The Changing UK Economy

  • Created by: 14mccala
  • Created on: 31-05-19 17:15
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  • The Changing UK Economy
    • What are the causes of economic change in the UK?
      • De-Industrialisation - the decline of traditional industries
        • Machines and technology have replaced many people
        • Other countries (e.g. China) can produce cheaper goods because labour is less expensive
      • Globalisation - the growth and spread of ideas around the world
        • Many people now work on global brands in the quaternary sector
        • Increased world trade and cheaper imported products have contributed to the decline in the UK manufacturing
      • Government Policies
        • 1945-79
          • The government created state-run industries such as British Rail
        • 1979-2010
          • State-run industries sold to private shareholders.This is called privatisation
          • New private companies brought innovation and change
        • 2010 onwards - rebalancing the economy by relying less on service industries. Policies have included:
          • Improvement to transport
          • More investment in manufacturing
          • Encouraging global firms to locate in the UK
    • Post-Industrial Economy
      • Where manufacturing industry declines and is replaced by growth in the service and quaternary sectors. This happened in the UK from the 1970s
      • Development of information technology - a key factor in the UK's move to a post-industrial economy
        • Internet access enables people to work from home
        • Over 1.3 million people work in the IT sector
        • The UK is one of the world's leading digital economies
      • Service industries and finance - today the UK contributes 79% of its GDP
        • Finance is an important part of the service sector
        • The UK is the world's leading centre for financial services
        • The financial services sector accounts for about 10% of the UK's GDP
      • Research
        • The UK research sector employs over 60000 highly qualified people and is estimated to contribute over £3 billion to the UK economy. This sector is likely to be one of the UK economy's main growth areas in the future
    • What is a science park?
      • A group of scientific and technical knowledge-based businesses located on a single site. They may also include services such as finance and marketing
      • University of SouthamptonScience Park
        • Includes one hundred small science businesses including Fibrecore and PhotonStar
        • Benefits
          • Excellent transport links - close to the M3, Southampton international airport and rail links
          • Excellent links to the University
          • Attractive location with green areas
    • What is a business park?
      • An area of land occupied by a cluster of business. They are usually located on the edges of towns where:
        • Land is cheaper and more available
        • Access is better with less congestion
        • Businesses can benefit from working together
      • Cobalt Business Park, Newcastle-Upon-Tyne
        • The largest UK business park, with support facilities including retail outlets and a fitness centre
        • The park is next to the A19, close to the A1 and 20 minutes from the International airport


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