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
- 1945-79
- De-Industrialisation - the decline of traditional industries
- 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
- An area of land occupied by a cluster of business. They are usually located on the edges of towns where:
- What are the causes of economic change in the UK?
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