Historically, indigenous British people were thought to be descended from the various ethnic groups that settled there before the 12th century: the Celts, Romans, Anglo-Saxons, Norse and the Normans. Welsh people could be the oldest ethnic group in the UK. A 2006 genetic study shows that more than 50 per cent of England's gene pool contains Germanic Y chromosomes. Another 2005 genetic analysis indicates that "about 75 per cent of the traceable ancestors of the modern British population had arrived in the British isles by about 6,200 years ago, at the start of the British Neolithic or Stone Age", and that the British broadly share a common ancestry with the Basque people.
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 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 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 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 InfoAround the end of the 20th century there were major changes to the governance of the UK with the establishment of devolved administrations for Scotland, Wales and Northern Ireland. The statutory incorporation followed acceptance of the European Convention on Human Rights. The UK is still a key global player diplomatically and militarily. It plays leading roles in the EU, UN and NATO. Controversy surrounds some of Britain's overseas military deployments, particularly in Afghanistan and Iraq.
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