Economic futures in the UK

• how big is the UK economy

  • aprox 6th largest in the world
  • aprox 3 trillion dollars
• what is the employment/industrial structure?

  • types of jobs in the UK
• What are primary jobs?

  • Involve raw materials from the earth
  • ie farming, fishing, logging etc
• what are secondary jobs?

  • Manufacturing jobs
  • ie factory workers
• what are tertiary jobs?

  • Services
  • ie teachers, suppliers, finance workers
• what are quaternary jobs?

  • Research and development
  • ie ICT, medicine, technology
• How has the UK employment structure changed overtime?

  • Pre 1750 - mainly primary jobs
  • 1800s - decline in primary jobs due to more machinery (industrial revolution)
  • 1800s-1950 - jobs in manufacturing increased and more factories where built, leading to urbanisation
  • 1950s onwards - post industrial economy - more tertiary jobs due to the introduction of public services aswell as people having more disposable income and free time
• Why has the UK employment structure changed?

  • Globalisation
  • Deindustrialisation
  • Govorment polocies
• How has globalisation changed the UK employment structure?

  • Improvements in travel, internet and development of trade has lead to more businesses in the UK being owned by companies in other countries
  • This leads to migration of workers into the UK, less manufacturing as they can be imported
  • It also leads to inequality in workers pay
  • Leads to cheaper goods and services due to more competition so lower priced products and services
• how has gov policies changed the economic structure in the UK?

  • The govorment owned companies where sold in the late 1900s to privatised companies, which meant the gov made a lot of money
  • Govorments stepped away from running companies, meanign the companies had to find a better way to make profit
• what is a post industrial economy?

  • replaces manufacturing with service industries
  • aswell as this, the quaternery sector is now developing in the uk
• what are the benefits of developing information technology (IT)?

  • employs 1.3 million
  • It can be homeworking and self employed due to internet
  • Information can be accessed anywhere due to mobole devices
  • IT develpments have led to growth of manufacturing services, services, and research
• what are the benefits of the development of service industries

  • financial services now employ over 2 million
  • accounts for 10% of UK GDP
  • London is a leading financial centre globally
• how is research developing?

  • part of the raplidly expanding quaternary sector
  • employs over 60,000
  • contributes 3 billion to the UK economy
  • AI and cleantech businesses are now helping to employ more people, meaning more jobs may be generated in the future
• what are science parks?

  • typically located on the edge of Uni cities
  • good transport links and attractive environments
  • graduates are employed to apply their knowlage to help businesses to help with their research and development
• what are business parks?

  • small groups of businesses in the same land area
  • located on the edge of major cities where travel connections are good and land is cheaper
  • businesses can benefit from supplying goods and services to eachother