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New
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Year 10

How does the UK Government manage risk?

I can explain what risks the UK Government faces and how it prepares for them.

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New
New
Year 10

How does the UK Government manage risk?

I can explain what risks the UK Government faces and how it prepares for them.

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These resources will be removed by end of Summer Term 2025.

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Lesson details

Key learning points

  1. The UK Government uses risk management to prevent economic instability from cyber attacks and financial downturns.
  2. Public health planning, like Exercise Cygnus and cybersecurity laws, strengthen national risk management.
  3. Financial oversight, including FCA investigations, ensures businesses follow regulations and protects the economy.
  4. Emergency frameworks and international cooperation with organisations like the G20 help the UK manage risks.
  5. These strategies strengthen economic resilience, protect jobs and ensure long-term stability.

Keywords

  • Risk - the chance of something going wrong, leading to loss, harm or an unexpected negative outcome

  • Risk management - the process of identifying, assessing and controlling threats to an organisation's capital and earnings

Common misconception

Only financial risks affect the economy.

The Government must work hard to manage a large range of risks in every area of life, such as health and education, so that the economy remains stable and balanced.


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Lesson video

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6 Questions

Q1.
What is the difference between tax avoidance and tax evasion?
Tax avoidance is illegal, while tax evasion is legal.
Correct answer: Tax evasion is illegal, while tax avoidance is legal.
Both are illegal.
Both are legal.
Q2.
Fill in the blank: Tax-free economies often rely on consumption taxes or privatised services, increasing financial barriers to access.
Correct Answer: high
Q3.
How does taxation uphold social equity?
by ensuring everyone pays the same amount
by providing equal funds to the rich and poor
Correct answer: by ensuring proportional taxes based on income
by not taxing the wealthy at all
Q4.
Fill in the blank: Reducing tax contributions, even legally, reduces revenue.
Correct Answer: government
Q5.
What can some people use to find ways reduce their tax bill?
laws
leverage
Correct answer: loopholes
Q6.
Match the arguments for and against paying tax to its correct stance.
Correct Answer:for,it helps to balance the Budget
tick

it helps to balance the Budget

Correct Answer:against,fewer educational opportunities
tick

fewer educational opportunities

Correct Answer:for,with rights come responsibilities
tick

with rights come responsibilities

Correct Answer:against,it could make infrastructure weaker
tick

it could make infrastructure weaker

6 Questions

Q1.
Fill in the blank: The UK Government uses risk management to prevent instability from cyber attacks and financial downturns.
Correct Answer: economic
Q2.
Match the words to the correct definition.
Correct Answer:risk,chance of something going wrong; an unexpected negative outcome
tick

chance of something going wrong; an unexpected negative outcome

Correct Answer:risk management,process of handling threats to an organisation's capital and earnings
tick

process of handling threats to an organisation's capital and earnings

Correct Answer:financial oversight,ensures businesses follow regulations and protects the economy
tick

ensures businesses follow regulations and protects the economy

Q3.
Which is not an important reason for the Government to manage risks in areas like health and education?
to save money for the Government
to ensure stability and balance in the economy
Correct answer: to allow businesses to operate without restrictions
Q4.
Which is not a risk that the Government faces?
cybersecurity threats
health emergencies
natural disasters
Correct answer: economic growth
Q5.
What is one benefit of having emergency frameworks in place?
they provide discounts on shopping
Correct answer: they help manage national/international risks
they eliminate the need for public services
they increase the number of holidays
Q6.
Match the government strategy with its aim.
Correct Answer:Financial Conduct Authority,investigate private investment companies
tick

investigate private investment companies

Correct Answer:Office for Budget Responsibility,check how money is being spent
tick

check how money is being spent

Correct Answer:National Economic Crime Centre,improve response to economic crime
tick

improve response to economic crime