Services

Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance.

Economic recession

The UK, a leading trading power and financial center, is one of the quintet of trillion dollar economies of Western Europe. Since emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe.

The global economic slowdown, tight credit, and falling home prices, however, pushed Britain back into recession in the latter half of 2008 and prompted the Brown government to implement a number of new measures to stimulate the economy and stabilize the financial markets; these include part-nationalizing the banking system, cutting taxes, suspending public sector borrowing rules, and bringing forward public spending on capital projects. The Bank of England periodically coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU), and opinion polls show a majority of Britons oppose joining the euro.

Currency

The British currency is the pound sterling. The sign for the pound is £. British do not use the euro (€). Although a few of the big shops will accept euro, it is rarely used across Britain.

The pound (£) is made up of 100 pence (p). The singular of pence is "penny". The symbol for the penny is "p"; hence an amount such as 50p is often pronounced "fifty pee" rather than "fifty pence". British currency exists both in coins and banknotes.

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* You can find the list of “Top UK Firms” in Unit 14. Supplements.

Words, words, words…

1. Find in the text:

1. three adjectives characterizing British agriculture;

2. three names of agricultural industries;

3. five names of fish.

2. Find the opposite in the text.

to increase - ………………

economic expansion - ……………….

uncultivated land - ……………….

raise taxes - ……………….

minority - ………………

DID YOU GET IT?

Say whether the following statements are true or false. Give the right answer if necessary:

1. Over 10% of labour force is employed in agriculture.

2. Livestock accounts for a half of farming production.

3. Agriculture in the UK is very efficient.

4. Services decline in importance compared to industry.

5. In the latter half of 2008 Britain enjoyed a period of economic expansion.

6. Nationalizing the banking system and cutting taxes are measures of stimulating the economy.

7. Opinion polls show a majority of Britons accepts joining the euro.

8. Britain isn’t a part of the European Economic and Monetary Union.

Time to speak

1. Give a brief presentation on the economic profile of the uk.

2. Discuss in pairs economic situation in Russia and the difficulties it is going through in the period of economic recession. Unit VIII. British cuisine question time

Work in pairs and answer the questions:

1. What dishes do you recommend foreigner to try?

2. What do people eat with: knife, fork, spoon, chopsticks, or their hands?

3. How many meals a day do people have?

4. What time do people have those meals?

5. What does the main meal consist of?

6. What are your favourite dishes?

7. Can we find dishes of national cuisine in a café or fast-food restaurants?

8. Is there any special menu for the weekend?

9. Are there any regional culinary varieties?