BRITISH ECONOMY BRITISH economy A Overview of economy B Working life Revised by Mi Do, Thuy Pham & Hong Nguyen BRITISH ECONOMY – OVERVIEW BRITISH ECONOMY Rank 10 Country United States China Japan Germany France United Kingdom Brazil Russia Italy India GDP (million of USD) 16,800,000 9,240,270 4,901,530 3,634,823 2,734,949 2,521,381 2,245,673 2,096,777 2,071,307 1,876,797 Source: World Bank (2014) World #02 #03 United # 06 Kingdom N.Y London GDP – composition by sector: agriculture: 0.7% industry: 20.5% services: 78.8% (2013 est.) Main industries today: Banking and finance 25% of Britain's land is arable; almost half for meadows and pastures Agriculture is highly mechanized and extremely productive Transport equipment Steel Oil and gas Inflation: 4.5% (2011) – 2.7%(2012) Interest rate: 4.5%(2011)- 2.8% (2012) Unemployment rate: 5.1%(2008) –7.8% (2012) –7.2% (2013) AGRICULTURE BRITISH ECONOMY – SECTORS Europe #01 Tourism ~ 2% of the labor force produces 60% percent of the country's food needs Sizable fishing industry SERVICE INDUSTRY Dominated service-related industries Export • Raw materials • 40% food supplies 21stcentury banking, insurance, business services 3.5 million service-related jobs 90s • Manufactured goods Import 70s - 80s 3.5 million manufacturing jobs BRITISH ECONOMY BRITISH ECONOMY - TRADE The Great Conurbations London West Midlands Greater Manchester Merseyside (Liverpool, Southport, Saint Helens) Leeds, Bradford & neighbouring districts Tyneside-Wearside South Wales River Clyde Region (Scotland) Belfast Area (Northern Ireland) Exports & imports • Exports Manufactured goods Fuels Food & beverages Chemicals Tobacco • Imports Manufactured goods Machinery Foodstuffs One of the leading trading nations in the world BRITISH ECONOMY - TRADE BRITISH ECONOMY - TRADE Exports Trade Focus Fuels Exports: $801.7 billion (2012) Largest export earner : Chemical Export Partners (2012) Germany 11.3% US 10.5% Netherlands 8.8% France 7.4% Switzerland 7.1% Ireland 6.2% Belgium 5.1% Imports Imports: $777.6 billion (2012) Import Partners (2012) Germany 12.6% China 8% Netherlands 7.5% US 6.7% France 5.4% Belgium 4.4% Norway 4% 11 12 CIA Word Factbook (2013) BRITISH ECONOMY BRITISH ECONOMY The Structure Of Trade & Industry Economic system: private + public History: 1945-1980: state controlled 1980s: 1979- 1990 A Overview of economy B Working life Conservative government gave more freedom to businessmen Privatize companies (share holders) 1994: most had been privatized 13 14 BRITISH ECONOMY – WORKING LIFE BRITISH ECONOMY Shopping as a way of spending money Attitude to work Lack of enthusiasm for work + Leisure = a sign of aristocracy + Non-manual job = sign of middle-class + Working day: starts late (8 a.m for manual jobs and a.m for non-manual ones) Industrious High earnings are more important than job satisfaction Now, weaker connection between middle class and non-manual work Not adventurous shoppers (like reliability + brand-name goods) Late 20th cent.: Supermarkets moved out of town streets (area in town where shops concentrate) still survive Shop opening hours: 9a.m (On Sundays, large shops + supermarkets: until 5p.m) High 15 “Not only are we, in the words of Napoleon, 'a nation of shopkeepers', we are also a country of compulsive shoppers We love to shop! It is our number one leisure activity and accounts for around 37% of all money spent in England.” 16 BRITISH ECONOMY – WORKING LIFE Working in Britain Usual working day: a.m – p.m Usual working week: a five-day week Averagely the longest of any country in Europe UK National Minimum Wage Harrod’s, the most famous department store in England that all visitors want to visit Here you can find anything, from the cheapest to the most expensive things 17 Year 21 and over 18 to 20 Under 18 Apprentice* 2014 (current rate) £6.50 £5.13 £3.79 £2.73 2012 £6.19 £4.98 £3.68 £2.65 2010 £5.93 £4.92 £3.64 £2.50 18 BRITISH ECONOMY – WORKING LIFE BRITISH ECONOMY – WORKING LIFE UK employment law Transport Holidays one of the most expensive hrs/ Sat 5hrs/weekday Max 25hrs/ week Schooldays places to live in Accommodation Legal working age: 13 Under-15s: 2hrs/ Sun 2hrs/ schoolday Over-15s: 8hrs/ Sat LONDON LIVING WAGE 8hrs/ weekday Max 35hrs/ week £8.80/hr 19 BRITISH ECONOMY – WORKING LIFE Jobs for Teenagers Kinds of jobs: • • • • Delivering newspaper Babysitting Helping the milkman on his round Other jobs: Working in a shop, working in a hairdresser’s, office work, washing cars, working in a café or restaurant, domestic work in hotels Work permit required Wage: up to £3.00/ hr Workers under 16: not entitled to National Minimum Wage 20 British people can start work at the age of 16 On average, men in Britain work 40 hours a week Women usually retire when they are 60 Today more and more people work in offices and with computers London is the most important financial center in the world Retailing is an important industry today Most of the top ten retailers in Europe are British Hi-tech industries are important today Most British people get 30 days holiday a year 10 There are ten public holidays a year in Britain 21 22 Economy - review Terms to explain: GDP, Pound Sterling, privatization, National minimum wage, work permit, paid holiday, brand-name product, high streets Questions What are the indicators to show that Britain has a strong economy? What challenges is the UK economy facing? (search the Internet for more information) Economic Structure What are the main economic sectors and their contribution to Britain’s GDP? Why is Britain’s agriculture said to be extremely productive? What are the reasons for this productivity? Why is the service sector said to have dominated UK’ economy? How has the shift from manufacturing to service affected regional economies in the UK? Economy - review Trade in the UK What are the main imports and exports of Britain? Which one is the largest export earner? Which countries are the main trading partners of Britain? How has Great Britain’s trade focus changed recently? Structure of Trade and Industry 10 What changes happened in the structure of trade and industry in the UK during the last half of the 20th century? Working life 11 What are the attitudes of British people to work? 12 How British people shop? 13 Find in the section of Working in Britain about the following issues: 23 Typical working day Wage Employment law toward children Kind of jobs teenagers can 24