Looking for Help With Assignments in the UK? Look no further than Native Assignment Help. Our team of experienced professionals is dedicated to providing top-notch assistance to students across the UK, ensuring they excel in their academic endeavours.
The term mixed economy means the conduction of the private and government in an economy. The system combines both capitalism and socialism in a mixed economic system. A combined economic system protects private real estate and enables governments to interfere in economic activities to achieve stated objectives at a level of economic freedom in capital use (Averchenkova, Fankhauser & Finnegan, 2021). This report has analysed the impact of Mixed economy on the British economical platform.
Section 1
Analyse the mixed economy in relation to the British economy
Although considered mainly as a capitalist economy, public spending accounts for 35% of GDP in the UK economy. This is the reason that health, education, national security etc. is paid for by the government. The economy as a whole remains perceived as capitalist, and private businesses are free to decide whether they are to produce and for whom and to allocate the resources efficiently. The British economy has a mixed economy and is governed by a state to escape market collapse by a free market and a global economy (Freeman, 2018). The mixed market economy allows the market to operate but when the market fails the government is trying to corporate and contributes to the economy. This includes providing services such as law, healthcare and education that the private market does not offer. Thus, in the British economy, the mixed economy has given several advantages in a crisis moment. Capitalism and socialism both consist of the British economy.
Section 2
Compare and contrast the several types of private corporations including the legal and financial status
There are several types of Privatisation sectors like Sole traders, partnership firms, Private limited companies and Public limited companies (Grant, 2017). In that case, there are a few differences and contrast between these Privatisation firms. Basically, the sole trader is different from the others. A sole trade means a company has accelerated by a single person. The sole trader has no specific government act. On other hand, others are accelerated by more than one person. Thus, partnership firms, Private limited have some government act. For instance, the partnership firm has to follow the Indian partnership Act, 1932. A private limited company is a private company, while a public limited company is allowed to sell stocks to the public. They are all legal entities with their assets, liabilities and profits. Thus, each Member's liability is limited to the investments it has made.
Section 3
Evaluation of the method that helps to increase the growth of the private sector firms
In privatization, companies have to implement some effective strategies which are fruitful for them about their business growth. Regarding this matter there are a few strategies which fruitful given below:
Market penetration
In nature of the mixed economy in the British economy, the private organisations are concern about the market penetration for their business growth (Hantzsche, Kara & Young, 2019). Proper business growth is effective for the overall British economy. The private organisations have to take the initiative for the grand share of products at a low price. A large amount of share at low prices is helpful for the firm to grow its share in the market.
Product development
Product improvement is another effective factor for private organisations. Diversification involves the possibility of selling new products to new markets in order to increase the economic growth of the country's economy within an existing market.
Acquisition
Products and markets have been established in this case already. A business wants to know precisely what its corporate objectives are when a strategy for acquisition allows for a substantial investment.
Section 4
The explanation of the contribution of private sector firms to the British economy
In the British Economy, there is consisted of a mixed economy. That is the private organisations have enough contribution to the British economy. In the UK, the private sector and public sectors are typically divided into companies. Individuals, entrepreneurs who want to take full advantage of their business activities are establishing private sector companies. A large number of private organisations in the British economy have a large amount of market share. The prominent amount of market share from the private organisations has the build the health British economy.
Figure 1: Share of private businesses in the UK (British economy), 2020
Source: (Mason & Harrison, 2017)
From the above graphical picture, it has been evaluated that, the small to big private organisations have an adequate share. The market shares of the private firms are enriching the British UK economy which concluded into the British economy.
Significance of the legal status and financial restrictions placed upon public sector organisations
In the British government, there are several legal and financial restrictions on public sector organisations. However, the public sector organisations under the British economy have gained the potential platform of market share (Osinski et al., 2017). In the British economy, the government has allocated the constitution of boards which have regulated the overall market share system of public sector firms. On the hand, the advisory councils are also regulating the financial and legal factors of the public sectors. The significant role of the legal and financial restriction upon the public-private sector helps the firms to share their market share properly.
Impact of legislative changes on the National Health Service in Britain
The Health and Social Care Act 2012 is intended to reinforce the health system's competitive role and to make changes to the structure of the NHS. These included the elimination and creation of new bodies, like clinical commissioning organisations (e.g. strategic health authorities). Although there is no place in NHS England's 2012 Act framework, collaborations in the areas of sustainable development and transformation and integrated care services have been created by NHS England to improve nationally (Averchenkova, Fankhauser & Finnegan, 2021). As a result, the legal framework of the NHS and the real way the system is managed is growing. This created tensions for centre NHS organisations, for example with CCGs trying to navigate competitive contracts as local services align. The legislative changes proposed are thus designed to bring the formal NHS rules closer to the system's course.
Section 5
Explain the history of Privatisation in the British economy
In the British economy, the concept of Privatisation is accomplished from the 19th century. In the rising global economy, the British economy has adopted the Privatisation policy. Thus, In the UK, by 1979, government borrowing and losses accumulated to about £3 billion annually. That being said, the government became fattened by about £ 2 billion by companies that were privatized by Thatcher from 1989 to 1990. Even so, Privatisation has proven to be able not only to save individual companies and a whole disaster-oriented economy but also to turn public attitudes into the concept of economic responsibility and private property.
Evaluation of the impact of Privatisation on the British economy
In the context of the British economy, the concept of Privatisation has a crucial role. In the British economy, the private organisation have a large amount of share the overall economy (Freeman, 2018). In the British economy, there are several areas which are improved for the Privatisation of the firms. Despite policymakers' fears of potential job loss, the Privatisation of state-owned enterprises in emerging markets has often been found to improve the jobs and productivity of privately run SOEs. This will be improved if Privatisation also promotes exports of companies. The private sectors are effectively imposed on the British economy. It can accelerate the overall economy of the British countries rapidly.
Conclusion
This particular report has evaluated the impact o the mixed economy on the British economy. From this particular report, it has concluded that the Privatisation sectors have a huge implication on the British economy. The market shares of the Privatisation sector have enriched the state of the economy of the British countries.
References
Averchenkova, A., Fankhauser, S., & Finnegan, J. J. (2021). The impact of strategic climate legislation: Evidence from expert interviews on the UK Climate Change Act. Climate Policy, 21(2), 251-263.
Freeman, J. R. (2018). Democracy and markets: The politics of mixed economies. Cornell University Press.
Grant, W. (2017). Economic policy in Britain. Macmillan International Higher Education.
Hantzsche, A., Kara, A., & Young, G. (2019). Prospects for the UK Economy. National Institute Economic Review, 247, F12-F46.
Mason, C., & Harrison, R. (2017). Informal venture capital and the financing of emerging growth businesses. The Blackwell handbook of entrepreneurship, 221-239.
Osinski, M., Selig, P. M., Matos, F., & Roman, D. J. (2017). Methods of evaluation of intangible assets and intellectual capital. Journal of Intellectual Capital.
