Major scientific discoveries from the 18th century include hydrogen by Henry Cavendish; from the 20th century penicillin by Alexander Fleming, and the structure of DNA, by Francis Crick and others. Famous British engineers and inventors of the Industrial Revolution include James Watt, George Stephenson, Richard Arkwright, Robert Stephenson and Isambard Kingdom Brunel. Other major engineering projects and applications by people from the UK include the steam locomotive, developed by Richard Trevithick and Andrew Vivian; from the 19th century the electric motor by Michael Faraday, the first computer designed by Charles Babbage, the first commercial electrical telegraph by William Fothergill Cooke and Charles Wheatstone, the incandescent light bulb by Joseph Swan, and the first practical telephone, patented by Alexander Graham Bell; and in the 20th century the world's first working television system by John Logie Baird and others, the jet engine by Frank Whittle, the basis of the modern computer by Alan Turing, and the World Wide Web by Tim Berners-Lee.
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 InfoIn 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.
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.
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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