Notwithstanding that Great Britain has its own economic, scientific and technical potential, which supports traditional leading industrial branches, since 1970th there has been a constant decline in British manufacturing sector. Disintegration of the British Empire weakened…
Within 1940th – 1970th absolute majority of former British colonies became independent; thus, economic influence of the British Isles within the Commonwealth decreased. Owing to inconsequent regulation in the previous years in 1968 Wilson’s government had to transfer national budget in the economy regime. Besides, in 1967 unprofitable steel industry was nationalized for stabilization of the whole industrial sector. Economic and industrial spheres required urgent restructure.
The period of 1970th was marked with high level of socio-economic instability. Pressure of national trade unions increased as a result of limitations of their rights and growing unemployment. Numerous strikes of workers caused million losses. In 1969 trade unions rejected limitation of right for strikes. There was a large disproportion between number of trade unions and employed workers. The majority of labor force in the manufacturing sector was employed at the big plants and enterprises. “Thus in 1973 establishments with 1000 or more employees employed 42 per cent of the manufacturing labour force and even in 1984, after a wave of closures of large plants, still employed 32 per cent.” (Oulton 1990, 72) Economic recession covered the whole manufacturing sphere, including employment rate, workers’ socio-economic welfare, basic economic indices (GDP, IRR). British citizens regarded a long-term crisis as consequence of entry into EU (1973 – 1975), political instability, inappropriate financing of industrial sector.
Despite of economic growth of 1980th, share of manufacturing sector in GDP had decreased from 25% up to 14% in 2004. Decrease of manufacturing sector happened mainly due to the reorganization of national economy and growth of service sector. Since early 1980th its output has increased by circa 30%. The same tendency is marked in other countries Such tendency is conditioned with a large-scale closing of large plants and ...
Cite this document
(“The British Economy Essay Example | Topics and Well Written Essays - 1500 words - 4”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/403932-the-british-economy
(The British Economy Essay Example | Topics and Well Written Essays - 1500 Words - 4)
“The British Economy Essay Example | Topics and Well Written Essays - 1500 Words - 4”, n.d. https://studentshare.net/miscellaneous/403932-the-british-economy.
The world economies are inter-depended on each other and hence, they have realized the importance of international trade and business. Therefore, free trade policies and trade pact between world economies have encouraged the activities of international trade.
This economic crisis which reached peak in 2008 had shaken the foundation of UK economy in a destructive manner. The recession introduced instability in all sectors of British economy and was hardly hit on the banking and housing sector. According to (The Economist)“The economy of UK shrank by 5% last year, this was biggest fall since the Great Depression.
Effect of Greek Financial Crisis on the British Economy Deficit spending in excess and the total debt of Greece going beyond its GDP are the two main reasons that led to Greek financial crisis of 2010. Greece defaulted in sovereign debt because of almost nil economic growth and degradation of credit rating of Greece.
The British Government, the Bank of England, and the British Economy. The Bank of England is the central bank of UK, and it is the bank that serves the function of controlling the UK’s financial outlook. The Bank of England was started in 1694 with an objective of allowing the bank to operate as the banker of England.
Within the post war age it was bound to facilitate the other countries to be kept sterling reserve by the independent countries. Britain has devaluated sterling as its strategy. Devaluation of 1949 caused as a direct effect of world war-II and the devaluation of 1967 caused to keep sterling reserve by other countries.
In regards to the British economy, they are certainly considered as being in this category. In order to come to a clearer and more knowledgeable understanding of the issue of the British economy and how supply and demand factors affect it, we must thoroughly address and investigate the key factors in regards to this subject.
There are three countries which make up the British Economy namely, England, Wales, Northern Ireland and Scotland. This paper will throe light upon how successful the government and the Bank of England have been in running the British economy
In EU the biggest decrease was reported in the petroleum, steel as well as the sector of fibres. (Winford, et al 2005 p 90)
This is a study set out to make a vivid description of the UK sector of manufacturing decline. To this, it is going to answer the
This essay examines success of British Government and the Bank of England in terms of running the British Economy between November 2008 to November 2010, describes and evaluates the macroeconomic policies based on macroeconomic theories used by the British government and the Bank of England in that period to ensure a successful British Economy
When foreign trading was done, there was no uncertainty. It was after 1971, that some countries could no longer find it feasible to stick to the fixed exchange rate so most of them transferred to the floating exchange rate. There are
6 Pages(1500 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic The British Economy for FREE!