The automotive industry employs around 800,000 people, with a turnover in 2015 of £70 billion, generating £34.6 billion of exports (11.8 per cent of the UK's total export goods). In 2015, the UK produced around 1.6 million passenger vehicles and 94,500 commercial vehicles. The UK is a major centre for engine manufacturing: in 2015 around 2.4 million engines were produced. The UK motorsport industry employs around 41,000 people, comprises around 4,500 companies and has an annual turnover of around £6 billion.
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.
More InfoAfter the defeat of France at the end of the Revolutionary and Napoleonic Wars (1792–1815), the United Kingdom emerged as the principal naval and imperial power of the 19th century (with London the largest city in the world from about 1830). Unchallenged at sea, British dominance was later described as Pax Britannica ("British Peace"), a period of relative peace among the Great Powers (1815–1914) during which the British Empire became the global hegemon and adopted the role of global policeman. By the time of the Great Exhibition of 1851, Britain was described as the "workshop of the world". The British Empire was expanded to include India, large parts of Africa and many other territories throughout the world. Alongside the formal control it exerted over its own colonies, British dominance of much of world trade meant that it effectively controlled the economies of many regions, such as Asia and Latin America. Domestically, political attitudes favoured free trade and laissez-faire policies and a gradual widening of the voting franchise. During the century, the population increased at a dramatic rate, accompanied by rapid urbanisation, causing significant social and economic stresses. To seek new markets and sources of raw materials, the Conservative Party under Disraeli launched a period of imperialist expansion in Egypt, South Africa, and elsewhere. Canada, Australia, and New Zealand became self-governing dominions. After the turn of the century, Britain's industrial dominance was challenged by Germany and the United States. Social reform and home rule for Ireland were important domestic issues after 1900. The Labour Party emerged from an alliance of trade unions and small socialist groups in 1900, and suffragettes campaigned from before 1914 for women's right to vote.
More InfoThe organisation of local government in England is complex, with the distribution of functions varying according to local arrangements. The upper-tier subdivisions of England are the nine regions, now used primarily for statistical purposes. One region, Greater London, has had a directly elected assembly and mayor since 2000 following popular support for the proposal in a referendum. It was intended that other regions would also be given their own elected regional assemblies, but a proposed assembly in the North East region was rejected by a referendum in 2004. Since 2011, ten combined authorities have been established in England. Eight of these have elected mayors, the first elections for which took place on 4 May 2017. Below the regional tier, some parts of England have county councils and district councils and others have unitary authorities, while London consists of 32 London boroughs and the City of London. Councillors are elected by the first-past-the-post system in single-member wards or by the multi-member plurality system in multi-member wards.
More InfoIn the 18th century, cabinet government developed under Robert Walpole, in practice the first prime minister (1721–1742). A series of Jacobite Uprisings sought to remove the Protestant House of Hanover from the British throne and restore the Catholic House of Stuart. The Jacobites were finally defeated at the Battle of Culloden in 1746, after which the Scottish Highlanders were brutally suppressed. The British colonies in North America that broke away from Britain in the American War of Independence became the United States of America, recognised by Britain in 1783. British imperial ambition turned towards Asia, particularly to India.
More InfoWe don't show ads. Help us keep it that way.