The UK Economy
Work in abroad sounds like an adventure to many people. However, job search in the UK requires more than just the UK CV with the UK cover letter writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to find jobs in the UK.
Do not take too lightly the influence a work in the UK can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.
Most visits to the UK are trouble-free however, you should be aware of the risk of indiscriminate terrorist attacks, which could be against civilian targets, including locations frequented by expatriates and foreign travelers like restaurants, hotels, clubs and shopping areas.
You must exercise a high degree of security awareness due to security situation and ongoing political tensions.
In recent years, the UK authorities have carried out many operations and arrests as a result of investigations into terrorist networks.
Monitor local security alerts, news broadcasts and consular messages. Ensure that your travel documents and visas are valid and secured in a safe place. Carry a photocopy of your travel documents rather than the originals. Maintain a low profile, vary times and routes of travel and exercise caution while driving. Making local contacts quickly and seeking support from other expatriates will greatly improve your comfort and safety.
The UK Economy - overview: The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Energy industries now contribute about 4% to GDP.
Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. Since emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe.
The global economic slowdown, tight credit, and falling home prices, however, pushed Britain back into recession in the latter half of 2008 and prompted the government to implement a number of new measures to stimulate the economy and stabilize the financial markets; these include part-nationalizing the banking system, cutting taxes, suspending public sector borrowing rules, and bringing forward public spending on capital projects.
Facing deepening public deficits and debt levels, in 2010 the government initiated a five-year austerity program, which aims to lower budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In 2011, the government announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. Also, the government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015.
Britain remains outside the European Economic and Monetary Union (EMU) and opinion polls show a majority of Britons oppose joining the euro.
Labor force - by occupation: agriculture 1.4%, industry 18.2%, services 80.4% (2006 est.)
Unemployment rate: 7.9% (2011 est.), 5.5% (2008 est.)
Natural resources: coal, petroleum, natural gas, tin, limestone, iron ore, salt, clay, chalk, gypsum, lead, silica, arable land
Industries: machine tools, electric power equipment, automation equipment, railroad equipment, shipbuilding, aircraft, motor vehicles and parts, electronics and communications equipment, metals, chemicals, coal, petroleum, paper and paper products, food processing, textiles, clothing, and other consumer goods
Currency: Pound (GBP; symbol £) = 100 pence. Notes are in denominations of £50, 20, 10 and 5. Additional bank notes issued by Scottish banks (including £1 notes) are accepted in all parts of the UK, although some smaller shops outside Scotland may prefer English banknotes. Coins are in denominations of £2 and 1, and 50, 20, 10, 5, 2 and 1 pence.
Although the UK is part of the European Union, they opted out the European Monetary Union.
Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted. ATMs are widely available.
Traveler’s Cheques: Widely accepted. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in Pounds Sterling.
Exchange rates: British pounds (GBP) per US dollar - 0.6176 (2011 est.), 0.6468 (2010 est.), 0.6175 (2009), 0.5302 (2008), 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004), 0.67 (2002), 0.69 (2001), 0.66 (2000), 0.62 (1999), 0.6 (1998)
Inflation rate (consumer prices): 4.5% (2011 est.), 3.8% (2008 est.)
Other UK Economy Info
To be successful in your UK job search and getting job you want, you need prepare the UK cover letter and the UK CV which you must email instantly to the prospective employers selected during job search in the UK.
When you receive an invitation to the UK job interview, you may apply for the UK visa and the UK work permit. Then prepare yourself for a job interview and take a look at the UK dress code because how you dress is the one of the most important attribute in not hired for available jobs.
Good luck with the UK economy info!