The UK has a partially regulated market economy. Based on market exchange rates, the UK is today the fifth-largest economy in the world and the second-largest in Europe after Germany. HM Treasury, led by the Chancellor of the Exchequer, is responsible for developing and executing the government's public finance policy and economic policy. The Bank of England is the UK's central bank and is responsible for issuing notes and coins in the nation's currency, the pound sterling. Banks in Scotland and Northern Ireland retain the right to issue their own notes, subject to retaining enough Bank of England notes in reserve to cover their issue. The pound sterling is the world's third-largest reserve currency (after the US dollar and the euro). Since 1997 the Bank of England's Monetary Policy Committee, headed by the Governor of the Bank of England, has been responsible for setting interest rates at the level necessary to achieve the overall inflation target for the economy that is set by the Chancellor each year.
The UK was the third country to develop a nuclear weapons arsenal (with its first atomic bomb test in 1952), but the new post-war limits of Britain's international role were illustrated by the Suez Crisis of 1956. The international spread of the English language ensured the continuing international influence of its literature and culture. As a result of a shortage of workers in the 1950s, the government encouraged immigration from Commonwealth countries. In the following decades, the UK became a more multi-ethnic society than before. Despite rising living standards in the late 1950s and 1960s, the UK's economic performance was less successful than many of its main competitors such as France, West Germany and Japan.
More InfoWales accounts for less than a tenth (9 per cent) of the total area of the UK, covering 20,779 square kilometres (8,020 sq mi). Wales is mostly mountainous, though South Wales is less mountainous than North and mid Wales. The main population and industrial areas are in South Wales, consisting of the coastal cities of Cardiff, Swansea and Newport, and the South Wales Valleys to their north. The highest mountains in Wales are in Snowdonia and include Snowdon (Welsh: Yr Wyddfa) which, at 1,085 metres (3,560 ft), is the highest peak in Wales. Wales has over 2,704 kilometres (1,680 miles) of coastline. Several islands lie off the Welsh mainland, the largest of which is Anglesey (Ynys Môn) in the north-west.
More InfoThe fourteen British Overseas Territories are remnants of the British Empire: they are Anguilla; Bermuda; the British Antarctic Territory; the British Indian Ocean Territory; the British Virgin Islands; the Cayman Islands; the Falkland Islands; Gibraltar; Montserrat; Saint Helena, Ascension and Tristan da Cunha; the Turks and Caicos Islands; the Pitcairn Islands; South Georgia and the South Sandwich Islands; and Akrotiri and Dhekelia on the island of Cyprus. British claims in Antarctica have limited international recognition. Collectively Britain's overseas territories encompass an approximate land area of 480,000 square nautical miles (640,000 sq mi; 1,600,000 km2), with a total population of approximately 250,000. A 1999 UK government white paper stated that: "[The] Overseas Territories are British for as long as they wish to remain British. Britain has willingly granted independence where it has been requested; and we will continue to do so where this is an option." Self-determination is also enshrined in the constitutions of several overseas territories and three have specifically voted to remain under British sovereignty (Bermuda in 1995, Gibraltar in 2002 and the Falkland Islands in 2013).
More InfoCrime in England and Wales increased in the period between 1981 and 1995, though since that peak there has been an overall fall of 66 per cent in recorded crime from 1995 to 2015, according to crime statistics. The prison population of England and Wales has increased to 86,000, giving England and Wales the highest rate of incarceration in Western Europe at 148 per 100,000. Her Majesty's Prison Service, which reports to the Ministry of Justice, manages most of the prisons within England and Wales. The murder rate in England and Wales has stabilised in the first half of the 2010s with a murder rate around 1 per 100,000 which is half the peak in 2002 and similar to the rate in the 1980s Crime in Scotland fell slightly in 2014/2015 to its lowest level in 39 years in with 59 killings for a murder rate of 1.1 per 100,000. Scotland's prisons are overcrowded but the prison population is shrinking.
More InfoSettlement by anatomically modern humans of what was to become the United Kingdom occurred in waves beginning by about 30,000 years ago. By the end of the region's prehistoric period, the population is thought to have belonged, in the main, to a culture termed Insular Celtic, comprising Brittonic Britain and Gaelic Ireland. The Roman conquest, beginning in 43 AD, and the 400-year rule of southern Britain, was followed by an invasion by Germanic Anglo-Saxon settlers, reducing the Brittonic area mainly to what was to become Wales, Cornwall and, until the latter stages of the Anglo-Saxon settlement, the Hen Ogledd (northern England and parts of southern Scotland). Most of the region settled by the Anglo-Saxons became unified as the Kingdom of England in the 10th century. Meanwhile, Gaelic-speakers in north-west Britain (with connections to the north-east of Ireland and traditionally supposed to have migrated from there in the 5th century) united with the Picts to create the Kingdom of Scotland in the 9th century.
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