Five major features of the economy:
1. Adherence to the austerity policy based on monetarism and the formulation and implementation of a medium-term fiscal strategy
2. Deregulation of the government, emphasis on the market mechanism, and the encouragement of free competition in order to mobilize production and investment.
3. Stimulate investment and consumption by introducing measures such as tax cuts. Actively introduce foreign investment.
4. Privatizing state-owned enterprises in a planned and step-by-step manner.
5. Reform the welfare system. Welfare allowances were cut and some welfare organizations were abolished, enabling the government to save a great deal of welfare expenditure.
Expanded:
The United Kingdom is one of the world's economic powerhouses and is the world's fourth largest trading nation, in which the United Kingdom's business, financial and insurance industries are developing fast. And tourism also plays an important role in Britain's economic system.
While the British economy has basically come out of the swamp of the financial crisis in recent years, its economic recovery has appeared to be very heavy, and its subsequent economic momentum is obviously insufficient.
And the financial industry is the mainstay of Britain's balance of trade, the industry's output value accounted for more than 5% of gross domestic product, and more than 1 million people engaged in the industry, the output value reached a record 13.2 billion pounds.
The UK is primarily an exporter of automobiles, aeronautical equipment, chemicals and petroleum, in addition to importing raw materials and foodstuffs.
Of these, London is a worldwide financial and trade center. London is mainly engaged in cross-border bank lending, foreign exchange transactions, international bond issuance, fund investment and other businesses. In addition, London has the largest gold spot trading market and non-precious metal trading center.
In recent years, the British economy is in a moderate upward trend.
The pace of overall economic growth in the United Kingdom has been gradually improving, with a stronger and more balanced performance. One of the main drivers of growth in the UK continues to be the services sector. At present, the industry is developing rapidly, and many investors are also very optimistic about the prospects of the British economy, foreign investment in the United Kingdom in a number of areas, such as automobiles, communications, information, electronics, medical equipment, financial services, food, beverages and so on.
References:
References:
References: