Get Full Essay Get access to this section to get all help you need with your essay and educational issues. The Isle of Man and the Channel Isles are also considered to be part of the British Isles but have offshore banking statuses.
Economic history of the United Kingdom to [ edit ] After the Second World War, a new Labour government fully nationalised the Bank of Englandcivil aviation, telephone networks, railways, gas, electricity, and the coal, iron and steel industries, affecting 2. It fell to Wilson formed a minority government in March after the general election on 28 February ended in a hung parliament.
Wilson secured a three-seat overall majority in a second election in October that year. Denis Healeythen Chancellor of the Exchequerwas required to implement public spending cuts and other economic reforms in order to secure the loan, and for a while the British economy improved, with growth of 4.
This triggered the general election on 3 May which resulted in Margaret Thatcher 's Conservative Party forming a new government. During the s, many state-owned industries and utilities were privatisedtaxes cut, trade union reforms passed and markets deregulated.
GDP fell by 5. In the s, unemployment reached levels not seen in the UK since the Great Depression of the s. Thatcher's modernisation of the economy was far from trouble-free; her battle with inflation, which in had risen to In spite of this, Thatcher was re-elected in June with a landslide majority.
Inflation had fallen to 3. Many jobs were also lost as manufacturing became more efficient and fewer people were required to work in the sector. However, inflation dropped from The government won a fourth successive election in under John Majorwho had succeeded Thatcher in Novemberbut soon afterwards came Black Wednesdaywhich damaged the Conservative government's reputation for economic competence, and from that stage onwards, the Labour Party was ascendant in the opinion polls, particularly in the immediate aftermath of Tony Blair's election as party leader in July after the sudden death of his predecessor John Smith.
The period saw one of the highest GDP growth rates of any developed economy and the strongest of any European nation. The UK was particularly vulnerable to the crisis because its financial sector was the most highly leveraged of any major economy. The Royal Bank of Scotland Groupat its peak the fifth-largest bank in the world by market capitalisationwas effectively nationalised in October By mid, HM Treasury had a The Great Recession, as it came to be known, saw unemployment rise from just over 1.
In August the IMF warned that the country's outlook had worsened due to a twin shock: Inthe UK had the world's third largest current account deficitdue mainly to a large deficit in manufactured goods. Productivity, to The 10 years following the Great Recession were characterised by extremes.
Inemployment was at its highest since records began,  and GDP growth had become the fastest in the Group of Seven G7 and Europe,  but workforce productivity was the worst since the s, with any growth attributed to a fall in working hours.
United Kingdom budget and United Kingdom national debt UK interest rate from to Government involvement in the economy is primarily exercised by HM Treasuryheaded by the Chancellor of the Exchequer.
In recent years, the UK economy has been managed in accordance with principles of market liberalisation and low taxation and regulation. Sincethe Bank of England 's Monetary Policy Committeeheaded by the Governor of the Bank of Englandhas been responsible for setting interest rates at the level necessary to achieve the overall inflation target for the economy that is set by the Chancellor each year.
Taxation in the United Kingdom Taxation in the United Kingdom may involve payments to at least two different levels of government: Local government is financed by grants from central government funds, business ratescouncil taxand, increasingly, fees and charges such as those from on-street parking.
Central government revenues are mainly from income taxnational insurance contributions, value added taxcorporation tax and fuel duty.The United Kingdom’s economic freedom score is , making its economy the 8th freest in the Index. Its overall score has increased by points, led by significantly higher scores for.
Economy of Great Britain Essay Sample Presently UK’s economy encompasses those of its home nations – England, Scotland, Wales and Northern Ireland. The Isle of Man and the Channel Isles are also considered to be part of the British Isles but have offshore banking statuses.
Economy of Great Britain The main choices that include the united kingdom of Norther n is economy and also the British are: development into the planet economic climate; a cost of improvement that’s monetary equivalent.
Great Britain: Political Economy I.
The Question of British Decline II. Collectivism to Thatcherism III. A Liberal Market Economy IV.
A Global Leader? I. The Question of British Decline zGeopolitical Decline Britain as a ‘Liberal Market Economy’. The economic history of the United Kingdom deals with the economic history of England and Great Britain from to the early 21st century.
(For earlier periods see Economy of England in the Middle Ages and Economic history of Scotland). Europe:: United Kingdom. 1 / Caption The majority of the structure was built in ; its Great Hall was where merchants gathered to conduct business and socialize, while its Undercroft served as a hospital and almshouse for the poor.
Britain's most famous battleship - berthed at the historic dockyard in Portsmouth, England.