The 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.
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 total area of the United Kingdom is approximately 244,820 square kilometres (94,530 sq mi). The country occupies the major part of the British Isles archipelago and includes the island of Great Britain, the north-eastern one-sixth of the island of Ireland and some smaller surrounding islands. It lies between the North Atlantic Ocean and the North Sea with the south-east coast coming within 22 miles (35 km) of the coast of northern France, from which it is separated by the English Channel. In 1993 10 per cent of the UK was forested, 46 per cent used for pastures and 25 per cent cultivated for agriculture. The Royal Greenwich Observatory in London was chosen as the defining point of the Prime Meridian in Washington, D.C. in 1884, although due to more accurate modern measurement the meridian actually lies 100 metres to the east of the observatory.
More InfoNonetheless, "Britain was a very wealthy country, formidable in arms, ruthless in pursuit of its interests and sitting at the heart of a global production system." After Nazi Germany invaded Poland, Britain entered the Second World War by declaring war on Germany in 1939. Winston Churchill became prime minister and head of a coalition government in 1940. Despite the defeat of its European allies in the first year of the war, Britain and its Empire continued the fight alone against Germany. Churchill engaged industry, scientists and engineers to advise and support the government and the military in the prosecution of the war effort. He formed a Special Relationship with the United States, and won their agreement to a Europe first grand strategy for the Allies. In 1940, the Royal Air Force defeated the German Luftwaffe in a struggle for control of the skies in the Battle of Britain. Urban areas suffered heavy bombing during the Blitz. There were eventual hard-fought victories in the Battle of the Atlantic, the North Africa campaign and the Italian campaign. British forces played an important role in the Normandy landings of 1944 and the liberation of Europe, achieved with its allies the United States, the Soviet Union and other Allied countries. The British Army led the Burma campaign against Japan and the British Pacific Fleet fought Japan at sea. British scientists contributed to the Manhattan Project which led to the surrender of Japan.
More InfoFor local government purposes, Scotland is divided into 32 council areas, with wide variation in both size and population. The cities of Glasgow, Edinburgh, Aberdeen and Dundee are separate council areas, as is the Highland Council, which includes a third of Scotland's area but only just over 200,000 people. Local councils are made up of elected councillors, of whom there are 1,223; they are paid a part-time salary. Elections are conducted by single transferable vote in multi-member wards that elect either three or four councillors. Each council elects a Provost, or Convenor, to chair meetings of the council and to act as a figurehead for the area.
More InfoThe ongoing COVID-19 pandemic in the United Kingdom, which originated in Wuhan, China sometime in late 2019, has seriously affected the UK. Emergency financial measures and controls on movement have been put in place, and plans made for a "bailout taskforce" so the government could "take emergency stakes in corporate casualties... in return for equity stakes". The broadcast to the nation on 5 April by Queen Elizabeth was just the fifth time she had done so in response to an important national event or crisis.
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