Destinations > Europe > United Kingdom

United Kingdom Economy

Flag of United Kingdom
 

The United Kingdom has the sixth-largest economy in the world, is the third-largest economy in the European Union, and is a major international trading power. A highly developed, diversified, market-based economy with extensive social welfare services provides most residents with a high standard of living. Unemployment and inflation levels are amongst the lowest within the European Union.

The United Kingdom’s economy was hit by turmoil in the financial markets. It entered a recession in the third quarter of 2008, accompanied by rising unemployment which increased from 5.2% in January 2008 to 7.9% in July 2009. In response, the British Government implemented a wide-ranging stability and recovery plan that included a fiscal stimulus package, bank recapitalization, and credit stimulus schemes.

London remains a leading international financial center, but has been affected by recent financial market turbulence. London banks have laid off workers and many have scaled back their international operations. Two U.K. banks, Northern Rock and Bradford & Bingley, have been nationalized while the British Government has taken a significant share in two others. London’s financial exports contribute greatly to the United Kingdom’s gross domestic product, but its contribution is expected to be considerably lessened in the next few years. London is a global leader in emissions trading and is home to the Alternative Investment Market (AIM). It is also a government priority to make London the leading center of Islamic finance.

The United Kingdom is the European Union's only significant energy exporter. It is also one of the world's largest energy consumers, and most analysts predict a shift in U.K. status from net exporter to net importer of energy by 2020, possibly sooner. Oil production in the U.K. is leveling off. While North Sea natural gas production continues to rise, gains may be offset by ever-increasing consumption. North Sea oil and gas exploration activities are shifting to smaller fields and to increments of larger, developed fields, presenting opportunities for smaller, independent energy operators to become active in North Sea production.


Information by U.S. Department of State


United Kingdom Gallery

London, view from the London Eye on the Westminster Palace The London Eye Covent Garden Market, London Covent Garden Market, London 

There are 5 pictures in our United Kingdom gallery. Click the thumbnail to enter.




Wired Tourist Articles

Go Oriental - Travel To China

People touring all the important countries of the world; prioritize their travel to China. People’s Republic of China is the world’s most populated country, touching the 1.3 billion mark. With such a huge population and the large area, it is bound to be diverse and hence makes for a hot tourist destination..

« read full article »

Three Spots for a Quiet Afternoon in Paris

There are so many things to see in Paris and so little time to do it that your journey in the French capital can wind up taking the colors of a marathon run. I offer you a different take on it: stop, review your options, and decide to kill a couple of hours doing just nothing but reading a good book in a spot where you can be left to yourself. Here are three spots where you can do just that.

« read full article »


Home | Travel Destinations | Travel News | Travel Directory | Volcano Tours | Gallery | Site Index | Contact WiredTourist.com
Follow us on   Follow us on YouTube  YouTube   Follow us on Flickr  Flickr   Follow us on Twitter  Twitter
©2009-2010 WiredTourist.com