2007 G8 Summit Magazine - (Page 49) competition, minimizing state intervention in the economy and reducing the burden of regulation. Within the European Union, Britain is an insistent champion of liberalization and deregulation within the framework of the “Lisbon Agenda” for economic reform of the EU. The British government has in recent years significantly increased investment in the expansion of public services. This has benefited the health service, education and training and transport infrastructure in particular. Investment projects are often financed through public-private partnerships. London is the most important financial centre in Europe. All the major banks, insurance companies, management consultancies, accountancy firms and international legal practices have a presence there. And Britain is highly competitive internationally in high-tech sectors such as telecommunications, IT, biotechnology, pharmaceuticals and chemicals, as well as in vehicle construction and electrical engineering. GDP growth is supported by robust consumer spending and an expansive fiscal policy. Facts: . Unemployment in early 2005 fell to a historic low of 4.7% . The inflation rate is 1.6% . Gross Domestic Product (GDP) in 2005: 1,128.7 bn GBP (1,636.6 bn EUR) . GDP per capita in 2005: 18,864 GBP (27,352 EUR) . GDP growth in 2005: 1.8% Accession to economic and monetary union Current economic situation Economic growth was 3.1 per cent in 2004 and around 1.8 per cent in 2005. -49- |
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.