In 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.
The 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 InfoThe Industrial Revolution started in the UK with an initial concentration on the textile industry, followed by other heavy industries such as shipbuilding, coal mining and steelmaking. British merchants, shippers and bankers developed overwhelming advantage over those of other nations allowing the UK to dominate international trade in the 19th century. As other nations industrialised, coupled with economic decline after two world wars, the United Kingdom began to lose its competitive advantage and heavy industry declined, by degrees, throughout the 20th century. Manufacturing remains a significant part of the economy but accounted for only 16.7 per cent of national output in 2003.
More InfoAfter the end of the Second World War in 1945, the UK was one of the Big Four powers (along with the U.S., the Soviet Union, and China) who met to plan the post-war world; it was an original signatory to the Declaration of the United Nations. The UK became one of the five permanent members of the United Nations Security Council and worked closely with the United States to establish the IMF, World Bank and NATO. The war left the UK severely weakened, but it was spared the total war that devastated eastern Europe, and it depended financially on the Marshall Plan. In the immediate post-war years, the Labour government initiated a radical programme of reforms, which had a significant effect on British society in the following decades. Major industries and public utilities were nationalised, a welfare state was established, and a comprehensive, publicly funded healthcare system, the National Health Service, was created. The rise of nationalism in the colonies coincided with Britain's now much-diminished economic position, so that a policy of decolonisation was unavoidable. Independence was granted to India and Pakistan in 1947. Over the next three decades, most colonies of the British Empire gained their independence, with all those that sought independence supported by the UK, during both the transition period and afterwards. Many became members of the Commonwealth of Nations.
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 InfoWe don't show ads. Help us keep it that way.