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    Economy of England


    Posts : 143
    Join date : 2010-09-23

    Economy of England

    Post  meodingu on Sun Nov 07, 2010 4:46 pm

    Economy of England
    See also: Banknotes of the pound sterling
    An aerial photograph of the City of London and its surrounding London boroughs.
    The City of London is the world's largest financial centre.[120][121]

    England's economy is one of the largest in the world, with an average GDP per capita of £22,907.[122] Usually regarded as a mixed market economy, it has adopted many free market principles in contrast to the Rhine Capitalism of Europe, yet maintains an advanced social welfare infrastructure.[123] The official currency in England is the pound sterling, also known as the GBP. Taxation in England is quite competitive when compared to much of the rest of Europe—as of 2009 the basic rate of personal tax is 20% on taxable income up to £37,400, and 40% on any additional earnings above that amount.[124]

    The economy of England is the largest part of the UK's economy,[122] which has the 18th highest GDP PPP per capita in the world. England is a leader in the chemical and pharmaceutical sectors and in key technical industries, particularly aerospace, the arms industry, and the manufacturing side of the software industry. London, home to the London Stock Exchange, the United Kingdom's main stock exchange and the largest in Europe, is England's financial centre—100 of Europe's 500 largest corporations are based in London.[125] London is the largest financial centre in Europe, and as of 2009 is also the largest in the world.[126]
    A silver coloured car.
    Aston Martin is a well known English automobile company.

    The Bank of England, founded in 1694 by Scottish banker William Paterson, is the United Kingdom's central bank. Originally instituted to act as private banker to the Government of England, it carried on in this role as part of the United Kingdom—since 1946 it has been a state-owned institution.[127] The Bank has a monopoly on the issue of banknotes in England and Wales, although not in other parts of the United Kingdom. Its Monetary Policy Committee has devolved responsibility for managing the monetary policy of the country and setting interest rates.[128]

    England is highly industrialised, but since the 1970s there has been a decline in traditional heavy and manufacturing industries, and an increasing emphasis on a more service industry oriented economy.[76] Tourism has become a significant industry, attracting millions of visitors to England each year. The export part of the economy is dominated by pharmaceuticals, automobiles—although many English marques are now foreign-owned, such as Rolls-Royce, Lotus, Jaguar and Bentley—crude oil and petroleum from the English parts of North Sea Oil along with Wytch Farm, aircraft engines and alcoholic beverages.[129] Agriculture is intensive and highly mechanised, producing 60% of food needs with only 2% of the labour force.[130] Two thirds of production is devoted to livestock, the other to arable crops.[131]


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