Economy of the United Kingdom
(average for of each year), in USD (US Dollar) and EUR (euro) per GBP; and inversely: GBP per USD and EUR. (Synthetic Euro XEU before 1999). Caution: these averages conceal wide intra-year spreads. The coefficient 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 of Black Wednesday in late 1992 by comparing the averages for 1992 with the averages for 1993.
| Year | £/USD | USD/£ | C.Var | £/XEU | XEU/£ | C.Var | |
| 1990 | £0.5633 | $1.775 | £0.7161 | 1.397 | |||
| 1991 | £0.5675 | $1.762 | £0.7022 | 1.424 | |||
| 1992 | £0.5699 | $1.755 | £0.7365 | 1.358 | |||
| 1993 | £0.6663 | $1.501 | £0.7795 | 1.283 | |||
| 1994 | £0.6536 | $1.530 | £0.7742 | 1.292 | |||
| 1995 | £0.6338 | $1.578 | £0.8200 | 1.220 | |||
| 1996 | £0.6411 | $1.560 | £0.8029 | 1.245 | |||
| 1997 | £0.6106 | $1.638 | £0.6909 | 1.447 | |||
| 1998 | £0.6037 | $1.656 | £0.6779 | 1.475 |
| Year | £/USD | USD/£ | C.Var | £/EUR | EUR/£ | C.Var | |
| 1999 | £0.6185 | $1.617 | £0.6595 | €1.516 | |||
| 2000 | £0.6609 | $1.513 | £0.6099 | €1.640 | |||
| 2001 | £0.6943 | $1.440 | £0.6223 | €1.607 | |||
| 2002 | £0.6664 | $1.501 | £0.6289 | €1.590 | |||
| 2003 | £0.6123 | $1.633 | £0.6924 | €1.444 | |||
| 2004 | £0.5461 | $1.832 | 2.26% | £0.6787 | €1.474 | 1.92% | |
| 2005 | £0.5500 | $1.820 | 3.47% | £0.6842 | €1.462 | 1.27% | |
| 2006 | £0.5435 | $1.842 | 3.79% | £0.6821 | €1.466 | 1.11% | |
| 2007 | £0.4999 | $2.001 | 1.97% | £0.6848 | €1.461 | 2.40% |
- Source: OANDA.COM Historical Currency Converter
- For consistency and comparison purposes, coefficient of variation is measured on both the "per pound" ratios, although it is conventional to show the forex rates as dollars per pound and pounds per euro.
[
Regional variation
The strength of the UK economy varies from region to region. GVA, and GVA per capita is highest in London. The following table shows the GVA (2006) per capita of the 12 NUTS:2 areas, with data supplied by the Office for National Statistics [12].
| Rank | Place | GVA per capita in pounds |
|---|---|---|
| 1 | London, England | 26 192 |
| 2 | South East England | 21 514 |
| 3 | East of England | 19 599 |
| 4 | Scotland | 17 789 |
| 5 | South West England | 17 467 |
| 6 | East Midlands, England | 16 982 |
| 7 | West Midlands, England | 16 583 |
| 8 | North West England | 16 234 |
| 9 | Yorkshire and the Humber, England | 15 968 |
| 10 | North East England | 15 177 |
| 11 | Northern Ireland | 15 175 |
| 12 | Wales | 14 396 |
Two of the richest 10 areas in the European Union are in the United Kingdom. Inner London is number 1 with a GDP per capita of €65 138, and Berkshire, Buckinghamshire and Oxfordshire is number 7 with a GDP per capita of €37 379. [13]
[
Taxation and borrowing
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 from fees and charges such as those from on-street parking. Central government revenues are mainly income tax, national insurance contributions, value added tax, corporation tax and fuel duty.
These data show the tax burden (personal and corporate) and national debt as a percentage of GDP. Samples are taken at 10 year intervals (snapshots, but the rolling averages are very close).
| Year | Tax | Debt |
|---|---|---|
| 1975/6 | 54% | 43% |
| 1985/6 | 44% | 43% |
| 1995/6 | 43% | 38% |
| 2005/6* | 46% | 40% |
- (Source: HM Treasury Public Finances Databank)
- (* — Projected)
The money Gross Domestic Product (GDP) for the United Kingdom, at market prices, in 2005 was £1,211 billion (or $2,431 billion) according to HM Treasury in March 2006.
| Year | GDP in billions of USD PPP |
1.9% (2005 est.) GDP Growth |
|---|---|---|
| 2002 | 1575.906 | 2.0 |
| 2003 | 1640.829 | 2.5 |
| 2004 | 1736.377 | 3.2 |
| 2005 | 1825.837 | 1.9 |
| 2006 | 1910.818 | 2.2 |
| Income distribution lowest 10% highest 10% |
(1999) 2.1% 28.5% |
| Consumer prices inflation | RPI: 3% (2004), CPI: 1.6% (2004) |
| Labour force composition services government manufacturing/construction energy agriculture |
(2004) 46% 28% 24% 1% 1% |
| Industrial growth | -0.3% (1999) |
| Electricity production | 382.7 TWh (2004) |
| exports | 0.77% |
| Electricity production composition fossil fuel hydro nuclear renewables imports |
(2004) 74.13% 1.1% 19.26% 3.55% 1.96% |
| Electricity consumption | 337.4 TWh (2003) |
| Electricity exports | 2.959 TWh (2003) |
| Electricity imports | 5.119 TWh (2003) |
| Agriculture products | cereals, oilseed, potatoes, vegetables; cattle, sheep, poultry; fish |
| Exported commodities | manufactured goods, fuels, chemicals; food, beverages (notably Scotch whisky), tobacco |
| Imported commodities | manufactured goods, machinery, fuels; foodstuffs |
[
Exports
In 2007 UK exports were valued at £220bn.[14]
- Food and drink exports were valued at £9.7bn (2005)[15]
- UK total arms exports were valued at £7.1bn (2005)[16]
UK export figures are boosted 10% by high levels of Missing trader fraud according to the Office for National Statistics.[17]
[
Other statistics
 |
The neutrality of this article is disputed. Please see the discussion on the talk page.(May 2008) Please do not remove this message until the dispute is resolved. |
 |
Some parts of this article may be misleading. Please help clarify this article. Suggestions may be on the talk page. |
Average total income of Indians is higher than that of any other ethnic group in the UK at per £30,211 annum. Reasons for such high income among Indians is that one in 20 Hindu men in the UK are doctors compared to 1 in 200 Christian men. [7] Besides, Hindus along with Jews and Buddhists are more likely to do high end jobs (managerial or professional occupations) whereas Jews are most likely to be selfemployed.
Notable Indians include UK's richest man, Lakshmi Mittal. Together, that pulls the average of Indians higher. However, the unemployment rate for Indian men (7 per cent) was similar to those for White British or White Irish men. Whites, in general, have much lower unemployment rate than the non whites.
Pakistanis are the least economically affluent with their male unemployment rates being 20% and 16% respectively. One in seven Pakistani men in employment was a taxi driver, cab driver or chauffeur, compared with 1 in 100 White British men. Over a quarter of Bangladeshi men were chefs, cooks or waiters compared with 1 in 100 White British men. [8].
| Rank | Average total income by ethnic group |
|
|---|---|---|
| 1 | Indian | £30,211 |
| 2 | Chinese | £25,964 |
| 3 | White | £24,917 |
| 4 | National average | £24,756 |
| 5 | Any other ethnic group | £24,568 |
| 6 | Black African | £23,350 |
| 7 | Black Caribbean | £23,109 |
| 8 | Bangladeshi | £22,902 |
| 9 | Pakistani | £18,209 |
[9].
[
See also
[
References
- ^ The Global Financial Centres Index 2
- ^ eurostat.ec.europa.eu - Labour productivity per person employed
- ^ eurostat.ec.europa.eu - Labour productivity per hour worked
- ^ HM Treasury - 2007 Pre-Budget Report and Comprehensive Spending Review
- ^ eh.net - Lawrence H. Officer, "Exchange rate between the United States dollar and forty other countries, 1913 -1999", 2002.
- ^ www.face-online.org.uk
- ^ a b c d e f g h i j k l m n United Kingdom National Accounts - The Blue Book 2006
- ^ http://www.uksteel.org.uk/fact1.htm
- ^ Manufacturing In Britain: A Survey Of Factors Affecting Growth & Performance, Industrial Systems Research Publications, Manchester (UK), revised 3rd edition. 2003, page 1. ISBN 978-0-906321-30-0
- ^ Britain moves a step closer to building new nuclear reactors, Financial Times, 9/01/2008
- ^ mori.com - Joining the Euro, all companies' polls
- ^ Microsoft Word - gva1207.doc
- ^ eurostat.ec.europa.eu - Regional BIP per capita (German)
- ^ Exports and imports of goods and services
- ^ http://www.dairyreporter.com/news/ng.asp?id=61187-uk-exports-food UK export figures boosted 10% by VAT carousel fraud; Ireland part of multi-billion white-collar criminal network
- ^ Total UK Arms Exports
- ^ UK export figures boosted 10% by VAT carousel fraud; Ireland part of multi-billion white-collar criminal network
[
External links
- CIA World Factbook
- OECD's United Kingdom country Web site and OECD Economic Survey of the United Kingdom
- Is the US a Good Model for Reducing Social Exclusion in Europe? August 2006
- UK Bank Rate since 1970
- HM Revenue & Customs trade statistics UK Imports & Exports
|
||||||||
|
|||||
|
|||||||||||
For more information review our copyright contact and privacy policy.