability of certain resources to every citizen of the nation. An implementation of the effective polices or schemes of the foreign direct investment provide awareness in me about the impacts of their role. Now I am able to justify the realistic role of the foreign investor. According to my view, foreign investors require certain privileges for their smooth functioning by the government so that a strong market can be established in the nation and more attractiveness characteristics can be highlighted. Therefore, a strong efforts and promotion of the Foreign Direct Investment’s policies should be implemented. such policies should be free from any burden or obligation of the a nation in context of their strict norms.
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References
Barrell, R., & Pain, N. (2009). Domestic institutions, agglomerations and foreign direct investment in Europe. European Economic Review, 43(4), 925-934.
Belfield, C., Hood, A., & Joyce, R. (2016). Living standards, poverty and inequality in the UK: 2014 (No. R96). IFS Reports, Institute for Fiscal Studies.
Beteille, A. (2007). Poverty and inequality. Economic and Political Weekly, 4455-4463.
Brewer, M., Muriel, A., & Sibieta, L. (2017). Poverty and Inequality in the UK: 2017.
Davidson, R., & Duclos, J. Y. (2016). Statistical inference for stochastic dominance and for the measurement of poverty and inequality. Econometrica, 68(6), 1435-1464.
Elias, P. (2014). Influences of past history on the incidence of youth unemployment: Empirical findings for the UK. Oxford Bulletin of Economics and Statistics, 55(2), 161-185.
Erdal, F., & Tatoglu, E. (2012). Locational determinants of foreign direct investment in an emerging market ec… Multinational business review.
MacDonald, R. (2008). Youth, transitions and social exclusion: some issues for youth research in the UK. Journal of Youth Studies, 1(2), 163-176.
Marelli, E., & Signorelli, M. (2012). Youth unemployment rate and impact of financial crises. International journal of manpower, 33(1), 76-95.
Murat, M., & Pirotti, T. (2010). The attractiveness of countries for FDI. A fuzzy approach. Fuzzy Economic Review, 15(2), 43.
Noorbakhsh, F., Paloni, A., & Youssef, A. (2011). Human capital and FDI inflows to developing countries: New empirical evidence. World development, 29(9), 1593-1610.
O’higgins, N. (2011). Youth unemployment and employment policy: A global perspective.
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