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Encyclopedia > Economy of England

The Economy of England is the largest of the four economies of the United Kingdom. Image File history File links Broom_icon. ...


England is one of the world’s most highly industrialised countries. It is an important producer of textiles and chemical products. Although automobiles, locomotives, and aircraft are among England’s other important industrial products, the bulk of the country's income comes from the City (see next para). Motto (French) God and my right Anthem No official anthem - the United Kingdom anthem God Save the Queen is commonly used England() – on the European continent() – in the United Kingdom() Capital (and largest city) London (de facto) Official languages English (de facto)1 Unified  -  by Athelstan 927 AD  Area  -  Total... Industrialisation (or industrialization) or an industrial revolution (in general, with lowercase letters) is a process of social and economic change whereby a human society is transformed from a pre-industrial to an industrial state . ... This article is about the type of fabric. ... Car redirects here. ... Great Western Railway No. ... Look up aircraft in Wiktionary, the free dictionary. ...


Since the 1980s the financial services sector has played an increasingly greater role in the English economy and the City of London is amongst the world's largest financial centres. Banks, insurance companies, commodity and futures exchanges are heavily concentrated in the City. The City of London is a geographically-small city within Greater London, England. ...


The service sector of the economy as a whole is now the largest sector in England, with manufacturing and primary industries in decline. The only major secondary industry that is growing is the construction industry, fueled by economic growth provided mainly by the growing services, administrative and financial sector.


The British Pound Sterling is the official currency of England and the central bank of the United Kingdom, the Bank of England, is located in London. “GBP” redirects here. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound Sterling ISO 4217 Code GBP Base borrowing rate 5. ...


In medieval times (c. 11th Century-15th Century) the wool trade was the major industry of England and the country exported wool to Europe. Many market towns and ports grew up on the industry. Poor infrastructure hampered the development of large scale industry. This changed when the canals and railways began to be built, in the late 18th Century and early 19th Century. As a means of recording the passage of time, the 11th century was that century which lasted from 1001 to 1100. ... (14th century - 15th century - 16th century - other centuries) As a means of recording the passage of time, the 15th century was that century which lasted from 1401 to 1500. ... Wool in a shearing shed Long and short hair wool at the South Central Family Farm Research Center in Boonesville, AR Wool sheep, Royal Melbourne Show Wool is the fibre derived from the hair of animals of the Caprinae family, principally sheep and goats, but the hair of other mammals... The Canal du Midi, Toulouse, France Canals are man-made channels for water. ... (17th century - 18th century - 19th century - more centuries) As a means of recording the passage of time, the 18th century refers to the century that lasted from 1701 through 1800. ... Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ...


England became the world's first industrialised nation, with the industrial revolution taking place in the late 18th Century. This was also the age of British overseas expansion, where England relied upon colonies (such as America, Canada, or Australia) to bring in resources such as cotton and tobacco. English factories then processed the goods and sold them on in both the quickly growing domestic market or abroad. Cities grew and large industrial centres were established, especially in the Midlands and North England. The Industrial Revolution was a major shift of technological, socioeconomic, and cultural conditions that occurred in the late 18th century and early 19th century in some Western countries. ... (17th century - 18th century - 19th century - more centuries) As a means of recording the passage of time, the 18th century refers to the century that lasted from 1701 through 1800. ... Motto (French) God and my right Anthem No official anthem - the United Kingdom anthem God Save the Queen is commonly used England() – on the European continent() – in the United Kingdom() Capital (and largest city) London (de facto) Official languages English (de facto)1 Unified  -  by Athelstan 927 AD  Area  -  Total... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... Cotton ready for harvest. ... Shredded tobacco leaf for pipe smoking Tobacco can also be pressed into plugs and sliced into flakes Tobacco is an agricultural product processed from the fresh leaves of plants in genus Nicotiana. ... This article does not cite any references or sources. ... The three northern Regions Northern England is a rather ill-defined term, with no universally accepted definition. ...


Heavy industries, such as coal mining, steel production and ship building, declined in England during the second half of the 20th Century and were replaced by service industries and hi-tech industries, such as the computer and pharmaceutical industries. Surface coal mining in Wyoming. ... Shipbuilding is the construction of ships. ... (19th century - 20th century - 21st century - more centuries) Decades: 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s As a means of recording the passage of time, the 20th century was that century which lasted from 1901–2000 in the sense of the Gregorian calendar (1900–1999... The NASA Columbia Supercomputer. ... medicines, see Medication. ...


Today England is one of Europe's, as well as the world's, wealthiest nations and is the wealthiest of the four nations that make up the UK (GDP per capita).

Contents

Economic sectors

Agriculture and Fishing

Agriculture is intensive, highly mechanised, and efficient by European standards, producing about 60% of food needs with only 1% of the labour force. It contributes around 2% of GDP. Around two thirds of production is devoted to livestock, one third to arable crops. Agriculture is heavily subsidised by the European Union's Common Agricultural Policy and it is not known how large a sector it would be if the market was unregulated. The GDP from the farming sector is argued by some to be a small return on the subsidies given but is argued by others that subsidy boosts security. And therefore is justified in the same way defence spending is. Intensive agriculture is an agricultural production system characterized by the significant use of inputs, and seeking to maximize the production. ... Agriculture (encompasses farming, ranching, and the tending of orchards and vineyards) is the production of food, feed, fiber, fuel and other goods by the systematic raising of plants and animals. ... World map showing the location of Europe. ... Sheep are commonly bred as livestock. ... In geography, arable land is a form of agricultural land use, meaning land that can be (and is) used for growing crops. ... The Common Agricultural Policy (CAP) is a system of European Union agricultural subsidies and programmes. ...


The main crops that are grown are wheat, barley, oats, potatoes, sugar beets, fruits and vegetables. The livestock that is raised is cattle and sheep. In the drier east, farmers raise wheat, barley, oats, potatoes, and sugar beets. Apples are grown in the west. Cornwall and the nearby Isles of Scilly, that have the mildest climate and longest growing season in England, raise winter vegetables, fruits, and flowers for the London Market. Cornwall (pronounced ; Cornish: ) is a county in south-west England, United Kingdom, on the peninsula that lies to the west of the River Tamar and Devon. ... St Martins taken from the helicopter to Penzance View from Tresco, the second largest member of the Isles of Scilly For the area of Surrey, see Scilly Isles, Surrey. ...


England is one of the world’s leading fishing nations. Its fleets bring home fish of every kind, ranging from sole to herring. Kingston upon Hull, Grimsby, Fleetwood, Great Yarmouth, and Lowestoft are among the coastal towns that have large fishing industries. The soles are flatfishes of various families. ... Species Clupea alba Clupea bentincki Clupea caspiopontica Clupea chrysotaenia Clupea elongata Clupea halec Clupea harengus Clupea inermis Clupea leachii Clupea lineolata Clupea minima Clupea mirabilis Clupea pallasii Clupea sardinacaroli Clupea sulcata Herrings are small oily fish of the genus Clupea found in the shallow, temperate waters of the North Atlantic... Hull or Kingston upon Hull is a British city situated on the north bank of the Humber estuary. ... , Grimsby (also known as Great Grimsby, after its Parliamentary constituency title[1]) is a seaport on the Humber Estuary in Lincolnshire, England. ... , Fleetwood is a town within the Wyre district of Lancashire, England, lying at the northwest corner of the Fylde. ... Great Yarmouth, often known to locals simply as Yarmouth, is an English coastal town in the county of Norfolk. ... Lowestoft (pronouned IPA: /loÊŠs tÉ”ft, -tÉ’ft, -tÉ™f/) is a town in Suffolk, East Anglia, England, lying between the eastern edge of The Broads National Park at Oulton Broad and the North Sea. ... Fishing is the activity of hunting for fish by hooking, trapping, or gathering. ...


Investing and banking

England's capital is London. The City of London is London's major financial district, and one of the world's leading financial centres. The city is where the London Stock Exchange, as well as many other exchanges, are based. This article is about the capital of England and the United Kingdom. ... The City of London is a geographically-small city within Greater London, England. ... The Source by Greyworld, in the new LSE building Paternoster Square. ...


Service industries, particularly banking, insurance, and business services, account by far for the largest proportion of GDP and employ around 70% of the working population. The tertiary sector of industry, also called the service sector or the service industry, is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing and primary goods production such as agriculture), and primary industry (extraction such as mining and fishing). ... For other uses, see Bank (disambiguation). ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ...


Manufacturing

Manufacturing continues to decline in importance. In the 1960s and 70s manufacturing was a significant part of England's economic output. However a lot of the heavy manufacturing industry was government run and had failed to respond to world markets. State industries were sold off and over the 20th century many closed as they were unable to compete; a situation largely reflected in other Western industrialised countries. However, manufacturing still accounts for some 26% of the UK's GDP. England remains a key player in the aerospace, defence, pharmaceutical and chemical industries and British companies world wide continue to have a role in the sector through foreign investment. Closure of English factories and movement of manufacturing to Eastern Europe and the "Far East" in search of lower costs (especially through lower wages and less strict employment laws) continues to benefit share-holders, consumers and the UK economy as a whole, although areas that were formerly dependent on manufacturing such as the Midlands and North East have experienced severe economic decline. Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ... Pre-1989 division between the West (grey) and Eastern Bloc (orange) superimposed on current national boundaries: Russia (dark orange), other countries of the former USSR (medium orange),members of the Warsaw pact (light orange), and other former Communist regimes not aligned with Moscow (lightest orange). ... The far east as a cultural block includes East Asia, Southeast Asia, Northeast Asia and South Asia. ...


Tourism

Tourism is the 6th largest industry in the UK, contributing 76 billion pounds to the economy. It employs 1,800,000 full-time equivalent people — 6.1% of the working population (2002 figures) [1]. The largest centre for tourism is London, which attracts millions of international tourists every year. Tourists on Oahu, Hawaii Tourism is travel for predominantly recreational or leisure purposes or the provision of services to support this leisure travel. ... “GBP” redirects here. ... Full-time equivalent (FTE) is a way to measure a workers productivity and/or involvement in a project. ...


Currency

The currency of England is the Pound Sterling, or British pound. The central bank of the United Kingdom, where interest rates are set and monetary policy is carried out, is the Bank of England in London. “GBP” redirects here. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound Sterling ISO 4217 Code GBP Base borrowing rate 5. ...


There is considerable debate as to whether the UK should join the Euro currency, which would replace the Pound. The relatively good economic performance has complicated the Blair government's efforts to make a case for Britain to leave the Pound Sterling and join the Euro. The British Prime Minister has pledged to hold a public referendum if membership meets Chancellor of the Exchequer Gordon Brown's "five economic tests". The tests are: “EUR” redirects here. ... For other people of the same name, see Tony Blair (disambiguation) Anthony Charles Lynton Blair (born May 6, 1953)[1] is the Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service, Leader of the Labour Party, and Member of Parliament for the constituency... In the United Kingdom, the Prime Minister is the head of government, exercising many of the executive functions nominally vested in the Sovereign, who is head of state. ... Elections Part of the Politics series Politics Portal This box:      A referendum (plural: referendums or referenda) or plebiscite (from Latin plebiscita, originally a decree of the Concilium Plebis) is a direct vote in which an entire electorate is asked to either accept or reject a particular proposal. ... The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. ... For the sportsmen, see Gordon Brown (disambiguation). ... The five economic tests are the criteria defined by the United Kingdom Government that are to be used to assess the UKs readiness to join the Eurozone and adopt the euro as its currency. ...

  1. Are business cycles and economic structures compatible with European interest rates on a permanent basis?
  2. If problems emerge, is there sufficient flexibility to deal with them?
  3. What impact would entry into the Euro have on the UK's financial services industry?
  4. Would joining the Euro create better conditions for firms making long-term decisions to invest in Britain?
  5. Would joining the Euro promote higher growth, stability and a lasting increase in jobs?

When assessing the tests, Gordon Brown concluded that while the decision was close, the United Kingdom should not yet join the Euro. In particular, he cited fluctuations in house prices as a barrier to immediate entry. The tests will be reassessed in the future. Public opinion polls show that a majority of Britons are opposed to joining the single currency at this time. The same polls point towards stronger opposition to the Euro in England than in the other UK nations. // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... An opinion poll is a survey of opinion from a particular sample. ... “EUR” redirects here. ...


Regional variation

The strength of the English economy varies from region to region. GDP, and GDP per capita is highest in London. The following table shows the GDP (2004) per capita of England as a whole and each of the nine regions. This article is about the capital of England and the United Kingdom. ... shelby was here 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...

Rank Place GDP per capita
in Euros
England 24 503
1. London 44 401
2. South East 31 300
3. East of England 27 778
4. South West 27 348
5. East Midlands 26 683
6. West Midlands 25 931
7. North West 25 396
8. Yorkshire and the Humber 25 300
9. North East 22 886

Two of the 10 economically strongest areas in the European Union are in England. Inner London is number 1 with a €71 338 GDP per capita (303% above EU average); Berkshire, Buckinghamshire & Oxfordshire is number 7 with a €40 937 GDP per capita (174% above EU average). “EUR” redirects here. ... Motto (French) God and my right Anthem No official anthem - the United Kingdom anthem God Save the Queen is commonly used England() – on the European continent() – in the United Kingdom() Capital (and largest city) London (de facto) Official languages English (de facto)1 Unified  -  by Athelstan 927 AD  Area  -  Total... This article is about the capital of England and the United Kingdom. ... South East England is one of the nine official regions of England. ... The East of England is one of the nine official regions of England. ... South West England is one of the regions of England. ... The East Midlands is one of the regions of England and consists of most of the eastern half of the traditional region of the Midlands. ... The West Midlands is an official Region of England, covering the western half of the Midlands. ... North West England is one of the nine regions of England. ... Yorkshire and the Humber is one of the regions of England. ... North-East England is one of the nine official regions of England and comprises the combined area of Northumberland, County Durham, Tyne and Wear and a small part of North Yorkshire. ... If it considered as a single state, the economy of the European Unions twenty-seven member states is currently the worlds second largest economy. ... Inner London is the name for the group of London boroughs which form the central part of Greater London and are surrounded by Outer London. ... This article or section does not cite any references or sources. ... Buckinghamshire (abbreviated Bucks) is one of the home counties in South East England. ... Oxfordshire (abbreviated Oxon, from the Latinised form Oxonia) is a county in the South East of England, bordering on Northamptonshire, Buckinghamshire, Berkshire, Wiltshire, Gloucestershire, and Warwickshire. ...


Although being in South West England, which is the 4th strongest region in England, Cornwall and the Isles of Scilly (combined into a NUTS:3 region for statistical purposes) is the weakest area in England, with a GDP per capita of €18 645 per capita, or 79% of the EU average of €21 503. Cornwall (pronounced ; Cornish: ) is a county in south-west England, United Kingdom, on the peninsula that lies to the west of the River Tamar and Devon. ... St Martins taken from the helicopter to Penzance View from Tresco, the second largest member of the Isles of Scilly For the area of Surrey, see Scilly Isles, Surrey. ... Look up nuts in Wiktionary, the free dictionary. ...


References

See also


  Results from FactBites:
 
Economy of England - Wikipedia, the free encyclopedia (1249 words)
The Economy of England is the largest of the four economies of the United Kingdom.
England is one of the world’s most highly industrialised countries.
strongest region in England, Cornwall and the Isles of Scilly (combined into a NUTS:3 region for statistical purposes) is the weakest area in England, with a GDP per capita of €15 366 per capita, or 73% of the EU average of €21 170.
  More results at FactBites »

 
 

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