_-_2022-04-24.jpg) Greenwich looking towardsCanary Wharf, part ofLondon's central business district, one of the majorfinancial centres of the world | |
| Currency | Pound sterling (GBP, £) |
|---|---|
| 1 April to 31 March[a] | |
Trade organisations | WTO,G-20,G7,CPTPP andOECD |
Country group | |
| Statistics | |
| Population | 69,281,437 (2024)[5] |
| GDP | |
| GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
 3.8% (August 2025)[8] | |
 4% (August 2025)[9] | |
Population belowpoverty line | 21% (2023)[b][10] |
| 36.5medium (2022)[11] | |
| (13th) | |
 71 out of 100 points (2024)[13] (20th) | |
Labour force | 33,856,000 / 74.9% in employment (Oct–Dec 2024)[c][14] |
Labour force by occupation | List
|
| Unemployment | 1,557,000 / 4.4% (Oct–Dec 2024)[e][14] |
Average gross salary | £728.30 per week (2024)[f][14] |
Main industries | List
|
| External | |
| Exports |  £837.7 billion (2024)[g][15] (4th) |
Export goods | |
Main export partners |
|
| Imports |  £865.7 billion (2024)[g][15] (6th) |
Import goods | List
|
Main import partners |
|
FDI stock |
|
| £−53.3 billion (2023)[16] | |
Grossexternal debt | £7.533 trillion (2023)[17] (2nd) |
| £−658.2 billion (2023)[16] | |
| Public finances | |
| £2.686 trillion / 96% of GDP (2023/24)[18] | |
| £−131 billion / 4.8% of GDP (2023/24)[18] | |
| Revenues | £1.098 trillion (2023/24)[18] |
| Expenses | £1.230 trillion (2023/24)[18] |
| Economic aid | $19.1 billion (2023)[i][20] |
List
| |
TheUnited Kingdom has ahighly developedsocial market economy.[24][25][26] From 2017 to 2025 it has been thesixth-largest national economy in the world measured by nominalgross domestic product (GDP),tenth-largest bypurchasing power parity (PPP), and about21st bynominal GDP per capita,[27] constituting 3.38% ofworld GDP and 2.13% by purchasing power parity (PPP).[28][29]
The United Kingdom has one of the mostglobalised economies[30] and comprisesEngland,Scotland,Wales andNorthern Ireland.[31] In 2022, the United Kingdom was thefifth-largest exporter[32] of goods and services in the world and thefourth-largest importer.[33] It also had the fourth-largestoutwardforeign direct investment,[34] and the fifteenth-largestinward foreign direct investment.[35] In 2022, the United Kingdom's trade with theEuropean Union accounted for 42% of the country's exports and 48% of its total imports.[36] The United Kingdom has a highly efficient and strongsocial security system, which comprisesroughly 24.5% of GDP.[4][37][3]
Theservice sector dominates, contributing 82% of GDP;[38] thefinancial services industry is particularly important, andLondon is the second-largestfinancial centre in the world.[39]Edinburgh was ranked 17th in the world, and 6th in Europe for its financial services industry in 2021.[40] The United Kingdom's technology sector is valued at US$1 trillion, third behind the United States and China.[41] Theaerospace industry in the United Kingdom is the second-largest national aerospace industry.[42] Itspharmaceutical industry, the tenth-largest in the world,[43] plays an important role in the economy. Of the world's 500 largest companies, 17 are headquartered in the UK.[44] The economy is boosted byNorth Sea oil and gas production; its reserves were estimated at 2.5 billion barrels in 2021,[7] although it has been a net importer of oil since 2005.[45] There are significant regional variations in prosperity, withSouth East England andNorth East Scotland being the richest areas per capita. The size ofLondon's economy makes it the wealthiest city by GDP per capita in Europe.[46] In 2022, the UK spentaround 2.8% of GDP onresearch and development.[47]
In the 18th century, Britain was the first nation toindustrialise.[48][49][50] During the 19th century, through its expansivecolonial empire and technological superiority, Britain had a preeminent role in the global economy,[51] accounting for 9.1% of the world's GDP in 1870.[52] TheSecond Industrial Revolution was also taking place rapidly in the United States and theGerman Empire; this presented an increasing economic challenge for the UK, leading into the 20th century. The cost of fighting both theFirst and Second World Wars further weakened the UK's relative position. Despite a relative decline in its global dominance, in the 21st century the UK retains the ability to project significant power and influence around the world.[7][53][54][55] During theGreat Recession of 2008, the UK economy suffered a significant decline, followed by a period of weak growth and stagnation.[56][57]
Government involvement is primarily exercised byHis Majesty's Treasury, headed by theChancellor of the Exchequer, and theDepartment for Business and Trade. Since 1979, management of the economy has followed a broadlylaissez-faire approach.[24][25][58][59][60][61] TheBank of England is the UK'scentral bank, and since 1997 itsMonetary Policy Committee has been responsible for settinginterest rates,quantitative easing, andforward guidance.
The Second World War net loss to UK national wealth amounted to 18.6% (£4.59 billion) of the nation's pre-war wealth (£24.68 billion) at 1938 prices.[62] After the war,a new Labour government fully nationalised theBank of England, civil aviation, telephone networks, railways, gas, electricity, and the coal, iron and steel industries, affecting 2.3 million workers.[63] Post-war, the United Kingdom enjoyed a long period without a major recession; there was a rapid growth in prosperity in the 1950s and 1960s, with unemployment staying low and not exceeding 3.5% until the early 1970s.[64] The annual rate of growth between 1960 and 1973 averaged 2.9% although this figure was far behindFrance,West Germany andItaly.[65]
Gradual deindustrialisation meant the closure of operations in mining, heavy industry, and manufacturing, resulting in the loss of highly paid working-class jobs.[66] The UK's share of global manufacturing output had risen from 9.5% in 1830, during theIndustrial Revolution, to 22.9% in the 1870s. It fell to 13.6% by 1913, 10.7% by 1938, and 4.9% by 1973.[67] Overseas competition, lack of innovation, trade unionism, the welfare state, loss of theBritish Empire, and cultural attitudes have all been put forward as explanations.[68] It reached crisis point in the 1970s against the backdrop of a worldwide energy crisis, high inflation, and a dramatic influx of low-cost manufactured goods from Asia.[69]
During the1973 oil crisis, which saw oil prices quadruple,[70] the1973–1974 stock market crash, and theSecondary banking crisis of 1973–1975, the British economy fell into the1973–1975 recession and the government ofEdward Heath was ousted by theLabour Party underHarold Wilson, which had previously governed from 1964 to 1970. Wilson formed aminority government in March 1974 after thegeneral election on 28 February ended in ahung parliament. Wilson secured a three-seat overall majority in asecond election in October that year. The UK recorded weaker growth than many other European nations in the 1970s; even after the recession, the economy was blighted by rising unemployment and double-digit inflation, which exceeded 20% more than once and was rarely below 10% after 1973.
During the1976 sterling crisis, the UK was forced to apply for a loan of £2.3 billion from theInternational Monetary Fund.Denis Healey, thenChancellor of the Exchequer, was required to implement public spending cuts and other economic reforms in order to secure the loan, and for a while the British economy improved, with growth of 4.3% in early 1979.[71] Following the discovery of largeNorth Sea oil reserves, the UK became a net exporter of oil by the end of the 1970s, which contributed to a massive appreciation of the pound, making exports in general more expensive and imports cheaper. Oil prices doubled between 1979 and 1980, further reducing manufacturing profitability.[70] Following theWinter of Discontent, when the UK was hit by numerous public sector strikes, the government ofJames Callaghan lost a vote of no confidence in March 1979. This triggered thegeneral election on 3 May 1979 which resulted inMargaret Thatcher's Conservative Party forming a new government. In retrospect, the 1970s is considered to have been a "lost decade" for the UK economy.[72][73]
A new period ofneo-liberal economics began with this election. During the 1980s, many state-owned industries and utilities wereprivatised, taxes cut, trade union reforms passed and markets deregulated. GDP fell by 5.9% initially,[74] but growth subsequently returned and rose to an annual rate of 5% at its peak in 1988, one of the highest rates of any country in Europe.[75][76]
Thatcher's modernisation of the economy was far from trouble-free; her battle with inflation, which in 1980 had risen to 21.9%, resulted in a substantial increase in unemployment from 5.3% in 1979 to over 10.4% by the start of 1982, peaking at nearly 11.9% in 1984 – a level not seen in Britain since theGreat Depression.[77] The rise in unemployment coincided with theearly 1980s global recession, after which UK GDP did not reach its pre-recession rate until 1983. In spite of this, Thatcherwas re-elected in June 1983 with a landslide majority. Inflation had fallen to 3.7%, while interest rates were relatively high at 9.56%.[77] The increase in unemployment was largely due to the government'seconomic policy which resulted in the closure of outdated factories andcoal pits. Manufacturing in England and Wales declined from around 38% of jobs in 1961 to around 22% in 1981.[78] This trend continued for most of the 1980s, with newer industries and the service sector enjoying significant growth. Many jobs were also lost as manufacturing became more efficient and fewer people were required to work in the sector. Unemployment had fallen below 3 million by the time of Thatcher's third successive election victory in June 1987; and by the end of 1989 it was down to 1.6 million.[79]
Britain's economy slid intoanother global recession in late 1990; it shrank by a total of 6% from peak to trough,[80] and unemployment increased from around 6.9% in spring 1990 to nearly 10.7% by the end of 1993. However, inflation dropped from 10.9% in 1990 to 1.3% three years later.[77] The subsequent economic recovery was extremely strong, and unlike after the early 1980s recession, the recovery saw a rapid and substantial fall in unemployment, which was down to 7.2% by 1997,[77] although the popularity of the Conservative government had failed to improve with the economic upturn. The government won a fourth successive election in 1992 underJohn Major, who had succeeded Thatcher in November 1990, but soon afterwards cameBlack Wednesday, which damaged the Conservative government's reputation for economic competence, and from that stage onwards, theLabour Party was ascendant in the opinion polls, particularly in the immediate aftermath ofTony Blair's election as party leader in July 1994 following the sudden death of his predecessorJohn Smith.
Despite two recessions, wages grew consistently by around 2% per year inreal terms from 1980 until 1997, and continued to grow until 2008.[81]
In May 1997, Labour, led by Tony Blair, won the general election following 18 years of Conservative government.[82] The Labour Government inherited a strong economy with low inflation,[83] falling unemployment,[84] and acurrent account surplus.[85] Blair ran on a platform ofNew Labour which was characterised largely by the continuation of neo-liberal economic policies, but also supporting a strong welfare state. In Britain it was largely viewed as a combination of socialist and capitalist policies, being dubbed 'Third Way'.[86] Four days after the election,Gordon Brown, the new Chancellor of the Exchequer, gave the Bank of England the freedom to controlmonetary policy, which until then had been directed by the government.
During Blair's 10 years in office there were 40 successive quarters of economic growth, lasting until the second quarter of 2008. GDP growth, which had briefly reached 4% per year in the early 1990s, gently declining thereafter, was relatively anaemic compared to prior decades, such as the 6.5% per year peak in the early 1970s, although growth was smoother and more consistent.[76]Annual growth rates averaged 2.68% between 1992 and 2007,[75] with the finance sector accounting for a greater part than previously. The period saw one of the highest GDP growth rates of any developed economy and the strongest of any European nation.[87] At the same time,household debt rose from £420 billion in 1994 to £1 trillion in 2004 and £1.46 trillion in 2008 – more than the entire GDP of the UK.[88] Total government, business, household and financial sector debt reached 469% of GDP in 2008. For historical comparison, total UK debt was 286% of GDP in 1947, after the Second World War, and 110% in 1980.[89]
This extended period of growth ended inQ2 of 2008 when the United Kingdom entered theGreat Recession brought about by the2008 financial crisis. The UK was particularly vulnerable to the crisis because its financial sector was the most highlyleveraged of any major economy.[90] Beginning with the collapse ofNorthern Rock, which was taken intopublic ownership in February 2008, other banks had to be partly nationalised. TheRoyal Bank of Scotland Group, at its peak the fifth-largest bank in the world bymarket capitalisation, was effectively nationalised in October 2008. By mid-2009,HM Treasury had a 70.33% controlling shareholding in RBS, and a 43% shareholding, through theUK Financial Investments Limited, inLloyds Banking Group. The Great Recession, as it came to be known, saw unemployment rise from just over 1.6 million in January 2008 to nearly 2.5 million by October 2009.[91][92]
In August 2008 the IMF warned that the country's outlook had worsened due to a twin shock: financial turmoil and rising commodity prices.[93] Both developments harmed the UK more than most developed countries, as it obtained revenue from exporting financial services while running deficits in goods and commodities, including food. In 2007, the UK had the world's third largestcurrent account deficit, due mainly to a large deficit in manufactured goods. In May 2008, the IMF advised the UK government to broaden the scope of fiscal policy to promote external balance.[94] The UK's output per hour worked was on a par with the average for the "old"EU-15 countries.[95]
In March 2009, the Bank of England (BoE) cut interest rates to a then-historic low of 0.5% and beganquantitative easing (QE) to boost lending and shore up the economy.[96] The UK exited theGreat Recession in Q4 of 2009 having experienced six consecutive quarters of negative growth, shrinking by 6.03% from peak to trough, making it the longest recession since records began and the deepest sinceWorld War II.[80][97] Support for Labour slumped during the recession, and thegeneral election of 2010 resulted ina coalition government being formed by the Conservatives and theLiberal Democrats.
In 2011,household, financial, and business debts stood at 420% of GDP in the UK.[j][98] As the world'smost indebted country, spending and investment were held back after the recession, creatingeconomic malaise. However, it was recognised thatgovernment borrowing, which rose from 52% to 76% of GDP, had helped to avoid a1930s-style depression.[99] Within three years of the general election, government cuts aimed at reducing the budget deficit had led topublic sector job losses well into six figures, but theprivate sector enjoyed strong jobs growth.
The ten years following the Great Recession were characterised by extremes. In 2015, employment was at its highest since records began,[100] and GDP growth had become the fastest in theGroup of Seven (G7) and Europe,[101] butworkforce productivity was the worst since the 1820s, with any growth attributed to a fall in working hours.[102] Output per hour worked was 18% below the average for the rest of the G7.[103] Real wage growth was the worst since the 1860s, and theGovernor of the Bank of England described it as a lost decade.[104] Wages fell by 10% in real terms in the eight years to 2016, whilst they grew across the OECD by an average of 6.7%.[105] For 2015 as a whole,[106] thecurrent account deficit rose to a record high of 5.2% of GDP (£96.2bn),[107] the highest in the developed world.[108] In Q4 2015, it exceeded 7%, a level not witnessed during peacetime since records began in 1772.[109] The UK relied on foreign investors to plug the shortfall in itsbalance of payments.[110] Homes had becomeless affordable, a problem exacerbated by QE, without which house prices would have fallen by 22%, according to the BoE's own analysis.[111] The Great Recession had a long term effect on UK's growth; GDP growth slowed from an annual average of 3.0% between 1993 and 2007 to 1.5% between 2009 and 2023, while labour productivity growth slowed from an annual average of 1.9% between 1993 and 2008 to 0.4% between 2008 and 2023.[56]
A rise in unsecured household debt added to questions over thesustainability of theeconomic recovery in 2016.[112][113][114] The BoE insisted there was no cause for alarm,[115] despite having said two years earlier that the recovery was "neither balanced nor sustainable".[116][k] Following theUK's 2016 decision to leave theEuropean Union, the BoE cut interest rates to a new historic low of 0.25% for just over a year. It also increased the amount of QE since the start of the Great Recession to £435bn.[119] By Q4 2018 net borrowing in the UK was the highest in the OECD at 5% of GDP.[l] Households had been in deficit for an unprecedented nine quarters in a row. Since the Great Recession, the country was no longer making a profit on its foreign investments.[120]
In March 2020, in response to theCOVID-19 pandemic, a temporary ban was imposed on non-essential business and travel in the UK. The BoE cut the interest rate to 0.1%.[121] Economic growth had been weak before the crisis, with zero growth in Q4 2019.[122] By May, 23% of the British workforce was furloughed (temporarily laid off). Government schemes were launched to help affected workers.[123] In the first half of 2020, GDP shrank by 22.6%,[124] the deepest recession in UK history and worse than any otherG7 or European country.[125] During 2020 the BoE purchased £450 billion ofgovernment bonds, taking the amount of quantitative easing since the start of the Great Recession to £895 billion.[126] Overall, GDP shrank by 9.9% in 2020, making it the worst contraction since theGreat Frost paralysed the economy in 1709.[127]
In 2021 consumer price inflation (CPI) began rising sharply due to higher energy and transport costs.[128] With annual inflation approaching 11%, the BoE gradually increased the base rate to 2.25% during the first nine months of 2022.[129] The UK was not alone: global inflation rates were the highest in 40 years owing to the pandemic andRussia's invasion of Ukraine.[130] The UK had the highest domestic electricity prices and amongst the highest gas prices in Europe, contributing toa cost of living crisis.[131] In February 2022 the BoE beganquantitative tightening (a reversal of QE) by not renewing mature government bonds and in November started offloading bonds to private investors,[132] signalling the end to an era of easy borrowing.[133][134] In October 2022 year-on-year CPI peaked at 11.1%, the worst for 41 years.[135]
In August 2023, theONS announced that nominal GDP had surpassed its pre-COVID-19 size in the final quarter of 2021.[136] GDP per capita rose by 0.7% a year on average from 2007 to 2024, in contrast with 2.5% during the global credit bubble from 1990 to 2007.[137] As of early 2024, average wages in the UK adjusted by inflation were roughly the same as in 2008.[56] As of July 2025, theunemployment rate was 4.7%,[138] up from 3.8% in February 2024.[139] In 2024, there were 11 million economically inactive people (those aged 16 to 64 who are not in the labour force) in the UK.[140]
.png)
Government involvement in the economy is primarily exercised byHM 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'sMonetary Policy Committee, headed by the Governor of the Bank of England, has been responsible for settinginterest rates at the level necessary to achieve the overall inflation target for the economy that is set by the Chancellor each year.[141] 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.[142] In July 2007, the UK hadgovernment debt at 35.5% ofGDP.[143] As a result of the2008 financial crisis and theGreat Recession, government spending increased to a historically high level of 48% of GDP in 2009–10, partly as a result of the cost of aseries of bank bailouts.[142][143] In terms ofnet government debt as a percentage of GDP, at the end of June 2014 public sector net debt excluding financial sector interventions was £1.305 trillion, equivalent to 77.3% of GDP.[144] For the financial year of 2013–2014 public sector net borrowing was £93.7 billion.[144] This was £13.0 billion higher than in the financial year of 2012–2013.
Taxation in the United Kingdom may involve payments to at least two different levels of government: local government and central government (HM Revenue & Customs). Local government is financed by grants from central government funds,business rates,council tax, and, increasingly, fees and charges such as those fromon-street parking. Central government revenues are mainly fromincome tax,national insurance contributions,value added tax,corporation tax andfuel duty.
The UK'sOffice for National Statistics'Blue Book divides the UK economy into 10 broad categories, to list their contribution to the UK economy in terms ofGross value added and employment income (as measured by employee compensation). These are
| Sector | GVA (£M)[145] | % of GVA[145] | Employee compensation (£M)[146] | % of employee compensation[146] |
|---|---|---|---|---|
| Agriculture | 16,206 | 0.8 | 4,887 | 0.4 |
| Production | 259,522 | 12.7 | 143,992 | 12.5 |
| Construction | 119,920 | 5.9 | 53,142 | 4.6 |
| Distribution | 335,709 | 16.4 | 235,682 | 20.4 |
| Information | 131,244 | 6.4 | 87,369 | 7.6 |
| Financial | 185,434 | 9.1 | 87,738 | 7.6 |
| Real Estate | 266,136 | 13.0 | 18,011 | 1.6 |
| Professional | 264,877 | 12.9 | 176,238 | 15.2 |
| Government (including health and education) | 405,455 | 19.8 | 313,594 | 27.1 |
| Other Services | 62,133 | 3.0 | 35,499 | 3.1 |
Agriculture in the UK isintensive, highlymechanised, and efficient by European standards. The country produces around 65% of its food needs. The self-sufficiency level was just under 50% in the 1950s, peaking at 80% in the 1980s, before declining to its present level at the turn of the 21st century.[147]
Agriculture added gross value of £12.18 billion to the economy in 2018, and around 467,000 people were employed in agriculture, hunting, forestry and fishing. It contributes around 0.5% of the UK's national GDP.[148] Around two-thirds of production by value is devoted to livestock, and one-third toarable crops.[149] The agri-food sector as a whole (agriculture and food manufacturing, wholesale, catering, and retail) was worth £120 billion and accounts for 4 million jobs in the UK.[150]
The construction industry of the United Kingdom employed around 2.3 million people and contributed gross value of £123.2 billion to the economy in 2019.[148]
One of the largest construction projects in the UK in recent years wasCrossrail, costing an estimated £19 billion. It was the largest construction project in Europe. Opened in 2022,[151] it is a new railway line running east to west through London and into the surrounding area, with a branch toHeathrow Airport.[152] The main feature of the project is construction of 42 km (26 mi) of new tunnels connecting stations in central London.[153]High Speed 2 between London and the West Midlands is one of Europe's largest infrastructure projects.[154]Crossrail 2 is a proposed rail route in the South East of England.
This sector added gross value of £51.4 billion to the economy in 2018.[148] The United Kingdom is expected to launch the building of new nuclear reactors to replace existing generators and to boost the UK's energy reserves.[155]
In the 1970s, manufacturing accounted for 25 per cent of the economy. Total employment in manufacturing fell from 7.1 million in 1979 to 4.5 million in 1992 and only 2.7 million in 2016, when it accounted for 10% of the economy.[156][157]
In 2023, the manufacturing industry was worth £451.6 billion or $588 billion to the UK economy, according to the office of national statistics.
Manufacturing has increased in 36 of the last 50 years and was twice in 2007 what it was in 1958.[158]
In 2011, the UK manufacturing sector generated approximately £140.5 billion in gross value added and employed around 2.6 million people.[159][160] Of the approximately £16 billion invested in R&D by UK businesses in 2008, approximately £12 billion was by manufacturing businesses.[160] In 2008, the UK was the sixth-largest manufacturer in the world measured by value of output.[161]
In 2008, around 180,000 people in the UK were directly employed in theUK automotive manufacturing sector.[162] In that year the sector had a turnover of £52.5 billion, generated £26.6 billion of exports[163] and produced around 1.45 million passenger vehicles and 203,000 commercial vehicles.[162] The UK is a major centre for engine manufacturing, and in 2008 around 3.16 million engines were produced in the country.[162]
Theaerospace industry of the UK is the second-largest aerospace industry in the world (after the United States) and the largest in Europe.[164][165] The industry employs around 113,000 people directly and around 276,000 indirectly and has an annual turnover of around £20 billion.[166][167] British companies with a major presence in the industry includeBAE Systems andRolls-Royce (the world's second-largest aircraft engine maker).[168][169] European aerospace companies active in the UK includeAirbus, whose commercial aircraft, space, helicopter and defence divisions employ over 13,500 people across more than 25 UK sites.[170]
Thepharmaceutical industry employs around 67,000 people in the UK and in 2007 contributed £8.4 billion to the UK'sGDP and invested a total of £3.9 billion inresearch and development.[171][172] In 2007 exports of pharmaceutical products from the UK totalled £14.6 billion, creating a trade surplus in pharmaceutical products of £4.3 billion.[173] The UK is home toGlaxoSmithKline andAstraZeneca, respectively the world's third- and seventh-largest pharmaceutical companies.[174][175]
The Blue Book 2013 reports that this sector added gross value of £31.4 billion to the UK economy in 2011.[159] In 2007, the UK had a total energy output of 9.5 quadrillionBtus (10 exajoules), of which the composition was oil (38%), natural gas (36%), coal (13%), nuclear (11%) and other renewables (2%).[176] In 2009, the UK produced 1.5 million barrels per day (bbl/d) of oil and consumed 1.7 million bbl/d.[177] Production is now in decline and the UK has been a net importer of oil since 2005.[177] As of 2010 the UK has around 3.1 billion barrels of proven crude oil reserves, the largest of any EU member state.[177]
In 2009, the UK was the 13th largest producer of natural gas in the world and the largest producer in the EU.[178] Production is now in decline and the UK has been a net importer of natural gas since 2004.[178] In 2009 the UK produced 19.7 million tons of coal and consumed 60.2 million tons.[176] In 2005 it had proven recoverable coal reserves of 171 million tons.[176] It has been estimated that identified onshore areas have the potential to produce between 7 billion tonnes and 16 billion tonnes of coal throughunderground coal gasification (UCG).[179] Based on current UK coal consumption, these volumes represent reserves that could last the UK between 200 and 400 years.[180]
The UK is home to a number of large energy companies, including two of the six oil and gas "supermajors" –BP andShell plc.[181][182] The UK is also rich in a number of natural resources, including coal, tin, limestone, iron ore, salt, clay, chalk, gypsum, lead and silica.
Theservice sector is the dominant sector of the UK economy, and it accounted for 82% of GDP in 2023.[38]
Thecreative industries accounted for 7% of gross value added (GVA) in 2005 and grew at an average of 6% per annum between 1997 and 2005.[183] Key areas include London and theNorth West of England, which are the two largest creative industry clusters in Europe.[184] According to the British Fashion Council, the fashion industry's contribution to the UK economy in 2014 is £26 billion, up from £21 billion in 2009.[185] The UK is home to the world's largest advertising company,WPP.
According to The Blue Book 2013 the education sector added a gross value of £84.6 billion in 2011 whilst human health and social work activities added £104.0 billion in 2011.[159]
In the UK the majority of the healthcare sector consists of the state funded and operatedNational Health Service (NHS), which accounts for over 80% of all healthcare spending in the UK and has a workforce of around 1.7 million, making it the largest employer in Europe, and putting it amongst the largest employers in the world.[186][187][188] The NHS operates independently in each of the fourconstituent countries of the UK. TheNHS in England is by far the largest of the four parts and had a turnover of £92.5 billion in 2008.[189]
In 2007/08 higher education institutions in the UK had a total income of £23 billion and employed a total of 169,995 staff.[190] In 2007/08 there were 2,306,000 higher education students in the UK (1,922,180 in England, 210,180 in Scotland, 125,540 in Wales and 48,200 in Northern Ireland).[190]
TheUK financial services industry added gross value of £116.4 billion to the UK economy in 2011.[159] The UK's exports of financial and business services make a significant positive contribution towards the country'sbalance of payments.
London is a major centre forinternational business and commerce and is one of the three "command centres" of the global economy (alongsideNew York City andTokyo).[191]
There are over 500 banks with offices in London, and it is the leading international centre for banking, insurance,Eurobonds, transactions in foreign currencies andenergy futures. London's financial services industry is primarily based in theCity of London andCanary Wharf. The City houses theLondon Stock Exchange, theLondon Metal Exchange,Lloyd's of London, and the Bank of England. Canary Wharf began development in the 1980s and is now home to major financial institutions such asBarclays Bank,Citigroup andHSBC, as well as the UKFinancial Services Authority.[192][193] London is also a major centre for other business and professional services, and four of the six largest law firms in the world are headquartered there.[194]
Several other major UK cities have large financial sectors and related services.Edinburgh has one of the largest financial centres in Europe[195] and is home to the headquarters ofLloyds Banking Group,NatWest Group andStandard Life.Leeds is the UK's largest centre for business and financial services outside London,[196][197][198] and the largest centre for legal services in the UK after London.[199][200][201]
According to a series of research papers and reports published in the mid-2010s, Britain's financial firms provide sophisticated methods tolaunder billions of pounds annually, including money from the proceeds ofcorruption around the world as well as the world'sdrug trade, thus making the city a global hub for illicit finance.[202][203][204][205] According to a Deutsche Bank study published in March 2015, Britain was attracting circa one billion pounds of capital inflows a month not recorded by official statistics, up to 40 per cent probably originating fromRussia, which implies misreporting by financial institutions, sophisticated tax avoidance, and the UK's "safe-haven" reputation.[206]
The Blue Book 2013 reports that this industry added gross value of £36.6 billion to the UK economy in 2011.[159]InterContinental Hotels Group (IHG), headquartered in Denham, Buckinghamshire, is currently the world's largest hotelier, owning and operating hotel brands such asInterContinental,Holiday Inn andCrowne Plaza.
A study in 2014 found that sex work and associated services added over £5 billion to the economy each year.[207]
The Blue Book 2013 reports that this sector added gross value of £70.4 billion to the UK economy in 2011.[159]
.jpg)
Notable real estate companies in the United Kingdom includeBritish Land,Landsec and thePeel Group. The UK property market boomed for the seven years up to 2008, and in some areas property trebled in value over that period. The increase in property prices had a number of causes: low interest rates, credit growth, economic growth, rapid growth in buy-to-letproperty investment, foreign property investment in London andplanning restrictions on the supply of new housing.
In England and Wales between 1997 and 2016, average house prices increased by 259%, while earnings increased by 68%. An average home cost 3.6 times annual earnings in 1997 compared to 7.6 in 2016.[209] Rent has nearly doubled as a share of GDP since 1985, and is now larger than the manufacturing sector. In 2014, rent andimputed rent – an estimate of how much home-owners would pay if they rented their home – accounted for 12.3% of GDP.[210]
With over 40 million visits in 2019, inbound tourism contributed £28.5 billion to the British economy, although just over half of that money was spent in London,[212] which was the third most visited city in the world (21.7 million), behind second-placed Bangkok and first-placed Hong Kong.[213]
The UK's 10 most significant inbound tourism markets in 2023:[214][215]
| Rank | Market | Spend | Visitors |
|---|---|---|---|
| 1 | United States | £6.3 billion | 5,122,000 |
| 2 | Germany | £1.8 billion | 2,957,000 |
| 3 | France | £1.6 billion | 3,172,000 |
| 4 | Australia | £1.6 billion | 1,169,000 |
| 5 | Ireland | £1.2 billion | 2,889,000 |
| 6 | Spain | £1.1 billion | 2,210,000 |
| 7 | Netherlands | £1.1 billion | 1,960,000 |
| 8 | Italy | £973 million | 1,696,000 |
| 9 | Canada | £970 million | 1,003,000 |
| 10 | United Arab Emirates | £914 million | 477,000 |
The travel restrictions and lockdowns necessitated by the pandemic negatively affected the entire hospitality/tourism section in 2020 with a 76% reduction in "inbound tourism" to the UK that year according toVisitBritain. The January 2021 forecast for the year indicated an estimate that visits from other nations would be up "21% on 2020 but only 29% of the 2019 level". Some increase was expected during 2021, slowly at first; the tourism authority concluded that the number of visits was not expected to come "even close to normal levels".[216]
The same VisitBritain report also discussed the effects of the pandemic on domestic travel within the UK in 2020, citing a significant reduction in spending, for an estimated decline of 62% over the previous year. As of January 2021, the forecast for the year suggested that spending would increase by 79% over the previous year and that "the value of spending will be back to 84% of 2019 levels" by the end of 2021.[217]
Some of the "COVID-19 restrictions" on domestic travel were to be loosened on 12 April 2021 and the UK planned to begin relaxing some restrictions on travel from other nations in mid May.[218] The latter plan became less certain as of 8 April 2021 when sources in the European Union stated on that a "third wave of the pandemic [was sweeping] the continent"; theB117 variant was of particular concern.[219] Two days earlier, PMBoris Johnson had made it clear that "We don't want to see the virus being reimported into this country from abroad".[220] All travel restrictions ended on 18 March 2022.[221]
The transport and storage industry added a gross value of £59.2 billion to the UK economy in 2011 and the telecommunication industry added a gross value of £25.1 billion in the same year.[159]
The UK has a total road network of 246,700 miles (397,025 km) with 31,400 miles (50,533 km) of major roads, including 2,300 miles (3,701 km) of motorway.[222] The railway infrastructure, in Great Britain, is owned byNetwork Rail which has 19,291 miles (31,046 km) of railway lines, of which 9,866 miles (15,878 km) is open for traffic.[223] There are a further 206.5 miles (332.3 km) of track inNorthern Ireland, owned and operated byNorthern Ireland Railways.[224]
The government is to spend £56 billion on a new high-speed railway line,HS2, with the first phase from London toBirmingham costing £27 billion.[225]Crossrail (later branded theElizabeth line), which was completed and officially opened in 2022, is Europe's largest infrastructure project with a £15 billion projected cost.[226]
National Highways is thegovernment-owned company responsible for trunk roads and motorways in England apart from the privately owned and operatedM6 Toll.[227][228]
In the year from February 2017 to January 2018, UK airports handled a total of 284.8 million passengers.[229] In that period the three largest airports wereLondon Heathrow Airport (78.0 million passengers),Gatwick Airport (45.6 million passengers) andManchester Airport (27.8 million passengers).[229] Heathrow, located14+1⁄2 miles (23.3 km) west of the capital,[230] has the most international passenger traffic of any airport in the world.[231] It is the hub for the UK flag carrierBritish Airways andVirgin Atlantic.[232] London's six commercial airports form the world's largest city airport system measured by passenger traffic with 171 million passengers in 2017.[233]
This sector includes the motor trade, auto repairs, personal and household goods industries. The Blue Book 2013 reports that this sector added gross value of £151.8 billion to the UK economy in 2011.[159]
As of 2016, high-street retail spending accounted for about 33% of consumer spending and 20% of GDP. Because 75% of goods bought in the United Kingdom are made overseas, the sector only accounts for 5.7% of grossvalue added to the British economy.[234] Online sales account for 22% of retail spending in the UK, third highest in the world after China and South Korea, and double that of the United States.[235]
The UK grocery market is dominated by four companies:Tesco (26.9% market share),Sainsbury's (14.8%),Asda (14.3%) andMorrisons (8.8%) in March 2023, these supermarkets are known as the "Big Four". However discount supermarkets such asAldi andLidl have grown in popularity, with Aldi's market share now worth 9.9%.[236][237]
London is a major retail centre and in 2010 had the highest non-food retail sales of any city in the world, with a total spend of around £64.2 billion. Outside of London,Manchester andBirmingham are also major retail destinations, the UK is also home to many large out of town shopping centres likeMeadowhall, away from the main high streets in town and city centres. Whilst the big international names dominate most towns and cities have streets or areas with many often quirky independent businesses.[238] The UK-based Tesco is the fourth-largest retailer in Europe measured by turnover (afterSwartz,Aldi, andCarrefour in 2019).[239]
.jpg)
London is the world capital forforeign exchange trading, with a global market share of 43.1% in 2019 of the daily $6.6 trillion global turnover. The highest daily volume, counted in trillions ofUS dollars, is reached whenNew York enters the trade.
Sterling is the currency of the UK, with its main unit, the pound, represented by the symbol "£'. The Bank of England is the central bank, responsible for issuing currency. Banks in Scotland and Northern Ireland retain the right to issue their own notes, subject to retaining enough Bank of England notes in reserve to cover the issue. Sterling is also used as areserve currency by other governments and institutions, and is the third-largest after the US dollar and the euro.[240]
The UK chose not to join theeuro at the currency's launch. The government of former Prime MinisterTony Blair had pledged to hold areferendum to decide on membership should "five economic tests" be met. Until relatively recently there had been debate over whether or not the UK should abolish its currency and adopt the euro. In 2007 the Prime Minister, Gordon Brown, pledged to hold a public referendum based on certain tests he set as Chancellor of the Exchequer. When assessing the tests, Brown concluded that while the decision was close, the United Kingdom should not yet join the euro. He ruled out membership for the foreseeable future, saying that the decision not to join had been right for the UK and for Europe.[241] In particular, he cited fluctuations in house prices as a barrier to immediate entry. Publicopinion polls have shown that a majority of Britons have been opposed to joining the single currency for some considerable time, and this position has hardened further in the last few years.[242] In 2005, more than half (55%) of the UK were against adopting the currency, while 30% were in favour.[243] The possibility of joining the euro has become a non-issue since the referendum decision to withdraw from the European Union in 2016 and subsequent withdrawal in 2020.
Average for each year, in US dollars and euros per pound; and inversely: £ per US$ and €. (Synthetic Euro XEU before 1999). These averages conceal wide intra-year spreads. Thecoefficient of variation gives an indication of this. It also shows the extent to which the pound tracks the euro or the dollar. Note the effect ofBlack Wednesday in late 1992 by comparing the averages for 1992 and for 1993.
|
|
Within the United Kingdom,England has the largest constituent economy measured bygross domestic product (GDP) according to the figures provided by theOffice for National Statistics (ONS) for the year 2022, whilstNorthern Ireland has the smallest, which is also in line with their respective population sizes. England also has the highest level of GDP per capita within the UK, whilstWales has the lowest.[247][248]
| Rank | Nation | Population | GDP (in millions ofGBP) | GDP (in millions ofUSD) | Share of the UK total | GDP per capita (GBP) | GDP per capita (USD) |
|---|---|---|---|---|---|---|---|
| 1 | England | 57 106 398 | 2 161 593 | 2 664 325 | 86.25% | 37 852 | 46 655 |
| 2 | Scotland | 5 447 698 | 186 851 | 230 445 | 7.46% | 34 299 | 42 301 |
| 3 | Wales | 3 131 640 | 85 412 | 105 337 | 3.41% | 27 274 | 33 636 |
| 4 | Northern Ireland | 1 910 543 | 56 694 | 69 813 | 2.26% | 29 674 | 36 541 |
| United Kingdom (total) | 67 596 279 | 2 506 170 | 3 089 072 | 100% | 37 076 | 45 758 | |
England constitutes the vast majority of the total UK population (84.3%) and an even larger proportion of the GDP (86.25%). Therefore a large part of the regional variation in the UK economy occurs within England itself. London, which is the capital of both the UK and England, has the largest regional economy in England as well as the highest GDP per capita, whilst North East England has both the smallest economy out of the regions as measured by total nominal GDP, as well as the lowest GDP per capita in England.
Below is a list of theRegions of England by GDP and GDP per capita, also provided by the ONS for the year 2022.[247]
| Rank | Region | Population | GDP (in millions ofGBP) | GDP (in millions ofUSD) | Share of the UK total | GDP per capita (GBP) | GDP per capita (USD) |
|---|---|---|---|---|---|---|---|
| 1 | London | 8 866 180 | 562 179 | 693 096 | 22.43% | 63 407 | 78 154 |
| 2 | South East England | 9 379 833 | 374 453 | 461 665 | 14.94% | 39 921 | 49 208 |
| 3 | North West England | 7 516 113 | 247 199 | 304 755 | 9.86% | 32 889 | 40 538 |
| 4 | East of England | 6 398 497 | 213 828 | 263 556 | 8.53% | 33 419 | 41 191 |
| 5 | South West England | 5 764 881 | 194 030 | 239 186 | 7.74% | 33 657 | 41 485 |
| 6 | West Midlands | 6 021 653 | 181 354 | 223 599 | 7.23% | 30 117 | 37 118 |
| 7 | Yorkshire and the Humber | 5 541 262 | 170 304 | 209 933 | 6.79% | 30 734 | 37 888 |
| 8 | East Midlands | 4 934 939 | 146 482 | 180 663 | 5.84% | 29 683 | 36 610 |
| 9 | North East England | 2 683 040 | 71 763 | 88 526 | 2.86% | 26 747 | 33 000 |
| England | 57 106 398 | 2 161 593 | 2 664 325 | 86.25% | 37 852 | 46 655 | |
| United Kingdom (total) | 67 596 279 | 2 506 170 | 3 089 072 | 100% | 37 076 | 45 758 | |
Excluding the effects of North Sea oil and gas (which is classified in official statistics as extra-regio), England has the highestgross value added (GVA) and Wales the lowest of the UK's countries.
| Rank | Country | GVA per head, 2020[249] |
|---|---|---|
| 1 | England | £32,866 ($42136) |
| 2 | Scotland | £29,629 ($37986) |
| 3 | Northern Ireland | £25,575 ($32788) |
| 4 | Wales | £23,882 ($30618) |
Within England,GVA per capita is highest inLondon. The following table shows the GVA per capita of the ninestatistical regions of England.
| Rank | Region | GVA per head, 2020[249] |
|---|---|---|
| 1 | London | £55,974 ($71762) |
| 2 | South East England | £34,516 ($44251) |
| 3 | East of England | £29,176 ($37405) |
| 4 | North West England | £28,257 ($36227) |
| 5 | South West England | £28,012 ($35913) |
| 6 | West Midlands | £26,281 ($33694) |
| 7 | East Midlands | £25,956 ($33277) |
| 8 | Yorkshire and the Humber | £25,696 ($32944) |
| 9 | North East England | £23,109 ($29627) |
The trade deficit (goods and services) narrowed £0.2 billion to £7.9 billion in the three months to November 2018 as both goods and services exports each increased £0.1 billion more than their respective imports.[250]
Excluding erratic commodities (mainly aircraft) the total trade deficit widened £1.2 billion to £9.5 billion in the three months to November 2018.
Large increases in export prices of oil and aircraft drove the narrowing of the total trade deficit; removing the effect of inflation, the total trade deficit widened £0.3 billion to £6.5 billion in the three months to November 2018.
The trade in goods deficit widened £0.8 billion with EU countries and narrowed £0.9 billion with non-EU countries in the three months to November 2018, due mainly to increases in imports from EU countries and exports to non-EU countries.
The total trade deficit widened £4.1 billion in the 12 months to November 2018 due mainly to a £4.4 billion narrowing in the trade in services surplus.
Following the withdrawal of the United Kingdom from the European Union, the negotiation of a trade deal between the UK and the European Union including her 27 member states might have the same status than third countries for statistics related to imports and exports with the UK:
UK economy received £1 billion to boost through innovative trade digitalisation act in July 2023.[253]
Trade deals being negotiated
Other Trade Deals
In 2013 the UK was the leading country in Europe for inwardforeign direct investment (FDI) with $26.51bn. This gave it a 19.31% market share in Europe. In contrast, the UK was second in Europe for outward FDI, with $42.59bn, giving a 17.24% share of the European market.[254]
In October 2017, the ONS revised the UK'sbalance of payments, changing thenet international investment position from a surplus of £469bn to a deficit of £22bn. Deeper analysis of outward investment revealed that much of what was thought to be foreigndebt securities owned by British companies were actually loans to British citizens. Inward investment also dropped, from a surplus of £120bn in the first half of 2016 to a deficit of £25bn in the same period of 2017. The UK had been relying on a surplus of inward investment to make up for its long-termcurrent account deficit.[255] In April 2021,Lord Grimstone established theUK Investment Council to enhance UK inward investment and inform the trade policy of the UK by providing a forum for global investors to offer high-level advice to the government.[256][257]
According to theOffice for National Statistics, the UK is the biggest investor in America,[258] and the second biggest in China.[258]
Since 1985 103,430 deals with UK participation have been announced. There have been three major waves of increased M&A activity (2000, 2007 and 2017; see graph "M&A in the UK"). 1999 however, was the year with the highest cumulated value of deals (£490 bil, which is about 50% more than the current peak of 2017). The Finance industry and Energy & Power made up most of the value from 2000 until 2018 (both about 15%).
Here is a list of the top 10 deals including UK companies.[259] The Vodafone – Mannesmann deal is still the biggest deal in global history.
| Rank | Date | Acquirer | Acquirer nation | Target | Target nation | Value (£ billions) |
|---|---|---|---|---|---|---|
| 1 | 14 November 1999 | Vodafone AirTouch PLC | United Kingdom | Mannesmann AG | Germany | 126.95 |
| 2 | 16 September 2015 | Anheuser-Busch Inbev SA/NV | Belgium | SABMiller PLC | United Kingdom | 77.24 |
| 3 | 4 August 2015 | Royal Dutch Shell PLC | Netherlands | BG Group PLC | United Kingdom | 46.70 |
| 4 | 17 January 2000 | Glaxo Wellcome PLC | United Kingdom | SmithKline Beecham PLC | United Kingdom | 46.48 |
| 5 | 28 October 2004 | Royal Dutch Petroleum Co | Netherlands | Shell Transport & Trading Co | United Kingdom | 40.75 |
| 6 | 21 October 2016 | British American Tobacco PLC | United Kingdom | Reynolds American Inc | United States | 40.10 |
| 7 | 15 January 1999 | Vodafone Group PLC | United Kingdom | AirTouch Communications Inc | United States | 36.35 |
| 8 | 30 May 2000 | France Telecom SA | France | Orange PLC | United Kingdom | 31.14 |
| 9 | 8 November 1998 | British Petroleum Co PLC | United Kingdom | Amoco Corp | United States | 29.51 |
| 10 | 31 October 2016 | GE Oil & Gas | United Kingdom | Baker Hughes Inc | United States | 26.63 |
| 11 | 26 February 2009 | HM Treasury | United Kingdom | Royal Bank of Scotland Group | United Kingdom | 25.50 |
The proportion of the country's exports going to the EU has fallen from 54 per cent to 47 per cent over the past decade. The total value of exports however, has increased in the same period from £130 billion (€160 billion) to £240 billion (€275 billion).[260][261]
In June 2016 the UK voted to leave the EU in a national referendum on its membership of the EU. After the activation of Article 50 of the Lisbon Treaty, the UK had been set to leave on Friday 29 March 2019. However the leave date was extended to Friday 12 April 2019 and then extended again to Thursday 31 October 2019,[262] and then extended again until Friday 31 January 2020 with the ability to exit earlier.[263] The future relationship between the UK and EU was under negotiation until the end of October 2019. UK economic growth slowed during 2019, with uncertainty over Brexit and a world economic slowdown blamed.[264]
The UK left the EU in January 2020. On 16 July 2020, the government of UK affirmed that businesses across the United Kingdom, after the transition period ends, will continue to enjoy internal trade and jobs would remain protected against uncertain environment . From 1 January 2021, the powers which were previously exercised at anEU level in at least 70 policy areas were to directly transfer to the devolved administrations inEdinburgh,Cardiff andBelfast for the first time.[265]
The United Kingdom is adeveloped country with social welfare infrastructure, thus discussions surrounding poverty tend to use a relatively high minimum income compared to developing countries.Eurostat figures show that the numbers of Britons at risk of poverty has fallen to 15.9% in 2014, down from 17.1% in 2010 and 19% in 2005 (after social transfers were taken into account).[266]Poverty is countered in United Kingdom with thewelfare state.
The poverty line in the UK is commonly defined as being 60% of the median household income. In 2007–2008, this was calculated to be £115 per week for single adults with no dependent children; £199 per week for couples with no dependent children; £195 per week for single adults with two dependent children under 14; and £279 per week for couples with two dependent children under 14. In 2007–2008, 13.5 million people, or 22% of the population, lived below this line. This is a higher level of relative poverty than all but four EU members.[267] In the same year, 4.0 million children, 31% of the total, lived in households below the poverty line, after housing costs were taken into account. This is a decrease of 400,000 children since 1998–1999.[268]
According to the Government, the number of households in flood risk will be up to 970,000 homes in the 2020s, up from around 370,000 in January 2012.[269] The effects of flooding and managing flood risk cost the country about £2.2bn a year, compared with the less than £1bn spent on flood protection and management.[270]UK agriculture is also being affected by drought and weather changes.[271]
In 2020PricewaterhouseCoopers estimated thatStorm Dennis damage to homes, businesses and cars could be between £175m and £225m andStorm Ciara cost up to £200m.[272][273]Friends of the Earth criticised British government of the intended cuts toflood defence spending. The protection against increasing flood risk as a result of climate change requires rising investment. In 2009, theEnvironment Agency calculated that the UK needs to be spending £20m more compared to 2010 to 2011 as the baseline, each and every year out to 2035, just to keep pace with climate change.[274]
The British government and the economistNicholas Stern published theStern Review on the Economics of Climate Change in 2006. The report states that climate change is the greatest and widest-rangingmarket failure ever seen, presenting a unique challenge for economics. The Review provides prescriptions includingenvironmental taxes to minimise economic and social disruptions. The Stern Review's main conclusion is that the benefits of strong, early action on climate change far outweigh the costs of not acting.[275] The Review points to the potentialeffects of climate change on water resources, food production, health, and the environment. According to the Review, without action, the overall costs of climate change will be equivalent to losing at least 5% of global gross domestic product (GDP) each year, now and forever. Including a wider range of risks and costs could increase this to 20% of GDP or more. The review leads to a simple conclusion: the benefits of strong, early action considerably outweigh the costs.[276]
Climate change made the unusual rainfall in autumn and winter 2023-2024, 10 times more probable and 20% stronger. The rainfall led to "severe damage to homes and infrastructure, power blackouts, travel cancellations, and heavy losses of crops and livestock". The damage to arable crops alone is £1.2 billion, without counting vegetables. Claims for house insurance from weather related disasters increased by more than a third.[277]The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green.[278]
| Year | GDP (in bn. US$PPP) | GDP per capita (in US$ PPP) | GDP (in bn. US$ nominal) | GDP per capita (in US$ nominal) | GDP growth (real) | Inflation rate (in %) | Unemployment (in %) | Government debt (in % of GDP) |
|---|---|---|---|---|---|---|---|---|
| 1980 | 511.8 | 9,085.1 | 603.6 | 10,715.4 | -2.1% | 16.8% | 7.1% | 42.6% |
| 1981 |  556.3 | 9,870.7 | 587.3 | 10,420.4 | -0.7% | 12.2% | 9.7% | 44.8% |
| 1982 | 602.3 | 10,699.9 | 558.3 | 9,918.9 | 2.0% | 8.5% | 10.7% | 43.1% |
| 1983 | 652.2 | 11,580.6 | 532.1 | 9,448.7 | 4.2% | 5.2% | 11.5% | 41.9% |
| 1984 | 690.9 | 12,247.2 | 504.2 | 8,938.7 | 2.2% | 4.4% | 11.8% | 42.3% |
| 1985 | 742.1 | 13,121.9 | 536.6 | 9,488.1 | 4.1% | 5.2% | 11.4% | 41.3% |
| 1986 | 780.9 | 13,776.7 | 654.7 | 11,549.7 | 3.1% | 3.6% | 11.3% | 41.3% |
| 1987 | 843.4 | 14,847.8 | 813.1 | 14,315.0 | 5.4% | 4.1% | 10.4% | 39.3% |
| 1988 | 922.1 | 16,200.4 | 990.2 | 17,398.2 | 5.4% | 4.6% | 8.6% | 37.1% |
| 1989 | 981.6 | 17,198.6 | 1,008.4 | 17,667.9 | 2.4% | 5.2% | 7.2% | 32.5% |
| 1990 | 1,024.8 | 17,904.8 | 1,195.4 | 20,884.2 | 0.6% | 7.0% | 7.1% | 28.5% |
| 1991 | 1,046.9 | 18,226.8 | 1,250.3 | 21,767.1 | -1.4% | 7.5% | 8.9% | 28.4% |
| 1992 | 1,074.1 | 18,653.1 | 1,292.1 | 22,438.0 | 0.2% | 4.2% | 10.0% | 33.2% |
| 1993 | 1,126.0 | 19,509.9 | 1,157.5 | 20,055.8 | 2.3% | 2.5% | 10.4% | 37.9% |
| 1994 | 1,193.4 | 20,624.6 | 1,244.0 | 21,499.6 | 3.4% | 2.0% | 9.5% | 40.6% |
| 1995 | 1,248.2 | 21,511.1 | 1,346.7 | 23,208.7 | 2.4% | 2.6% | 8.6% | 43.6% |
| 1996 | 1,301.9 | 22,383.3 | 1,423.0 | 24,464.8 | 2.6% | 2.4% | 8.1% | 43.7% |
| 1997 | 1,389.4 | 23,825.5 | 1,559.9 | 26,749.9 | 4.9% | 1.8% | 7.0% | 43.2% |
| 1998 | 1,449.3 | 24,785.2 | 1,653.5 | 28,277.9 | 3.4% | 1.6% | 6.3% | 40.9% |
| 1999 | 1,513.7 | 25,793.8 | 1,686.2 | 28,733.2 | 3.1% | 1.3% | 6.0% | 39.3% |
| 2000 | 1,604.8 | 27,253.1 | 1,665.3 | 28,279.7 | 4.3% | 0.8% | 5.5% | 36.6% |
| 2001 | 1,675.0 | 28,335.4 | 1,644.3 | 27,816.7 | 2.6% | 1.2% | 5.1% | 33.9% |
| 2002 | 1,737.2 | 29,262.8 | 1,786.9 | 30,099.6 | 1.8% | 1.3% | 5.2% | 34.1% |
| 2003 | 1,825.2 | 30,604.8 | 2,059.0 | 34,525.0 | 3.1% | 1.4% | 5.0% | 35.3% |
| 2004 | 1,918.3 | 31,998.7 | 2,422.9 | 40,415.5 | 2.4% | 1.3% | 4.8% | 38.2% |
| 2005 | 2,029.8 | 33,598.5 | 2,547.7 | 42,171.2 | 2.7% | 2.1% | 4.8% | 39.4% |
| 2006 | 2,146.5 | 35,288.4 | 2,720.9 | 44,731.6 | 2.4% | 2.3% | 5.4% | 40.4% |
| 2007 | 2,254.5 | 36,767.2 | 3,107.4 | 50,675.5 | 2.6% | 2.3% | 5.4% | 41.4% |
| 2008 | 2,292.3 | 37,077.1 | 2,970.0 | 48,039.0 | -0.2% | 3.6% | 5.7% | 49.0% |
| 2009 | 2,209.0 | 35,479.0 | 2,434.5 | 39,101.2 | -4.6% | 2.2% | 7.6% | 62.8% |
| 2010 | 2,283.2 | 36,379.2 | 2,493.6 | 39,731.6 | 2.2% | 3.3% | 7.9% | 74.0% |
| 2011 | 2,364.6 | 37,363.8 | 2,675.8 | 42,281.9 | 1.1% | 4.5% | 8.1% | 79.5% |
| 2012 | 2,453.4 | 38,511.1 | 2,719.6 | 42,691.2 | 1.5% | 2.8% | 8.0% | 82.7% |
| 2013 | 2,579.2 | 40,232.7 | 2,805.1 | 43,757.4 | 1.8% | 2.6% | 7.6% | 83.6% |
| 2014 | 2,686.2 | 41,584.0 | 3,088.8 | 47,816.0 | 3.2% | 1.5% | 6.2% | 85.5% |
| 2015 | 2,795.1 | 42,928.5 | 2,957.2 | 45,418.9 | 2.2% | 0.0% | 5.4% | 86.0% |
| 2016 | 2,928.3 | 44,606.1 | 2,733.0 | 41,630.5 | 1.9% | 0.7% | 4.9% | 85.8% |
| 2017 | 3,074.4 | 46,553.5 | 2,701.3 | 40,903.5 | 2.7% | 2.7% | 4.4% | 85.1% |
| 2018 | 3,199.8 | 48,163.7 | 2,904.5 | 43,719.0 | 1.4% | 2.5% | 4.1% | 84.5% |
| 2019 | 3,311.5 | 49,575.6 | 2,880.4 | 43,121.1 | 1.6% | 1.8% | 3.8% | 83.9% |
| 2020 | 3,040.7 | 45,329.1 | 2,758.9 | 41,127.4 | -10.4% | 0.9% | 4.6% | 102.6% |
| 2021 | 3,402.7 | 50,522.7 | 3,187.6 | 47,328.8 | 8.7% | 2.6% | 4.5% | 95.3% |
| 2022 | 3,776.0 | 55,862.1 | 3,198.5 | 47,317.6 | 4.3% | 9.1% | 3.8% | 87.0% |
| 2023 | 3,922.9 | 57,821.9 | 3,479.5 | 51,286.1 | 0.1% | 9.0% | 4.8% | 79.9% |
| 2024 | 4,027.7 | 59,160.0 | 3,757.4 | 55,189.5 | 0.6% | 3.7% | 5.0% | 76.7% |
| 2025 | 4,198.8 | 61,471.6 | 3,969.9 | 58,120.1 | 2.3% | 1.8% | 4.3% | 73.7% |
| 2026 | 4,373.1 | 63,829.0 | 4,217.7 | 61,562.0 | 2.2% | 2.0% | 4.2% | 70.6% |
| 2027 | 4,524.5 | 65,857.4 | 4,449.8 | 64,768.9 | 1.5% | 2.0% | 4.2% | 68.0% |
Capital Shopping Centres has sealed the UK's largest ever property transaction after 80pc of shareholders backed its £1.6bn acquisition of the Trafford Centre.
From mid-March to mid-July, COVID-19 triggered a near-total shutdown in international tourism ... there was an increase in visitor numbers from this low point, although they remained very low, and dipped again towards the end of the year.
forecast assumes a slow recovery in early 2021 before a step change in the spring ... followed by a gradual recovery throughout the rest of the year and beyond.
whether non-essential international travel can resume on 17 May, or whether we will need to wait longer before lifting the outbound travel restriction.
Amid the coronavirus pandemic, many countries worldwide continue to restrict entry and most travel remains discouraged.
Amid the coronavirus pandemic, many countries worldwide continue to restrict entry and most travel remains discouraged.
Links to related articles | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |||||||||||||||||||
