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Economy of the United Kingdom

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Economy of the United Kingdom

The Great Britain is developed country where people love their own traditions but also modern technology, research and development. The United Kingdom is fifth-largest economy in the whole world and the second-largest economy in the European Union after Germany. London, the capital, is one of the three main economic centers in the world together with New York and Tokio. The UK has in quotes a special relationship with USA and heart agreement with France. Those countries are involved in nuclear weapon technology.

The British economy is often called the anglo-saxon economy. It consists of England, Scotland, Wales and the Northern Ireland. The United Kingdom is part of the European Union since 1973.

The UK chose not to join the euro at the currency's launch so the currency of the UK is the pound sterling, represented by the symbol £. The Bank of England is the central bank, responsible for issuing currency.

Their economy is divided into two sectors. The first one is agriculture. In the UK is intensive, highly mechanised, and efficient by European standards, producing about 60% of food needs, with less than 1.6% of the labour force (535,000 workers). The UK retains a significant, though reduced, fishing industry. Its fleets, based in towns such as Kingston upon Hull, Grimsby, Fleetwood, Newlyn, Great Yarmouth, Peterhead, Fraserburgh, and Lowestoft, bring home fish ranging from sole to herring. But the most important products in that sector are – wool, beef cattle, horse breeding, potatoes, barley, sugar beet, wheat and oats.
The second one are production industries. Britain is very rich in coal. Oil and natural gas have also been discovered, but other resources are less significant. Britain was the world´s first industrialized country. Its industry is highly developed. It comprises heavy and light engineering, electrical and electronical engineering, aeromachines, shipbuilding, chemical, textil industry and so on. The north has always been associated with heavy industries such as iron, steel and textils. The most important towns where are factories are Newcastle, Liverpool, Manchester, Leeds, Birmingham. Scotland is famous for its whisky distilleries.
And now lets talk about stereotypes of British people -
The first on is that the British people drink a lot of tea. This is one stereotype that, most of the time, is actually right.
A lot of people are saying that in the UK it rains a whole year but that is defenitely not true. Yes, it rains a lot there, but they can also have a relly nice summer as we do. But winter is difficult. It does not snow there as in our country so if it does it is quite shocking or surprising for them.
The British people watch a lot of TV – they love period dramas, baking shows, reality shows and they can get glued to the X Factor.
British people love to celebrate Royal occasions – celebrating by waving Union Jacks, organising street parties and donning fantastic Great British fancy dress costumes.
Some people say that British people do not like or they do not use their english cuisine but that is not true. They love their famous breakfast with eggs, bacon and so on.

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