Challenges faced by Uk economy
Challenges faced by the UK economy
Introduction
Bank of England, responsible for key interest rates. Pound sterling is the currency, world’s 3rd largest reserve currency after USD and Euro.
Country with literacy rate of 99% for both genders
Member of Commonwealth of Nations, European Union, G7, G8, G20, IMF, World Bank, World Trade Organization, UN
Aerospace, automotive, pharmaceutical
Players heard of – Rolls Royce, Jaguar, TESCO, Major F1 teams, GSK
History
Independent, developed, and international trading economy that was at the forefront of the 19th-century Industrial Revolution. War set back the manufacturing sector. Post-war recovery was relatively slow, and it took nearly 40 years, with additional stimulation after 1973 market crash The United Kingdom’s chief trading ties have shifted from its former empire to other members of the EU, which account for more than half its trade in tangible goods.
Offshore exploration since 1967 During the 1980s the Conservative government of Margaret Thatcher pursued the privatization, or denationalization, of publicly owned corporations that had been nationalized by previous governments. Loss of 1000s of jobs. During the 1980s and ’90s, income disparity also increased. Unemployment and inflation rates were gradually reduced but remained high until the late 1990s
Overview
6th largest economy, 3rd largest in Europe
In descending order - England, Scotland, Wales, Northern Ireland
4th largest exporter as well as importer. Export – Germany, US, Netherlands, France, Republic of Ireland, Belgium. Import – Germany, China, Netherlands, US, France, Belgium
2nd largest stock of outgoing as well as incoming FDI – majorly from Japan and USA, and majorly into Asian economies. Incoming – $1.321 trillion. Outgoing – $1.884 trillion
Considered most globalized economy
GDP Contribution Agriculture 0.7% Construction 6.3% Production 15.2% Services 77.8%
Current Situation
Mark Carney, the Governor of
Introduction
Bank of England, responsible for key interest rates. Pound sterling is the currency, world’s 3rd largest reserve currency after USD and Euro.
Country with literacy rate of 99% for both genders
Member of Commonwealth of Nations, European Union, G7, G8, G20, IMF, World Bank, World Trade Organization, UN
Aerospace, automotive, pharmaceutical
Players heard of – Rolls Royce, Jaguar, TESCO, Major F1 teams, GSK
History
Independent, developed, and international trading economy that was at the forefront of the 19th-century Industrial Revolution. War set back the manufacturing sector. Post-war recovery was relatively slow, and it took nearly 40 years, with additional stimulation after 1973 market crash The United Kingdom’s chief trading ties have shifted from its former empire to other members of the EU, which account for more than half its trade in tangible goods.
Offshore exploration since 1967 During the 1980s the Conservative government of Margaret Thatcher pursued the privatization, or denationalization, of publicly owned corporations that had been nationalized by previous governments. Loss of 1000s of jobs. During the 1980s and ’90s, income disparity also increased. Unemployment and inflation rates were gradually reduced but remained high until the late 1990s
Overview
6th largest economy, 3rd largest in Europe
In descending order - England, Scotland, Wales, Northern Ireland
4th largest exporter as well as importer. Export – Germany, US, Netherlands, France, Republic of Ireland, Belgium. Import – Germany, China, Netherlands, US, France, Belgium
2nd largest stock of outgoing as well as incoming FDI – majorly from Japan and USA, and majorly into Asian economies. Incoming – $1.321 trillion. Outgoing – $1.884 trillion
Considered most globalized economy
GDP Contribution Agriculture 0.7% Construction 6.3% Production 15.2% Services 77.8%
Current Situation
Mark Carney, the Governor of