Economy of the UK

Tuesday, September 6, 2011, 9:56
Study Abroad, Study in UK
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The UK is included in the world’s largest economy and is on the sixth number and is having the second largest economy in the countries of eh European Union. United Kingdom is also the major international trading power in the world. Actually the economy of the United Kingdom is highly developed and diversified and is also a market based economy with many different social welfare services that are provided to most of the residents with very high standard of living. From turmoil that was in the financial market the economy of the UK is continuously recovering.

The city of London was impacted mostly by the financial crisis in the year 2008 which was the leading financial center at that time. With these crisis banks laid thousand of their workers and many offices and businesses were closed but some of them are still hiring. Two of the most famous UK banks named Bradford, Northern Rock and Bingley were nationalized after some period of time. At that time the Government of the UK took advantages by taking significant shares in the Scotland’s Royal Bank and also in Lloyds banking group.

United Kingdom announced many plans in the year 2011to re-privatize the Northern Rock. These financial crises many damages in the United Kingdom but the financial export contribute greatly to all the UK products of gross domestic and in the future will also continue to do so. More then 1 million peoples in the United Kingdom are working in the financial services which are round about 4 % of the total UK’s employments. From all these employments there are round about one third employees that are employed in the city of London.

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