Economic Profile - UK

Overview The UK, a leading trading power and financial center, is one of the quartet of trillion dollar economies of Western Europe.UKEurope Over the past two decades the government has greatly reduced public ownership and contained the growth of social welfare programs.government Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with only 1% of the labour force.AgricultureEuropeanfoodlabour force

Overview The UK has large coal, natural gas, and oil reserves; primary energy production accounts for 10% of GDP, one of the highest shares of any industrial nation.UKoil reservesenergyGDP Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance.GDPindustry

Overview GDP growth slipped in as the global downturn, the high value of the pound, and the bursting of the "new economy" bubble hurt manufacturing and exports.GDPeconomyexports Still, the economy is one of the strongest in Europe; inflation, interest rates, and unemployment remain low.economy Europe The relatively good economic performance has complicated the BLAIR government's efforts to make a case for Britain to join the European Economic and Monetary Union (EMU).BritainEuropean

Overview Critics point out, however, that the economy is doing well outside of EMU, and they point to public opinion polls that continue to show a majority of Britons opposed to the single currency.economycurrency Meantime, the government has been speeding up the improvement of education, transport, and health services, at a cost in higher taxes.governmenteducation health

Overview The war in March-April 2003 between a US-led coalition and Iraq, together with the subsequent problems of restoring the economy and the polity, involve a heavy commitment of British military forces.IraqeconomyBritishmilitary Source: