The economy of great britain

1. What place does the United Kingdom hold in the world and in Europe?

The United Kingdom has the fourth largest economy in the world, the second largest in Europe.

2. What is the United Kingdom composed of?

It is composed by the political union of four constituent entities: England, Scotland and Wales on the island of GB, and Northern Ireland on the island of Ireland.

3. What type of the economy does Great Britain have?

Great Britain has a mixed private and public enterprise economy.

4. What does the government do to make the British economy more efficient?

To make the British economy more efficient the government tries to stimulate innovations in industry, encourage competition, reduce taxes, promote exports, and work for world-wide free trade.

5. What has been a key part of British economy for centuries?

Trade has been a key part of British economy for centuries.

6. What has its prosperity been dependent upon?

its prosperity has been dependent upon the export of manufactured goods in exchange for raw materials and foodstuffs.

7. What can you say about the international trade of Great Britain?

Germany, the USA, France and the Netherlands are Britain’s main export market.

8. What does Great Britain export and import?

The country’s chief exports are manufactured goods such as electrical and electronic equipment, aerospace equipment, textile fibers, fuels, iron and steel, transport equipment. The leading imports are manufactured and consumer goods, foodstuffs, industrial and electrical machinery, semi-finished goods.

9. What sectors can the British economy be divided into? What does each deal with?

The structure of the British economy can be divided into three main sectors:

1) Primary industries that deal with providing raw materials and food from the land and the sea.

2) Manufacturing industries that deal with making finished goods from raw materials.

3) Service industries that deal with providing a wide variety of services.

10. Why is the country self-sufficient in energy?

GB has the largest energy resources in Europe and abundant suppliers of oil and natural gas. It is the the world’s fifth largest oil producer.

11. What mineral resources does the country possess?

Great Britain is also rich in such mineral resources as iron ore, tin, limestone, salt, china clay, gypsum, and lead.

12. What is British agriculture known for?

British agriculture is known for its high efficiency and productivity according to European standards and based on modern technology and research.

13. What are British farms engaged in?

British farms engaged in dairy or beef cattle breeding and sheep-raising. Pig raising is also widespread in the country.

14. Production of what goods does manufacturing cover?

It covers production of textiles, wood and metal products, paper, plastics, rubber, vehicles, machinery and equipment, and a host of other produced goods.

15. What new industries ha has Britain made important advances in?

Britain has made important advances in electronics and telecommunications equipment, aircraft and aircraft engines, radio-isotopes and new medicines.

16. Why does Great Britain remain one of the most highly industrialized countries of the world?

thanks to the increasing use of intensive methods and modern technologies Great Britain remains one of the most highly industrialized countries of the world.

17. Why is electronic data-processing equipment growing? What are the main electronic consumer goods produced in the UK?

Britain has originated a lot of advanced technologies in microelectronics. The main electronic consumer goods produced are television sets with an increasing proportion of widescreen and digital sets, electronic control equipment.

18. What can you say about the central bank of England? What is it responsible for?

The Bank of England, as the central bank, was nationalized in 1946 and is the bank of issue in England and Wales. It is responsible for the monetary policy of the country and also manages the country’s foreign exchange and gold reserves.

19. What is the basic unit of currency in Britain? What did the British government decide about euro?

The pound sterling is the basic unit of currency in Britain. The European Union established the euro as its unit of currency, but British government decided not to adopt the euro and to keep the pound as its currency.

20. Why does government support and promote tourism?

government supports and promotes tourism, because tourism is an essential part of Britain’s income and employs about 1.5 million (7%) of the workforce and contributes about 3.5% to the GDP.

21. What can you say about the London Underground?

London Underground operates more than 400 km of railway. Known as the tube, the system serves 275 stations, with more than 500 trains running during peak periods. The underground provides reliable public transportation for an impressive number of commuters across a larger metropolitan area.