United Kingdom is the 5th largest economy in the world by GDP despite being the 78th biggest country.Made up of England, Scotland, Wales and Northern Ireland, UK is often described as one of the most globalized economies in the world.

If the world has to thank this region for one thing, that would be what's termed as the “Industrial Revolution”. From 1759 to 1839, the ‘Industrial Revolution’ shifted humans from hand production to machines. But, early 20th century, Germany and United States began to dare Britain’s economic lead.

After the end of World War II in 1945, British Empire was again among the victorious Allies. But their lead as an economic leader had diminished. Following the end of World War II, despite witnessing a somewhat prosperous growth in the 1950s and 1960s, the UK recorded weaker growth compared to other European countries. Lack of innovation, overseas competition, low-cost manufacturing by other countries, trade unionism, the welfare state, and the decline of the British empire were all blamed as possible reasons for this outcome. By the 1970s, they were referred to as the ‘sick man of Europe’.

The video also discusses Margret Thatcher and her neo-liberal economic policies and her actions away from socialism in the United Kingdom.

The video also discusses United Kingdom's car, aerospace and pharmaceutical industries, London's financial and insurance services, investments, its comparisons with Germany and France. It also briefly points out the norther oil field and its differences how Norway managed its oil money. The video also discusses National Health Service, Fish n Chips, Pound currency, English language. The topic also discusses its economy and GDP during recent times with Brexit and UK leaving the European Union.

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Economy of countries:    • Economy of Countries  

What do you think of the economic future of the United Kingdom?

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