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 £120billion 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.
An Opinium poll for the Observer shows that, after the spring statement, just 11% of UK voters expect the economy to improve over the next 12 months, with 23% saying it will stay the same and 61% that it will get worse.
New rules requiring companies hiring people in the gig economy to carry out checks on their eligibility to work in the UK are being introduced in a bid to clamp down on illegal migration ... gig economy?.
They include tariffs on foreign cars and steel in a move which could prove disastrous for the UK economy ... “Just as importantly, they are all policies which can drive growth in the UK economy - which is priority number one for the country right now.”.
Britain currently sells more than £6 billion-worth of cars to the US, meaning the policy could have a major impact on the UK economy. In addition, Trump wants to impose tariffs on steel imports and on all countries, like the UK, which charge VAT.
A major reason is that the UK economy is expected to grow 1pc this year, half the official forecasts of 2pc last autumn, which means less tax revenue and more government spending on benefits and other support measures.
Yet the effects of the tariffs were masked by the strength of the UK economy and an empire-first strategy in which UK exports were given preferential treatment in Canada, New Zealand and South Africa.
Yet, overall, the UK economy had done well, outpacing its leading competitors ... Admittedly, at one point in 2024, the UK was the fastest growing economy in the G7 ... UK economy, Rachel Reeves, Tax rises, Debt, Inflation.
At the time of writing, there was still no sign of the “new economic deal” that UK trade negotiators hope will save the economy from Donald Trump’s escalating trade war ...Rachel Reeves, The Budget, Trade War, Trump's America, UK economy.
... the UK’s former City minister and niece of Sheikh Hasina ... That leaves the UK as the friendliest major economy, albeit one with a potentially less savoury role to play in hunting Bangladeshi assets.
... debt, like the UK ... The UK, which has a lower level of productivity than France and a more open economy susceptible to trade wars, seems to have hit the buffers when nearing the 100% debt to GDP ratio.
The Chancellor has said the £7.3bn sovereign wealth fund will help “kickstart growth” and revive Britain’s flatlining economy ... makes a net positive elsewhere in the economy ... Rachel Reeves, UK economy.
The BengalCongress on Sunday stated that chief minister Mamata Banerjee's remarks in Oxford regarding India's economy are accurate and regardless of whether they are made in India or the UK, the ...