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1. THE ECONOMY OF UK
Presented by Sai Akshitha

2. STATISTICS OF THE ECONOMY
 The economy of the United Kingdom is the fifth-largest national
economy in the world measured by nominal gross domestic
product (GDP) and ninth-largest in the world measured by
purchasing power parity (PPP), comprising 4% of world GDP. It
is the second-largest in the European Union. The UK has been
the fastest growing economy in the Group of Seven (G7) for
four consecutive years.
 In 2015 the UK was the eleventh-largest exporter in the world
and the sixth-largest importer, and had the second-largest
stock of inward foreign direct investment and the second-
largest stock of outward foreign direct investment. The UK is
one of the world's most globalised economies, and is
composed of (in descending order of size) the economies of
England, Scotland, Wales and Northern Ireland.

3.  The service sector dominates the UK economy, contributing
around 78% of GDP; the financial services industry is
particularly important, and London is the world's largest financial
centre. Britain's aerospace industry is the second- or third-
largest national aerospace industry depending on the method of
measurement.Its pharmaceutical industry plays an important
role in the economy and the UK has the third-highest share of
global pharmaceutical research and development. The
automotive industry is also a major employer and exporter. The
British economy is boosted by North Sea oil and gas production;
its reserves were estimated at 2.9 billion barrels in 2015. There
are significant regional variations in prosperity, with South East
England and southern Scotland being the richest areas per
capita. The size of London's economy makes it the largest city
by GDP in Europe.

5.  In the 18th century the UK was the first country to industrialise,
and during the 19th century it had a dominant role in the global
economy. From the late 19th century the Second Industrial
Revolution was also taking place rapidly in the United States
and the German Empire; this presented an increasing economic
challenge for the UK. The costs of fighting World War I and
World War II further weakened the UK's relative position. In the
21st century, however, it remains a great power with global
strengths and an influential role in the world economy.

6. GOVERNMENT INTERVENTION IN THE ECONOMY...
 Government involvement throughout the economy is primarily exercised by HM
Treasury, headed 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. Since 1997, the Bank of England's
Monetary Policy Committee, headed by the Governor of the Bank of England,
has 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. The Scottish Government, subject to the approval of the Scottish
Parliament, has the power to vary the basic rate of income tax payable in
Scotland by plus or minus 3 pence in the pound, though this power has not yet
been exercised.
 In the 20-year period from 1986/87 to 2006/07 government spending in the UK
averaged around 40% of GDP.As a result of the 2007–2010 financial crisis and
the late-2000s global recession government spending increased to a historically
high level of 48% of GDP in 2009–10, partly as a result of the cost of a series of
bank bailouts.
 In terms of net government debt as % of GDP, at the end of June 2014 public
sector net debt excluding financial sector interventions was £1304.6 billion,
equivalent to 77.3% of GDP. In July 2007, the UK had government debt at 35.5%
of GDP.
 For the financial year of 2013–2014 public sector net borrowing was
£93.7 billion. This was £13.0 billion higher than in the financial year of 2012–
2013.