Today, there are many developed countries in the field of economy. England is one of the most powerful countries in terms of economy. In this article, we will give information about the economic situation of England.
A large part of England ‘s economy has lands suitable for livestock and agriculture. This place has the most energy sources in the coal, natural gas and oil fields.
Since the 1980s, it has been producing the energy it needs on its own. Today, the UK imports energy to most countries. A large part of the electricity produced is obtained from natural gas and coal. This section accounts for two-thirds of the total electricity produced.
There is an increasing emphasis on the use of renewable energy in the UK. The government had a ratio of energy produced from renewable energy sources at the level of 1 percent in 2001. In 2003, this increased to 5 percent.
What are the UK’s Economic Policies?
Britain has recently had significant monetary and fiscal policies. The purpose of these policies is to sustain the government’s growth and provide employment to a large extent. The party in the administration came to power in 1997. In the first years, two important changes related to economic policies were made.
Previously it was the treasury’s job to set interest rates. However, with the policies implemented, this task was transferred to the monetary policy committee. This committee is composed of administrators at the central bank.
Another policy implemented was in the field of Finance. The UK’s fiscal policy is based on the medium-term financial strategy of the past government. The main purpose of the fiscal policy is to ensure that the budget balance in the medium term is achieved.
There are two important basic rules taken in fiscal policy. The first of these rules is that the government borrows to invest, not to finance current expenditures. This principle is also stated as the golden rule. The second rule is based on a measured and stable public debt ratio.
What Are the Key Industries in the UK?
Sectors that are important in the UK are described below.
- drug area
- Manufacturing facilities
- Electrical and electronics field
- computer software industry
- optical devices
- Fishing and forestry
- Electricity generation from renewable energy sources
What is the General Information about the Industries in the UK?
England has a very good position in production. There are favorable climatic conditions with a very high yield rate. There are sectors that are important in the UK .
The agriculture sector in England is very big. This sector meets about two-thirds of the country’s total food needs.
Fisheries and forestry area has a very important place for the agricultural sector.
The number of workers in this field constitutes 2 percent of the total population of the country. Some areas in the UK, such as electronic devices and chemicals, maintain the country’s international competitiveness.
The two largest and most established pharmaceutical companies in the world are of British origin. It also ranks second in the world in the field of biotechnology.
How does trade take place between England and Turkey?
There is a trade partnership between England and Turkey . The economy of this country ranks sixth in the world. Turkey and England have had foreign trade relations since 2001. In 2002, our exports were around 3 billion dollars. In 2012, it was realized at the level of 8 billion dollars. Many products are exported between England and Turkey.
There is a Customs Union Agreement between Turkey and EU Countries. In these countries, there is no customs duty on industrial products for Turkey. However, taxes are levied on most agricultural products.
What are the products exported between Turkey and England?
- Ready-to-wear products
- electric machines
- Motor vehicles and parts
- Iron and steel materials
The products exported between Turkey and England are as stated above.