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Economy in Britain
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Woodlands Junior School is in the south-east corner of England |
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The UK is the fourth largest economy in the world, with a gross domestic product (GDP) of US $1.93 trillion. It has the second largest economy in Europe (after Germany). The capital, London, is one of the two largest financial centres in the world, along with New York City. The UK economy is one of the strongest in Europe; inflation, interest rates, and unemployment remain low. Economic Growth Economic growth in the UK was 1.8 per cent in 2005 (Source: ONS, 2006) and grew by 2.7% in 2006. Gross Domestic Product (GDP) growth is expected to remain steady in 2007 with a forecast growth figure of 2.9%. (Gross Domestic Product (GDP) is the market value of all final goods and services produced and purchased within a country during a given time period.)
Currency One Pound Sterling (£) = 100 pence (p) Exchange Rates Interest Rates Interest rates influence spending and saving in the economy and the prices we pay for goods and services. The current Base Rate is 5.75% (August 2007)
Industries in Britain Click to find out about the industries in Britain Other pages on the same theme |
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Woodlands Junior School, Hunt Road Tonbridge Kent TN10 4BB UK