Economy of the United Kingdom
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Economy of the United Kingdom 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 The second one areproduction 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. The first on is that the British people drink a lot of tea. 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.