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History of the UK's economy Presentation official.pptx
- 1. Quynh Trang Huyen Diu Trang Nhung 3
- 2. The United Kingdom’s Economy the UK’s economy today the overview and some features the history of the UK’s economy 03 01 02
- 3. Overview of the UK’s economy economy by PPP by GDP by GDP per capita highly developed social market and market- orientated economy the sixth-largest national economy in the world the twenty fifth-highest (constituting 3.3% of world GDP) 01 02 03 04 the eight-largest national economy in the world Statistics by: https://www.bloomberg.com/news/articles/2022-08-29/goldman-now-sees-uk-economy-entering-recession-in-fourth-quarter-l7e4vyuv
- 4. The UK is one of the most globalised economies Scotland Wales Northern Ireland England
- 5. The United Kingdom’s Economy the 5th largest importer the 3rd largest inward foreign direct investment the 5th largest outward foreign direct investment the 5th largest exporter 2 0 0 2 in the world Statistics by: https://web.archive.org/web/20071211224610/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2199rank.html
- 6. The United Kingdom’s Economy Features Labour Force by Occupation Currency Trade Organizations 4 Main Sectors
- 7. CURRENCY The POUND STERLING /ˌpaʊnd ˈstɜː.lɪŋ/ (symbol: £) 1 POUND is sub-divided into 100 PENCE (symbol: p) denominations of £50, £20, £10 and £5 coins in £2, £1, 50p, 20p, 10p, 5p, 2p and 1p
- 8. 01 European Union (until Jan 2020) 02 General Agreement on Tariffs and Trade 03 Organization of Economic Co-Operation and Development 04 Word Trade Organization Trade Organizations
- 9. Labour Force by Occupation Services Agriculture Industry 1.3% 15.2% 83.5% Statistics by: https://www.indexmundi.com/united_kingdom/labor_force_by_occupation.html & Employment in the UK: July 2022
- 10. 4 Main Sectors Agriculture intensive, highly mechanised, and efficient by European standards. Construction employed around 2.3 million people Production Services added gross value of £51.4 billion to the economy in 2018 the dominant sector of the UK economy
- 11. History of the United Kingdom’s Economy Industrial Revolution (1770-1820) 01 02 Free Trade Economy (1840) 03 WW1 and WW2 (1914-1928 & 1939 – 1945) 04 Becoming a member of EU (1973) 05 Thatcher Era (1979 – 1990) 06 The Brexit Era (1990 – 2020) 6 MILESTONES
- 12. 1. Industrial Revolution (1770 – 1820) before the industrial revolution o An agricultural economy with Unstable economic growth until 1650 o The Age of Mercantilism o From the middle of the 17th century, the economy gradually stabilized and skyrocketed in the 18th century.
- 13. 1. Industrial Revolution (1770 – 1820) o The agrarian economy transformed into the world's first industrial economy o Machine-based manufacturing economy o An unprecedented level of economic growth during the industrial revolution Jenny Spinning Machine Locomotive
- 14. o After 1840, Britain committed its economy to free trade, with few barriers or tariffs o From 1815 to 1870: 'the workshop of the world' 2. Free Trade Economy (1840)
- 15. I II 3. World War I & World War II World War I (1914 – 1918) World War II (1939 – 1945 )
- 16. I 3. World War I & World War II World War I (1914 – 1918) a decline of economic production, with a major reallocation to munitions, borrowing large sums from the U.S War Cost Unemployment ~ 2M (20% of workers)
- 17. II 3. World War I & World War II World War II (1939 – 1945 ) o A predominantly free-market economy => a centrally managed economy. o The cost for war: damaging of merchant shipping, export trade, goods and labour. o Postwar recovery was relatively slow, and it took nearly 40 years industrial production was reoriented toward munitions various industries became nationalized (owned by the government)
- 18. 4. Membership with EEC (1973) 1/1/1973 the UK joined the European Economic Community (EEC)
- 19. 4. Membership with EEC (1973) the British economy improves its competitiveness significantly
- 20. 5. Thatcher Era (1979 - 1990): denationalization of industrial Thatcherism is a form of Britsh conservative ideology named after Conservative Party leader Margaret Thatcher - Privatization, deregulation, reform of industrial relations, tax changes - Deindustrialization and structural unemployment was accepted - Major state-controlled firms were privatized
- 21. 6. The Brexit Era: (1990s - 2020) o 1990s: the movement known as Euroskepticism began gaining steam in the United Kingdom o The second decade of 21st century, 52 percent of voters opted for the British exit from the EU o 31/1/ 2020, UK left EU => Initiating a period of economic transition and uncertainty
- 22. The UK’s Economy Today The Bank of England CENTRAL BANK Currency POUND STERLING (£) Recession OFFICIALLY IN RECESSION in Jan 2009 Declination of the UK’s economy ECONOMY FOCUS -> ASIA COVID-19 PANDEMIC BREXIT
- 23. Annual GDP Growth expected 3,9% 2016-2019 GDP Apr 2022 18,9%/month GDP reached negative numbers Apr 2020 lost 1st stock change in Europe Jan 2021 2019-2021
- 24. Unemployment Rate Depending on age group Jun 2022 3,8% - lowest since 1974 compared to Jan 2021: 5% - highest since 2016 • age 16 – 24: 22,5% • age 25 – 34: 8,3%
- 25. Poverty in the UK Working-age people in poverty: increasingly likely to be in working families 2020: >14million people living in poverty (4,5 million children)
- 26. The UK’s Service Sector making up ~ 80% GDP dominated by financial services, espeacially banking & insurance
- 27. Tourism 5,9m visits in Jan – Apr 2022 10th major tourist destination in the world 6th major tourist destination in Europe very important to the UK’s economy