3 Industry Facts about the UK Economy
Britain’s economy is in recovery and the future outlook is bright we are told. Questions like – Is the UK industry growing? And what industry sectors are growing and which ones are not?
The financial services centred around Westminster and London have caused much debate in recent politics causing lead economists to divide on hot topics like “North-South Divide”. There are many leaders in the house of commons suggesting that the industry in Britain is changing and many businesses lagging behind in a time where austerity and poverty seems more important to debate than the creation of jobs in the market place.
Fact 1: There are 3 main types of business industry and they are not surprisingly all cantered around online digital streams. Long gone are the days where down a coal mine was a major contributor to Great Britain. Finances are another major category and still contribute to a majorly to the UK economy. The creative sector (ICT) in the UK is strong and there are many who see this a growing still in a time of recession. Manufacturing is shrinking and has gone from 36% in the last 50 years to 10% more recently in 2010. The UK Advertising industry is growing and is currently estimated to be worth 22.36 Billion pounds to the economy.
Fact 2: Financials: The Size of the UK Economy is in its lowest levels of recovery since the early 1920’s. The GDP per head has increased but not until the second quarter of 2015 and is still low in terms of recession levels. The growth seen in 2016 was strong and the forecasters didn’t see any signs of things slower down after Brexit, however growth in 2017-18 is expected to be slow.
Fact 3: The Sterling vs the Dollar is looking good and the US currency is stronger since Brexit came into play. The exporters complain of fluctuating prices and unstable markets. Trading hasn’t been easy most say and this is looking to change anytime soon.