England and Scotland were leading centres of the Scientific Revolution from the 17th century. The United Kingdom led the Industrial Revolution from the 18th century, and has continued to produce scientists and engineers credited with important advances. Major theorists from the 17th and 18th centuries include Isaac Newton, whose laws of motion and illumination of gravity have been seen as a keystone of modern science; from the 19th century Charles Darwin, whose theory of evolution by natural selection was fundamental to the development of modern biology, and James Clerk Maxwell, who formulated classical electromagnetic theory; and more recently Stephen Hawking, who advanced major theories in the fields of cosmology, quantum gravity and the investigation of black holes.
After 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 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 InfoSince the 1980s, UK economic inequality, like Canada, Australia and the United States, has grown faster than in other developed countries. The poverty line in the UK is commonly defined as being 60 per cent of the median household income. The Office for National Statistics has estimated that in 2011, 14 million people were at risk of poverty or social exclusion, and that one person in 20 (5.1 per cent) was experiencing "severe material depression", up from 3 million people in 1977. Although the UK does not have an official poverty measure, the Joseph Rowntree Foundation and the Social Metrics Commission estimate, based on government data, that there are 14 million people in poverty in the UK. 1.5 million people experienced destitution in 2017. In 2018, the UN Special Rapporteur on Extreme Poverty and Human Rights visited the UK and found that government policies and cuts to social support are "entrenching high levels of poverty and inflicting unnecessary misery in one of the richest countries in the world." His final 2019 report found that the UK government was doubling down on policies that have "led to the systematic immiseration of millions across Great Britain" and that sustained and widespread cuts to social support "amount to retrogressive measures in clear violation of the United Kingdom’s human rights obligations."
More InfoIn the decades-long process of European integration, the UK was a founding member of the alliance called the Western European Union, established with the London and Paris Conferences in 1954. In 1960 the UK was one of the seven founding members of the European Free Trade Association (EFTA), but in 1973 it left to join the European Communities (EC). When the EC became the European Union (EU) in 1992, the UK was one of the 12 founding members. The Treaty of Lisbon, signed in 2007, forms the constitutional basis of the European Union since then.
More InfoThe UK service sector makes up around 79 per cent of GDP. London is one of the three "command centres" of the global economy (alongside New York City and Tokyo), it is the world's largest financial centre alongside New York, and it has the largest city GDP in Europe. Tourism is very important to the British economy; with over 27 million tourists arriving in 2004, the United Kingdom is ranked as the sixth major tourist destination in the world and London has the most international visitors of any city in the world. The creative industries accounted for 7 per cent GVA in 2005 and grew at an average of 6 per cent per annum between 1997 and 2005.
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