| Economy | United Kingdom |
| Prev. Field Next | |
Economy - overview:
      |
The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, the CAMERON government in 2010 initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The Bank of England periodically coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). |
|
= Fields  = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
| Economy | United Kingdom |
|
|
|
This page was last updated on 5 February, 2012 |
| |
| | Virtual Library:
for the news subscribe the monthly newsletter
Art: L'antica pittura fabrianese - I restauri delle cappelle gotiche di Fabriano
Design: Homeware - the best of "made in Italy" and much more..., Brands, Designers, Products.
History: Madonna de la Sanitate - 1504: i prodigiosi fatti di Tirano. Storia - Mito - Fede
Music: Stay Inside - the new frontier of the music - free music, rock, lyrics, song, mp3, download, author, rock.
Coins: Private Collection by coinpc - World Coins - Medals, Rare and not, more than 700 pics.
Search Engine: edixxon.com - matching interests, your interests can be the same as ours - search them.
Art: Museo Virtuale d’Arte - La Raccolta della Fondazione Cariplo: dal Classico al Neoclassico, Ottocento e Novecento.
Art: Mario Radice - Grande esponente dell'astrattismo italiano. Pittore, scultore e cultore di problemi d'architettura.
Science: Ing. Gianfranco Magrini - Science, Engineering, Transportation, Tunnels, Tubo del Lago di Como, Footballpoint...
Art: Louis Poyet - un vero maestro dell'arte della moltiplicazione delle immagini per mezzo della stampa.
Food: Di grano antico - Elogio dei Pizzoccheri di Teglio. Con la Ricetta ufficiale dell’Accademia del Pizzocchero di Teglio
Electronics: Standard Production - Advanced Electronics - Truth Machine, The world Smallest Radio, Mini Table...
Search Engine:
ecocho |
imesh |
google |
edixxon |
virgilio |
yahoo |
exalead |
findtarget |
canadaspace |
entireweb |
daum |
ask |
| | | | | | |
|
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
