Chapter6TheUKEconomyFocusOverviewoftheBritisheconomyBritishindustryBritishagricultureBritishtradeandfinanceEconomicproblemsandeconomicpolicies6.1OverviewoftheBritisheconomyThefirstnationtoindustrializeandthe“workshopoftheworld”.Aleadingtradingnationandfinancialcenter,thethirdlargesteconomyinEuropeafterGermanyandFrance.6.2BritishindustryBritainisanindustrializedcountry.Mining:coal,oilandgas;NationalCoalBoardTextiles:woolenindustry,“anationofsheepfarmersandclothmakers”Manufacturing:steel-producing,mechanicalengineering,electricalandelectronicengineering,shipbuilding6.3BritishagricultureClimate:mildandabundantrainfallBritishagricultureisintensiveandhighlyproductiveTwosectors:arablefarmingandlivestockfarmingAgriculturalpolicy:theEU’sCommonAgriculturalPolicy6.4BritishtradeandfinancePatternoftrade:importfoodstuffsandrawmaterials(GermanyandChina);exportmanufacturedgoods,especiallytextiles(GermanyandUS).London’sglobalfinancialcenterwasrankedthefirstin2011CityofLondonTheBankofEngland(1694)BritishCurrencyDecimalsystem十进制Basicunitispound(poundsterling).Coins1penny,2pence,5pence,10pence,20pence,50pence,1pound,2pounds.Thenotes(papermoney)£5,£10,£20,£50,and£1006.5EconomicproblemsandeconomicpoliciesTheglobalfinancialcrisisin2008Cameron:afive-yearausterityprogramBankofEngland:interestrate