The UK, a leading trading power and financial center, deploys an essentially capitalistic economy, one of the quartet of trillion dollar economies of Western Europe. Over the past two decades the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with only 1% of the labor force. The UK has large coal, natural gas, and oil reserves; primary energy production accounts for 10% of GDP, one of the highest shares of any industrial nation. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. The economy has grown steadily, at just above or below 3%, for the last several years. The BLAIR government has put off the question of participation in the euro system until after the next election, in June of 2001; Chancellor of the Exchequer BROWN has identified some key economic tests to determine whether the UK should join the common currency system, but it will largely be a political decision. A serious short-term problem is foot-and-mouth disease, which by early 2001 had broken out in nearly 600 farms and slaughterhouses and had resulted in the killing of 400,000 animals.
Industry:
machine tools, electric power equipment, automation equipment, railroad equipment, shipbuilding, aircraft, motor vehicles and parts, electronics and communications equipment, metals, chemicals, coal, petroleum, paper and paper products, food processing, textiles, clothing, and other consumer goods
Ethnicgroups:
English 81.5%, Scottish 9.6%, Irish 2.4%, Welsh 1.9%, Ulster 1.8%, West Indian, Indian, Pakistani, and other 2.8%
