Economy of the United Kingdom

The United Kingdom has the fifth-largest national economy (and second-largest in EU) measured by nominal GDP and tenth-largest in the world (and third-largest in the EU) measured by purchasing power parity (PPP). The UK has been the fastest growing economy in the G7 for 3 consecutive years as of October 2015. In 2014 the UK was the ninth-largest exporter in the world and the fifth-largest importer, and had the second largest stock of inward foreign direct investment and the second-largest stock of outward foreign direct investment. The UK is one of the world's most globalised economies. The UK economy comprises (in descending order of size) the economies of England, Scotland, Wales and Northern Ireland.

The service sector dominates the UK economy, contributing around 78% of GDP; the financial services industry is particularly important and London is the world's largest financial centre (tied with New York). The British aerospace industry is the second- or third-largest national aerospace industry depending on the method of measurement. The pharmaceutical industry plays an important role in the economy and the UK has the third-highest share of global pharmaceutical R&D. The automotive industry is also a major employer and exporter. The British economy is boosted by North Sea oil and gas production; its reserves were valued at an estimated £120 billion in 2011. There are significant regional variations in prosperity, with the South East of England and southern Scotland the richest areas per capita. The size of London's economy makes it the largest city by GDP in Europe.

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Latest News for: british economy

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If Oxfam is right about Empire, then where is my $1 million?

The Daily Telegraph 26 Jan 2025
What was the reality about the Indian economy under British administration? A common “decolonising” argument is to take India’s estimated share of the world economy in say, 1600 (when China and India, ...
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Why the financial crisis at the British Council matters as UK pushes soft power

The Observer 26 Jan 2025
At issue is not only the onerous terms for the British Council to pay back an emergency £200m loan to the Foreign, Commonwealth and Development Office, or the loss of income from Europe, but the ...
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Could threat of Trump tariffs push UK further away from EU?

RTE 26 Jan 2025
Neither agreement would be a game-changer in terms of the UK or EU economy ... Tariffs and tax threats loom over Irish economy ... Chancellor Rachel Reeves was in Davos this week, where she talked a big talk on growing the British economy.
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The big picture: a gaggle of visitors gather beneath London’s Shard

The Guardian 26 Jan 2025
His pictures, now collected in a fabulous book, The Same for Everyone, examine the atmosphere and soul of the engine of the British economy, with its exposed Roman foundations and its thicket of ...
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Reeves has to defeat the anti-growth blockers

The Daily Telegraph 26 Jan 2025
The British economy’s continued underperformance is a direct result of the sort of managerial state approach espoused by almost every member of the Cabinet, interfering in markets and dictating to people what they should be able to buy, own or do.
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‘Our industry should be appalled’: Brassic creator laments lack of working class people in TV and film

The Observer 26 Jan 2025
according to the latest British Film Institute figures, it’s collectively worth £12.6bn to the UK economy ... Just over a year ago, the British Academy of Film and Television Arts (Bafta) published its ...
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The prophet of the new right

New Statesman 25 Jan 2025
He yearned for a command economy that could reconstruct the foundations of the British economy, and was enamoured of a vision of Teutonic efficiency, shading at times towards an appreciation of the Nazi war machine.
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Rachel Reeves says Britain can learn from Donald Trump's 'positivity' and claims good times are ...

The Daily Mail 25 Jan 2025
'We're all sick of Britain being in the slow lane, whether it's British CEOs or British investors, and we want to see a revival of those animal spirits so that we can grow the economy and bring investment here,' she added.
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Britain should learn from Donald Trump's 'positivity' to give economy a boost, Rachel Reeves says ...

The Daily Mail 25 Jan 2025
Rachel Reeves has called on Britain to learn from Donald Trump’s ‘positivity’ in order to revive the ‘animal spirits’ of the economy ... It hasn’t been a very British thing to say ... ‘I am fighting every single day in our mission to kick-start the economy.
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Labour voters want to cut Civil Service budgets and green schemes, poll finds

AOL 25 Jan 2025
SCHEDULE 10.30AM ... The number of Labour voters who think the Government spends too much on climate change has also reached a record high ... “Since 2007, the British economy has stagnated, with both average wage growth and GDP per capita flatlining ... .
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Rolls-Royce Lands $11 Billion Nuclear Submarine Deal With the UK

Greek Reporter 24 Jan 2025
British Labor unions are also celebrating the deal. Sharon Graham, General Secretary of the Unite Union, said, “This announcement is good news for British jobs, good news for Derby, and good news for our economy.
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‘I was a multimillionaire, I had a beautiful girlfriend, I was unhappy’: the ups and ...

The Guardian 24 Jan 2025
Gary Stevenson grew up poor, got rich in the City – then found himself wrestling with depression. Now he says he’s the only person on the left who really understands the British economy – and the people who wield the power ... ....
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Rolls-Royce Lands US$11 Billion Nuclear Submarine Deal

Colombia One 24 Jan 2025
Sharon Graham, the General Secretary of the UK’s Unite Union, said, “This announcement is good news for British jobs, good news for Derby, and good news for our economy.
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Yamal and Nord Stream Subterfuge (VIDEO)

The Liberty Beacon 24 Jan 2025
London argued that the British economy would be punished, whereas the sanctions would not inflict serious effects on the Soviet economy ... These objectives are increasingly important to the troubled Soviet and East European economies.
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Shock-proofing the UK economy

The Manila Times 23 Jan 2025
Though Prime Minister Keir Starmer's government has been working to improve productivity, foster investment and promote durably faster growth, the British economy remains beset by long-term structural ...

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