United Kingdom

Which country is the second largest in Europe?

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.


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  • Settlement by anatomically modern humans of what was to become the United Kingdom occurred in waves beginning by about 30,000 years ago. By the end of the region's prehistoric period, the population is thought to have belonged, in the main, to a culture termed Insular Celtic, comprising Brittonic Britain and Gaelic Ireland. The Roman conquest, beginning in 43 AD, and the 400-year rule of southern Britain, was followed by an invasion by Germanic Anglo-Saxon settlers, reducing the Brittonic area mainly to what was to become Wales, Cornwall and, until the latter stages of the Anglo-Saxon settlement, the Hen Ogledd (northern England and parts of southern Scotland). Most of the region settled by the Anglo-Saxons became unified as the Kingdom of England in the 10th century. Meanwhile, Gaelic-speakers in north-west Britain (with connections to the north-east of Ireland and traditionally supposed to have migrated from there in the 5th century) united with the Picts to create the Kingdom of Scotland in the 9th century.

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  • In the early 19th century, the Industrial Revolution transformed the country; political power began shifting away from the old Tory and Whig landowning classes towards the new industrialists. An alliance of merchants and industrialists with the Whigs would lead to a new party, the Liberals, with an ideology of free trade and laissez-faire. In 1832 Parliament passed the Great Reform Act, which began the transfer of political power from the aristocracy to the middle classes. In the countryside, enclosure of the land was driving small farmers out. Towns and cities began to swell with a new urban working class. Few ordinary workers had the vote, and they created their own organisations in the form of trade unions.

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  • Scotland accounts for just under a third (32 per cent) of the total area of the UK, covering 78,772 square kilometres (30,410 sq mi). This includes nearly eight hundred islands, predominantly west and north of the mainland; notably the Hebrides, Orkney Islands and Shetland Islands. Scotland is the most mountainous country in the UK and its topography is distinguished by the Highland Boundary Fault – a geological rock fracture – which traverses Scotland from Arran in the west to Stonehaven in the east. The fault separates two distinctively different regions; namely the Highlands to the north and west and the Lowlands to the south and east. The more rugged Highland region contains the majority of Scotland's mountainous land, including Ben Nevis which at 1,345 metres (4,413 ft) is the highest point in the British Isles. Lowland areas – especially the narrow waist of land between the Firth of Clyde and the Firth of Forth known as the Central Belt – are flatter and home to most of the population including Glasgow, Scotland's largest city, and Edinburgh, its capital and political centre, although upland and mountainous terrain lies within the Southern Uplands.

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  • The rise of Irish nationalism, and disputes within Ireland over the terms of Irish Home Rule, led eventually to the partition of the island in 1921. The Irish Free State became independent, initially with Dominion status in 1922, and unambiguously independent in 1931. Northern Ireland remained part of the United Kingdom. The 1928 Act widened suffrage by giving women electoral equality with men. A wave of strikes in the mid-1920s culminated in the General Strike of 1926. Britain had still not recovered from the effects of the war when the Great Depression (1929–1932) occurred. This led to considerable unemployment and hardship in the old industrial areas, as well as political and social unrest in the 1930s, with rising membership in communist and socialist parties. A coalition government was formed in 1931.

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  • In the early 19th century, the Industrial Revolution transformed the country; political power began shifting away from the old Tory and Whig landowning classes towards the new industrialists. An alliance of merchants and industrialists with the Whigs would lead to a new party, the Liberals, with an ideology of free trade and laissez-faire. In 1832 Parliament passed the Great Reform Act, which began the transfer of political power from the aristocracy to the middle classes. In the countryside, enclosure of the land was driving small farmers out. Towns and cities began to swell with a new urban working class. Few ordinary workers had the vote, and they created their own organisations in the form of trade unions.

    More Info

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