In 2017 the average total fertility rate (TFR) across the UK was 1.74 children born per woman. While a rising birth rate is contributing to population growth, it remains considerably below the baby boom peak of 2.95 children per woman in 1964, or the high of 6.02 children born per woman in 1815, below the replacement rate of 2.1, but higher than the 2001 record low of 1.63. In 2011, 47.3 per cent of births in the UK were to unmarried women. The Office for National Statistics published a bulletin in 2015 showing that, out of the UK population aged 16 and over, 1.7 per cent identify as lesbian, gay, or bisexual (2.0 per cent of males and 1.5 per cent of females); 4.5 per cent of respondents responded with "other", "I don't know", or did not respond. In 2018 the median age of the UK population was 41.7 years.
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 InfoThe UK does not have a codified constitution and constitutional matters are not among the powers devolved to Scotland, Wales or Northern Ireland. Under the doctrine of parliamentary sovereignty, the UK Parliament could, in theory, therefore, abolish the Scottish Parliament, Senedd or Northern Ireland Assembly. Indeed, in 1972, the UK Parliament unilaterally prorogued the Parliament of Northern Ireland, setting a precedent relevant to contemporary devolved institutions. In practice, it would be politically difficult for the UK Parliament to abolish devolution to the Scottish Parliament and the Senedd, given the political entrenchment created by referendum decisions. The political constraints placed upon the UK Parliament's power to interfere with devolution in Northern Ireland are even greater than in relation to Scotland and Wales, given that devolution in Northern Ireland rests upon an international agreement with the Government of Ireland.
More InfoMajor scientific discoveries from the 18th century include hydrogen by Henry Cavendish; from the 20th century penicillin by Alexander Fleming, and the structure of DNA, by Francis Crick and others. Famous British engineers and inventors of the Industrial Revolution include James Watt, George Stephenson, Richard Arkwright, Robert Stephenson and Isambard Kingdom Brunel. Other major engineering projects and applications by people from the UK include the steam locomotive, developed by Richard Trevithick and Andrew Vivian; from the 19th century the electric motor by Michael Faraday, the first computer designed by Charles Babbage, the first commercial electrical telegraph by William Fothergill Cooke and Charles Wheatstone, the incandescent light bulb by Joseph Swan, and the first practical telephone, patented by Alexander Graham Bell; and in the 20th century the world's first working television system by John Logie Baird and others, the jet engine by Frank Whittle, the basis of the modern computer by Alan Turing, and the World Wide Web by Tim Berners-Lee.
More InfoIn the year from October 2009 to September 2010 UK airports handled a total of 211.4 million passengers. In that period the three largest airports were London Heathrow Airport (65.6 million passengers), Gatwick Airport (31.5 million passengers) and London Stansted Airport (18.9 million passengers). London Heathrow Airport, located 15 miles (24 km) west of the capital, has the most international passenger traffic of any airport in the world and is the hub for the UK flag carrier British Airways, as well as Virgin Atlantic.
More InfoIn the final quarter of 2008, the UK economy officially entered recession for the first time since 1991. Following the likes of the United States, France and many major economies, in 2013, the UK lost its top AAA credit rating for the first time since 1978 with Moodys and Fitch credit agency, but, unlike the other major economies, retained its triple A rating with Standard & Poor's. By the end of 2014, UK growth was the fastest in both the G7 and in Europe, and by September 2015, the unemployment rate was down to a seven-year low of 5.3 per cent.
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