Place Credit Reports United Kingdom Order
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Economy Overview:
The UK, a leading trading power and financial center, is one of the
quintet of trillion dollar economies of Western Europe. 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 reserves; primary energy
production accounts for 10% of GDP, one of the highest shares of any
industrial nation. Services, particularly banking, insurance, and
business services, account by far for the largest proportion of GDP
while industry continues to decline in importance. GDP growth slipped in
2001-03 as the global downturn, the high value of the pound, and the
bursting of the "new economy" bubble hurt manufacturing and exports.
Output recovered in 2004, to 3.2% growth, but fell in 2005, to 1.7%.
Despite slower growth, the economy is one of the strongest in Europe;
inflation, interest rates, and unemployment remain low. The relatively
good economic performance has complicated the BLAIR government's efforts
to make a case for Britain to join the European Economic and Monetary
Union (EMU). Critics point out that the economy is doing well outside of
EMU, and public opinion polls show a majority of Britons are opposed to
the euro. Meantime, the government has been speeding up the improvement
of education, transport, and health services, at a cost in higher taxes
and a widening public deficit.
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