Britain's economy
News from Her Majesty's Treasury as well as tax, customs and Euro information and key British economic facts.
News
Facing the Housing Challenge: Action Today, Innovation for Tomorrow
Department for Communities and Local Government, 7/16/2008
Prime Minister: British Economy Resilient
10 Downing Street, 7/3/2020
Foreign Secretary David Miliband Answers Your Questions on UK Foreign Policy, the TransAtlantic Relationship
British Embassy, Washington D.C., 5/27/2008
Prime Minister Gordon Brown Seeks to Boost Northern Ireland Economy
10 Downing Street, 5/8/2020
Chancellor Announces New Business-Government Forum on Tax
HM Treasury, London, 4/29/2008
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UK Economic Overview
The UK is the worlds fifth largest economy and has weathered the recent economic downturn better than any other G8 country.
The UK Governments economic strategy aims to improve growth and employment by creating economic stability based on low inflation and prudent government borrowing, and a better environment for long-term investment in industry, infrastructure, science and technology, and education and training.
Britains economy is based primarily on private enterprise which accounts for approximately four-fifths of both output and employment. Since the global recession of 1990 – 1992 the UK has experienced continuous growth and low inflation. Employment levels are the highest ever recorded.
The UK is Europes leading business center and has the least restricted business environment within the EU.
Economist Intelligence Unit e-readiness rankings, 2003 rate the UK in third place globally, equal to the US and the Netherlands, well ahead of Germany and Japan in 13th and 24th places, respectively.
The service sector accounts for about two-thirds of GDP and the UK has easily the largest financial services trade surplus in the world. London remains the largest center in the world for international financial services business and Londons pre-eminence in Europes financial services industry is increasing, with international banks centralizing many of their European operations in London.
Britains absence from the Euro has not prevented London from becoming effectively the international financial capital for the Euro; 31% of global foreign exchange trading of Euros is done in London.
The United Kingdom has a very strong economic relationship with the United States.
The UK is the largest foreign investor in the United States and the US is the largest foreign investor in the UK. Nearly 45% of UK outward investment goes to the US and 40% of overseas direct investment in the UK is from the US. Around one million Americans are employed by UK companies and the same number of British people are employed by US businesses.
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