United Kingdom

The United Kingdom has historically played a leading role in developing parliamentary democracy and in advancing literature and science. At its zenith in the 19th century, the British Empire stretched over one-fourth of the earth's surface. The first half of the 20th century saw the UK's strength seriously depleted in two World Wars and the Irish republic withdraw from the union. The second half witnessed the dismantling of the Empire and the UK rebuilding itself into a modern and prosperous European nation. As one of five permanent members of the UN Security Council, a founding member of NATO, and of the Commonwealth, the UK pursues a global approach to foreign policy. The UK is also an active member of the EU, although it chose to remain outside the Economic and Monetary Union. Devolution and constitutional reform have been significant recent issues in the UK. The Scottish Parliament, the National Assembly for Wales, and the Northern Ireland Assembly were established in 1999, but the latter was suspended until May 2007 due to wrangling over the peace process.

See also: Bank of England

Economical characteristics

• Currency: Pound sterling (ISO code: GBP)
• Central bank discount rate: 0.86% (31 December 2008)
• Commercial banks lending rate: 4.63% (31 December 2008)
• Stock of money (M1): $NA
• Quasi money (with M1 makes M2): $NA

Statistics

Statistic / Year	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008
GDP (million USD)	1 502 560	1 477 580	1 470 890	1 612 060	1 860 810	2 198 090	2 280 180	2 435 710	2 803 460	2 674 060
Govt. debt (% of GDP)	47.484	47.469	42.507	42.528	42.598	44.905	47.300	47.133	47.863	57.523
Govt. revenue (% of GDP)	36.560	37.114	37.082	35.498	35.096	35.918	36.985	37.708	37.380	38.408
Govt. expenses (% of GDP)	35.652	36.204	36.651	37.633	38.809	39.200	41.222	40.378	40.005	42.827
Debt to revenue (years)	1.299	1.279	1.146	1.198	1.214	1.250	1.279	1.250	1.280	1.498

References

Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.

External links

• United Kingdom on Wikipedia
• Central bank of United Kingdom
• BBC country profile
• Mercantilism in England by Murray N. Rothbard, May 2010 (from [http://mises.org/resources/3985/Economic-Thought-Before-Adam-Smith-An-Austrian-Perspective-on-the-History-of-Economic-Thought-Volume-I An Austrian Perspective on the History of Economic Thought, vol. 1)
• Anarchy in the UK (and US, too)? by Jim Jubak, July 2010
• Sir Philip Green reports findings of his review into Government efficiency by Cabinet Office Press Office, October, 2010
• George Osborne announces further £7bn welfare cuts by Spending Review, October 2010
• Cuts 'tough but fair', David Cameron insists by Spending Review, October 2010
• The 1822 Refutation of the Spitalfields Act of Wage and Price Controls by Anders Mikkelsen, November 2010; about the Observations on the Ruinous Tendency of the Spitalfields Act to the Silk Manufacture of London (pdf), 1822