1. Practise the pronunciation of the following words.

finance [fai'nsens], insurance [т'/иэгэпв], vehicle ['vinkal],

sugar ['Jogs], pharmaceutical [,fa:ma'sju:tikl], deficit

t'defisit].

2. Memorize the words.

1. strength n — сила

2. space а — космический

3. account (for) v — насчитывать

4. insurance n — страхование

5. motor vehicles — транспортные средства

6. aircraft n — самолет, авиация

7. GDP — ВНП

8. crop n — урожай, сельскохозяйственная культура

9. wheat n — пшеница

10. Pharmaceuticals n — лекарства

11. sophisticated а — сложный

12. vulnerable а — уязвимый

13. offset v — компенсировать

14. surplus n — излишек

15. decline и — приходить в упадок

16. freight n — перевозка грузов

17. vital а — жизненный

3. Answer the following questions before you read Text a.

1. Is Great Britain rich in natural resources?

2. Why is Great Britain called 'the birthplace of capitalism'?

3. When did Britain lose its colonial empire?

4. Is the United Kingdom a leading industrial nation?

Text A

Read Text A and fulfill the tasks which follow.

British Economy

A pioneer in the Industrial Revolution, Britain today is

fifth in size of its gross domestic product (GDP). In industrial

production the heavy industry occupies the leading place. The

traditional economic strength of Great Britain has been manufacturing.

The manufacturing and service industries, together

with construction, account for about 93 per cent of Britain's

GDP, the rest is shared by energy production and agriculture.

Service industry occupies an important place in Britain's

economy. It accounts for about two-thirds of the GDP. More

than 70 per cent of British workers are employed in service industries,

the most important of which are finance, insurance,

tourism, government, transportation and communication.

In recent years new industries have made serious progress

such as aerospace, chemicals, oil, gas, electronics, biotechnology.

The traditional old industries such as steel, coal production,

shipbuilding, production of textiles have met serious difficulties

and declined. Besides the above industries, food,

drink, tobacco and paper industries are also developed.

Britain produces steel, motor vehicles, tractors, aircraft,

aero-engines, machinery, textiles, chemicals, gas and petroleum,

electronic equipment.

Agriculture supplies nearly two-thirds of the country's

food. British agriculture is efficient, for it is based on modern

technology and research. Many British farmers practice mixed

farming — they specialize both in crops and animals. Britain is

self-sufficient in milk, eggs, meat, potatoes and wheat. But it

imports butter, cheese, sugar, vegetables and wine. Its imports ,

also include tea and coffee, clothing, metals, petroleum products

and textile.

36

Britain exports aerospace equipment, machinery, motor vehicles,

petroleum, chemicals, Pharmaceuticals, sophisticated

electronic equipment.

The national economy of Great Britain is vitally dependent

on foreign trade. With the loss of the colonies the economy has

become vulnerable to balance-of-payment problems and trade

deficit has become a typical pattern of Britain's overseas trade.

But the trade deficit is often offset by a surplus of the so-called

invisible trade, due to earnings of the country from international

travel, tourism, freight and financial services.

POST-READING ACTIVITIES

1. Match the words on the left to those on the right. Make 10 word partnerships

and translate them into Russian.

1. industrial a. equipment

2. electronic b. farming

3. modern c. products

4. trade d. industry

5. leading e. production

6. invisible f. deficit

7. mixed g. vehicles

8. service h. technology

9. petroleum i. place

10. motor j. trade

2. Find in the text the English equivalents for the following Russian collocations.

1) ведущее место занимает тяжелая промышленность;

2) кроме вышеупомянутых отраслей; 3) на обслуживающую

индустрию приходится 2/з ВНП; 4) сельское хозяйство эф-

фективно, так как оно основано на современной технологии;

5) они специализируются как в выращивании зерновых, так

и в разведении скота; 6) Британия полностью обеспечивает

себя молоком, яйцами, мясом, картофелем и пшеницей;

7) зависит от внешней торговли; 8) дефицит торгового балан-

са компенсируется излишком от так называемой невидимой

торговли.

3. Choose the best alternative to complete the sentence,

1. British agriculture ... nearly two-thirds of the country's

food.

a) accounts b) applies c) supplies d) involves

2. Steel, coal production and shipbuilding ... in Britain,

a) declined b) increased c) improved d) advanced

3. Many British farms specialize both in ... and animals,

a) milk b) meat c) wool d) crops

4. Service industries, manufacturing and construction ...

for about 93 per cent of Britain's GDP.

a) account b) engage c) supply d) provide

5. The trade deficit in Britain is ... by a surplus of invisible

trade.

a) accounted b) declined c) offset d) supplied

4. Complete the sentences.

1. Manufacturing has always been ... .

2. British agriculture is based on ... .

3. Britain imports ... .

4. British exports include ... .

5. British farmers specialize in ... .

6. Trade deficit has become ... .

5. Say whether the following statements are true or false.

1. Agriculture has been a traditional economic strength of

Great Britain.

2. Service industry accounts for about one-third of the GDP.

3. More than 70 per cent of British workers are employed in

the chemical industry.

4. Britain is self-sufficient in wheat and potatoes.

5. The national economy of Great Britain is dependent on

foreign trade.

6. Britain imports aerospace and electronic equipment.

6. Answer the following questions.

1. What industries are developed in Great Britain?

2. Does service industry occupy an important place in Britain's

economy?

3. What do British plants produce?

4. What can you say about farming in Britain?

5. What is the main problem in the British economy?

6. How is the trade deficit offset?

7. Get ready to discuss the following.

The national economy of Great Britain is dependent on foreign

trade. How do you understand the term 'balance-of-trade

deficit'?

Text В

Read Text В using the dictionary and do the following tasks.

1. Think of the title to the text.

2. Make up 5-6 questions of different types.

3. Give a short summary of the text.

Despite unemployment in financial businesses, the weak

performance of the Stock Market and European competition,

London has retained its status as a global financial centre.

Many major financial institutions have their headquarters

in London, with branches throughout Britain. The City of London,

with its banks, insurance houses, legal firms and financial

dealers' offices, has always been a centre of British and world

finance.

Many City institutions were founded in the 17th and 18th

centuries such as the London Stock Exchange and the Bank of

England.

The London Stock Exchange is one of the world's busiest

stock exchanges. It is a market for buying and selling shares

and listed stocks.

The Bank of England is the country's central bank. It issues

nearly all of the country's bank-notes. It handles the nation's

official foreign-exchange operations and manages its gold and

foreign-exchange reserves.

The Foreign Exchange Market is also based in London.