The uk has exp erienced an economic decline since 1945. but this is a relat ive decline rather than an absolute one. Britain is wealthier and more productive than it was in 1945, but since other countries developed more rapidly, it has slid from being the second largest economy to being the sixth 37. causes for the relative decline There are four reasons for the relative economic decline since 1945 Britain had gone heavily into debt in order to finance the war British colonies which used to provide raw materials and big markets gained independence. And the author also believes that Britain was heavily burdened with the huge military expenditure during the process of de-colonization and that Britain also lacked the investment in modern equipment and new products 38. privatization in the 1980s The British economy went through a particularly bad period in the 1970s, with high rates of inflation and devaluation of the currency Therefore, in the 1980s, when the Conservative party under Margaret Thatcher was in power, an extensive programme of privatization was carried out Many state-owned businesses(such as steel, telecom, gas, aerospace) were turned into private companies. The author thinks that privatization was successful in controlling inflation but at the same time unemp loyment rate
The UK has experienced an economic decline since 1945. but this is a relative decline rather than an absolute one. Britain is wealthier and more productive than it was in 1945, but since other countries developed more rapidly, it has slid from being the second largest economy to being the sixth. 37. causes for the relative decline There are four reasons for the relative economic decline since 1945: Britain had gone heavily into debt in order to finance the war; British colonies which used to provide raw materials and big markets gained independence. And the author also believes that Britain was heavily burdened with the huge military expenditure during the process of de-colonization and that Britain also lacked the investment in modern equipment and new products. 38. privatization in the 1980s The British economy went through a particularly bad period in the 1970s, with high rates of inflation and devaluation of the currency. Therefore, in the 1980s, when the Conservative party under Margaret Thatcher was in power, an extensive programme of privatization was carried out. Many state-owned businesses (such as steel, telecom, gas, aerospace) were turned into private companies. The author thinks that privatization was successful in controlling inflation but at the same time unemployment rate
increased rapidly 39. main sectors ofthe UK economy The UK national economy can be divided into three main areas primary industries, such as agriculture, fishing and mining secondary industries which manufacture complex goods from those primary products; and tertiary (or service) industries such as banking, insurance tourism and the retailing 40. the UK's agriculture Britains agricultural sector is small, producing 1. 4% of the national wealth, but efficient, producing 58% of the food needs with only 2% of the workforce. Three quarters of Britains land is used for agriculture---one quarter for crops and the rest for grazing animals of which sheep are the most numerous livestoc 41. the UKs manufacturing industr The manufacturing industry produces 22% of the UK's national wealth. British companies are particularly strong in pharmaceuticals, chemicals, aerospace and food and drink 42. The City The City refers to the historic area at the center of london. It is one of the biggest financial centers with the greatest concentration of banks, insurance companies and businesses dealing in commodities. At the heart of the City is the London Stock
increased rapidly. 39. main sectors of theUK economy The UK national economy can be divided into three main areas: primary industries, such as agriculture, fishing and mining; secondary industries which manufacture complex goods from those primary products; and tertiary (or service) industries such as banking, insurance, tourism and the retailing. 40. the UK’s agriculture Britain’s agricultural sector is small, producing 1.4% of the national wealth, but efficient, producing 58% of the food needs with only 2% of the workforce. Three quarters of Britain’s land is used for agriculture---one quarter for crops and the rest for grazing animals of which sheep are the most numerous livestock. 41. the UK’s manufacturing industry The manufacturing industry produces 22% of the UK’s national wealth. British companies are particularly strong in pharmaceuticals, chemicals, aerospace and food and drink. 42. The City “The City” refers to the historic area at the center of London. It is one of the biggest financial centers with the greatest concentration of banks, insurance companies and businesses dealing in commodities. At the heart of the City is the London Stock