Gender pay gap

80% of UK companies and public sectors organisations pay women less than men.

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Exports - definition

'Exports' refer to the value of goods and services produced by a country's firms in a given period of time and which are sold abroad.

Traditionally, exports referred to the sale of tangible goods, including fuels, other commodities, parts and components and finished goods. However, in modern national income accounting, 'exports' include the sale of both services ('invisibles') and physical goods ('visibles'). The snapshot below, for January 2019, clarifies how UK trade is recorded, and what changes have occurred in the 3 months to January 2019:

UK trade

Graphic courtesy of the ONS.

Figures for exports relate to the 'value' of exports rather than the 'volume' of exports, although figures for volumes are also recorded and published.

In terms of the circular flow of income, exports are an injection whereas imports are a withdrawal (leakage) - hence exports add to aggregate demand and imports reduce aggregate demand.

WTO rules

What exactly is the 'most favoured nation' rule?

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Model agencies collude to fix rates

Regulators find leading model agencies guilty of price fixing.

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Customs unions

Costs and benefits of customs unions.

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New materials

Multiple choice papers for Paper Three.

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Savings ratio

Savings ratio falls to lowest level on record.

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