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The Economy of Great Britain

People in countries outside the British Isles often call the inhabitants of the United Kingdom English. This is incorrect, for there are at least four main nationalities, the English, the Scots, the Welsh and the Irish. These four nationalities each have their own language and culture.

Great Britain is one of the world’s leading industrialized nations. It has achieved this position despite the lack of most raw materials needed for industry. It must also import 40% of its food supplies. Thus, its prosperity has been dependent upon the export of manufactured goods in exchange for raw materials and foodstuffs. Within the manufacturing sector, the largest industries include machine tools; electric power, automation, and railroad equipment; metals; chemicals; coal; petroleum; paper and printing; food processing; textiles; and clothing.

The economy is based largely on private enterprises but has some major publicly owned industries (notably coal, steel, gas, electricity and railways) and a few joint enterprises. The Government is reducing the size of the public sector, returning the parts of the steel, transport, telecommunications and aerospace industries, for example, to private enterprise.

The working population is just over 26 million (in a total population of 56 million) of which 7% are self-employed. Just under 40% are women. Unemployment has risen to around 3 million. Britain exports over 30% of its GDP. Machinery and transport equipment account for about one-third of export while finished manufactures comprise over one-third of imports. A recent trend has been the large fall in oil imports and the emergence of a significant export trade.

Earnings from invisible export, including financial and other services, are about half as much as those from visible exports. The Government aims to defeat inflation through firm fiscal and monetary policies, increasing competition, reducing the rise in public expenditure and restoring incentives to industry, particularly small businesses.

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