Post-war, the United Kingdom enjoyed a long period without a major recession there was a rapid growth in prosperity in the 1950s and 1960s, with unemployment staying low and not exceeding 3.5% until the early 1970s. Main article: Economic history of the United Kingdom 1945 to 1979 Īfter the Second World War, a new Labour government fully nationalised the Bank of England, civil aviation, telephone networks, railways, gas, electricity, and the coal, iron and steel industries, affecting 2.3 million workers. The Bank of England is the UK's central bank, and since 1997 its Monetary Policy Committee has been responsible for setting interest rates, quantitative easing, and forward guidance. Since 1979, management of the economy has followed a broadly laissez-faire approach. Government involvement is primarily exercised by His Majesty's Treasury, headed by the Chancellor of the Exchequer, and the Department for Business, Energy and Industrial Strategy. Despite a relative decline in its global dominance, in the 21st century the UK retains the ability to project significant power and influence around the world. The cost of fighting both the First and Second World Wars further weakened the UK's relative position. The Second Industrial Revolution was also taking place rapidly in the United States and the German Empire this presented an increasing economic challenge for the UK, leading into the 20th century. During the 19th century, through its expansive colonial empire and technological superiority, Britain had a preeminent role in the global economy, accounting for 9.1% of the world's GDP in 1870. In the 18th century, Britain was the first nation to industrialise. The size of London's economy makes it the wealthiest city by GDP per capita in Europe. There are significant regional variations in prosperity, with South East England and North East Scotland being the richest areas per capita. The economy is boosted by North Sea oil and gas production its reserves were estimated at 2.8 billion barrels in 2016, although it has been a net importer of oil since 2005. Of the world's 500 largest companies, 18 are headquartered in the UK. Its pharmaceutical industry, the tenth-largest in the world, plays an important role in the economy. Britain's aerospace industry is the second-largest national aerospace industry. The UK technology sector is valued at US$1 trillion, third behind the United States and China. Edinburgh was ranked 17th in the world, and 6th in Europe for its financial services industry in 2021. The service sector dominates, contributing 81% of GDP the financial services industry is particularly important, and London is the second-largest financial centre in the world. In 2020, the UK's trade with the European Union accounted for 49% of the country's exports and 52% of its imports. It also had the third-largest inward foreign direct investment, and the fifth-largest outward foreign direct investment. In 2020, the UK was the fifth largest exporter in the world and the fifth-largest importer. The UK is one of the most globalised economies, and comprises England, Scotland, Wales and Northern Ireland. By PPP (purchasing power parity) terms, the UK constitutes 2.34% of world GDP. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty second-highest by GDP per capita, constituting 3.3% of nominal world GDP. The economy of the United Kingdom (UK) is a highly developed social market economy. All values, unless otherwise stated, are in US dollars.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |