Service industries are the most significant earner for the UK economy. Agriculture in the UK supplies roughly 60% of the total food demand of the nation. The oil, coal, and natural gas reserves are relatively high and account for about 10% of the GDP. Almost 70% of GDP in the UK is accounted for by private consumption.
The main trading partners for the UK include the European Union, US, Asia, Australia, the Middle East, Latin America, and Africa. The UK is the fifth largest export market for the US, and ranks fourth in the world in terms of volume of imports. In the past, imports have exceeded exports and the UK has run a current account deficit however, as of recently, the deficit is somewhat flat. The UK also has the third least barriers to trade and investment in the world. The UK is a member of the European Union, but it has chosen to remain outside the Economic and Monetary Union. The majority of the UK population is opposed to the single currency because they feel the economy is doing well without any alliance. The UK is continuing with its original currency of the pound (GBP) while a large number of other European nations have adopted the Euro as their single currency.
If the UK were to join the Economic and Monetary Union could have both advantages and disadvantages. Advantages:
1. A single currency should end currency instability in the participating countries by permanently fixing exchange rates. Because the Euro would have the enhanced credibility of being used in a large...