19 The economy of the united kingdom

insurance	страхування	revenue	дохід
interest rate	процентна ставка	barley	ячмінь
turmoil	безлад	contribute	робити внесок
commodity	товар	household goods	господарські товари

The United Kingdom is a major developed capitalist economy. It is the world's sixth largest by nominal GDP. It is the third largest economy in Europe. The United Kingdom is also a member of the G8, the Commonwealth of Nations, the Organisation for Economic Co-operation and Development, the World Trade Organisation, and the European Union.

The United Kingdom is one of the world's most globalised countries. The UK is the second largest financial centre in the world after the US. The capital, London, is the world's largest financial centre. The City houses the London Stock Exchange (shares and bonds), London Metal Exchange (base metal and plastic futures), Lloyds of London (insurance), and the Bank of England. The British economy is made up of the economies of England, Scotland, Wales and Northern Ireland.

In 2008 the UK entered a recession brought about by the global financial crisis. Major banks failed and were nationalised. The UK economy had been one of the strongest EU economies in terms of inflation, interest rates and unemployment until the 2008-09 recession. Financial turmoil as well as rising commodity prices harm the UK more than most developed countries, as the UK obtains revenue from exporting finan-

cial services while recording deficits in finished goods and commodities, including food.

Agriculture is intensive, highly mechanised, and efficient, producing about 60% of food needs with less than 2% of the labour force. The main crops are wheat, barley, oats, maize for animal feeds, potatoes and sugar beet. The main livestock are cattle, chickens and sheep. The UK has a significant fishing industry.

Engineering and allied industries (electronics, audio and optical equipment) are the single largest sector with transport equipment being the largest contributor. The UK manufactures civil and defence aerospace, land and marine equipment; warships; aerospace engines and power generation systems.

Other important sectors of the manufacturing industry include food, drink, tobacco, paper, printing, publishing and textiles. The pharmaceutical industry is particularly successful. Chemicals and chemical-based products are important sector of manufacturing. Wholesale and retail trade sector includes the motor trade, auto repairs, personal and household goods industries.

Translate into Ukrainian:

1. Inner London is the richest area in Europe with a GDP per capita of nearly $80,000.

2. Manufacturing is an important sector of the modern British economy. Britain – the birthplace of the Industrial Revolution – continues to be one of the most attractive countries in the world for direct foreign industrial investment.

3. The UK has a broad base of domestic firms, alongside a number of foreign firms manufacturing a wide range of TV, radio and communications products, scientific and optical instruments, electrical machinery and office machinery and computers.

4. Heavy industry, employing many thousands of people and producing large volumes of low-value goods (such as steelmaking) has either become highly efficient or has been replaced by smaller industrial units producing high-value goods (such as the aerospace and electronics industries).

• Be ready to characterise the economy of the United Kingdom (up to 15 sentences).