The UK Economy

Working abroad sounds like an adventure to many people. However, job search the UK requires more than just the obvious UK CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to get 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.

art_warning UK EconomyMost visits to the UK are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners. The UK authorities have carried out a number of arrests as a result of investigations into terrorist networks.

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

UKcurrency UK EconomyCurrency: 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

We hope that your UK job search has been successful and you will get the UK visa too. So, if your UK cover letter and UK CV are ready, you may distribute them to your future employers or job recruiters and start preparing for the UK job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the UK economy info!


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