The Economy of the United Kingdom • It has the second largest economy in Europe after Germany and tenth largest in the world. • The Uni ted Kingdom is one of the wor ld' s most globalised countries, The capital, London, is one of the three major financial centres of the world, along with New York City and Tokyo. • The ritish econ omy is often descri!ed as an 'Anglo-Saon economy'. It is made up of the economies of England, "cotland, #ales and $orthern Ireland. The UK has !een a mem!er state of the European Union since %&(. • In the pas t the economy had a lar ge manufact uri ng sector and was )no wn as the work sho! of the world " Gradually, the importance of manufacturing declined. *or e+ample, during the first half of the #$%&s the mining and energy industries lost - of their jo!s due to increases in producti/ity 0fewer wor)ers produced the same output more efficiently1. • 2griculture3 highly mechani(ed ) efficient 3 produces 4- of food needs with less than of the la!our force. • Today, the ser*ice sector dominates the UK economy contri!uting 5 of G67. This is a feature associated with de*elo!ed co+ntries . E.g. the financial ser/ices industry, the aerospace industry, the pharmaceutical industry, the automoti/e industry T8E UK 9 2 *I$2$:I2L E;7I<E • the financial district, simply )nown as the City occupies one s=uare mile of central London. >ther cities with large financial districts3 Edinbrgh, anchester, .eeds, /irmingham, Cardiff . • London ? the world@s financial center, home to o/er A-- !an)s with offices in the :ity. ;ajor acti/ities3 !an)ing acti/ities, 0glo!al1 insurance, foreign e+change trading, !onds. • ;ajor insti tutio ns3 the /ank of England 0>E1 is ritain@s central reser/e !an) 9 issues !an)notes and acts as the go/ernment@s !an)er. The currency of the UK is the !o+nd sterling, represented !y the sym!ol 0. The UK chose not to join the Euro at the currency@s launch , with a majority of ritons opposed to joining the single currency . • .ondon Stock Echange deals in stoc)s and shares. In >cto!er %&54 it !ecame possi!le for stoc)!ro)ers to deal in shares th ro ugh te le ph on es and co mput ers instead of faceBtoBfa ce on the floor of the E+cha nge. These changes, )nown as the /ig /an g, lin )ed London mu ch mo re closely with the other major international financial centres in $ew Cor) and To)yo. • .loyd's of .ondon, an insurer, !oth domestic and international. Insures /irtually e/erything, from houses to ships. >ther household names3 8":, arclays, "tandard :hartered, <".

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The Economy of the United Kingdom

• It has the second largest economy in Europe after Germany and tenth largest in the

world.

• The United Kingdom is one of the world's most globalised countries, The capital,

London, is one of the three major financial centres of the world, along with New York

City and Tokyo.

• The ritish economy is often descri!ed as an 'Anglo-Saon economy'. It is made up

of the economies of England, "cotland, #ales and $orthern Ireland. The UK has !een

a mem!er state of the European Union since %&(.

• In the past the economy had a large manufacturing sector and was )nown as the

worksho! of the world" Gradually, the importance of manufacturing declined. *or

e+ample, during the first half of the #$%&s the mining and energy industries lost -

of their jo!s due to increases in producti/ity 0fewer wor)ers produced the same output

more efficiently1.

• 2griculture3 highly mechani(ed ) efficient3 produces 4- of food needs with lessthan of the la!our force.

• Today, the ser*ice sector dominates the UK economy contri!uting 5 of G67. This

is a feature associated with de*elo!ed co+ntries. E.g. the financial ser/ices industry,

the aerospace industry, the pharmaceutical industry, the automoti/e industry

T8E UK 9 2 *I$2$:I2L E;7I<E

• the financial district, simply )nown as

the City occupies one s=uare mile of central

London. >ther cities with large financial

districts3 Edinbrgh, anchester, .eeds,

/irmingham, Cardiff .

• London ? the world@s financial center,

home to o/er A-- !an)s with offices in the :ity. ;ajor acti/ities3 !an)ing acti/ities,

0glo!al1 insurance, foreign e+change trading, !onds.

• ;ajor institutions3 the /ank of England 0>E1 is ritain@s central reser/e !an) 9

issues !an)notes and acts as the go/ernment@s !an)er. The currency of the UK is the

!o+nd sterling, represented !y the sym!ol 0. The UK chose not to join the Euro at thecurrency@s launch, with a majority of ritons opposed to joining the single currency.

• .ondon Stock Echange deals in stoc)s

and shares. In >cto!er %&54 it !ecame

possi!le for stoc)!ro)ers to deal in shares

through telephones and computers

instead of faceBtoBface on the floor of the

E+change. These changes, )nown as the

/ig /ang, lin)ed London much more

closely with the other major international

financial centres in $ew Cor) and To)yo.

• .loyd's of .ondon, an insurer, !oth domestic and international. Insures /irtually

e/erything, from houses to ships. >ther household names3 8":, arclays, "tandard

:hartered, <".