Economy
The Past
The UK was the first major industrialised nation in the world. Its factories gave birth to the Industrial Revolution and enabled the country to be the pre-eminent trading nation throughout the 19th century.
After World War II much of the British economy was nationalised. Everything from the railroads and airlines to the mining and steel industries came under state control. This trend was reversed when many of these same industries were privatised by the Conservatives during the 1980s.
Modern Day
Today the working population of the United Kingdom is approximately 28 Million.
The changing employment patters in he country have been characterised by an increase in part time work, self employment and employment by small firms, which now account for 44% of employees in the UK
The UK's relative international competitiveness has shifted from manufactured goods towards services. In 1960, manufacturing accounted for 37% of GDP and services for 45%; by 1998 manufacturing had decreased to 19.7%, and services had increased to almost 70%. Today the UK still manufacture chemical, rubber and plastic products, electrical and optical equipment and transport equipment, textiles, leather and wood.
The largest sector of the economy is the service sector. In 1998 it accounted for 69% of total GDP. The fastest-growing areas are financial, computer and business services, leisure, and tourism.
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