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Average Salary - United Kingdom UNITED KINGDOM / SALARY


SALARY SURVEYS

5,152

UPDATED
March 2023
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AVERAGE SALARY / YEAR MOST TYPICAL SALARY / YEAR
Gross income
Net (after tax)

0.83 GBP = 1 USD

£61,567 GBP

$74,177 USD
London

£70,844 GBP

£39,010 GBP

$47,000 USD
Including "London"
Excluding "London"

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Average Salary / United Kingdom

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Average salary in United Kingdom is £61,567 GBP per year. The most typical earning is £39,010 GBP. All data are based on 5,152 salary surveys. Salaries are different between men and women. Men receive an average salary of £66,401 GBP. Women receive a salary of £51,626 GBP.

The most paid careers are Law with average income £82,918 GBP and Finance & Banking with income £82,503 GBP.

Based on education, the highest salaries receive people with Doctorate Degree with salary of £77,689 GBP. The second most paid education level is Masters Degree with salary of £68,725 GBP.

Different experiences affect earning as well. People with 16-20 Years of experience receive salary of £81,258 GBP. Employees with 20+ Years of experience receive £79,598 GBP.

Levels / United Kingdom (Gross GBP)

Salary Levels (GBP) per Year Surveys [%]
£8,300 GBP - £12,399 GBP
10 100%
0.19%
£12,500 GBP - £16,599 GBP
37 99.81%
0.72%
£16,600 GBP - £20,699 GBP
121 99.09%
2.35%
£20,800 GBP - £24,899 GBP
242 96.74%
4.7%
£24,900 GBP - £28,999 GBP
350 92.04%
6.79%
£29,100 GBP - £33,199 GBP
333 85.25%
6.46%
£33,200 GBP - £37,299 GBP
379 78.78%
7.36%
THE MOST TYPICAL SALARY
£37,400 GBP - £41,499 GBP
448 71.43%
8.7%
£41,500 GBP - £45,599 GBP
281 62.73%
5.45%
£45,700 GBP - £49,799 GBP
321 57.28%
6.23%
£49,800 GBP - £53,999 GBP
344 51.05%
6.68%
£54,000 GBP - £58,099 GBP
246 44.37%
4.77%
£58,100 GBP - £62,299 GBP
203 39.6%
3.94%
£62,300 GBP - £66,399 GBP
181 35.66%
3.51%
£66,400 GBP - £70,599 GBP
220 32.14%
4.27%
£70,600 GBP - £74,699 GBP
131 27.87%
2.54%
£74,700 GBP - £78,899 GBP
144 25.33%
2.8%
£78,900 GBP - £82,999 GBP
143 22.53%
2.78%
£83,000 GBP - £87,199 GBP
93 19.76%
1.81%
£87,200 GBP - £91,299 GBP
92 17.95%
1.79%
£91,300 GBP - £95,499 GBP
91 16.17%
1.77%
£95,500 GBP - £99,599 GBP
56 14.4%
1.09%
£99,600 GBP - £103,799 GBP
81 13.32%
1.57%
£103,800 GBP - £107,899 GBP
57 11.74%
1.11%
£107,900 GBP - £112,099 GBP
40 10.64%
0.78%
£112,100 GBP - £116,199 GBP
43 9.86%
0.83%
£116,200 GBP - £120,399 GBP
41 9.03%
0.8%
£120,400 GBP - £124,499 GBP
39 8.23%
0.76%
HIGH SALARIES
£124,500 GBP - £132,799 GBP
58 7.47%
1.13%
£132,800 GBP - £141,099 GBP
82 6.35%
1.59%
£141,100 GBP - £149,399 GBP
32 4.76%
0.62%
£149,400 GBP - £157,699 GBP
31 4.13%
0.6%
£157,700 GBP - £165,999 GBP
28 3.53%
0.54%
£166,000 GBP - £174,299 GBP
26 2.99%
0.5%
£174,300 GBP - £182,599 GBP
16 2.48%
0.31%
£182,600 GBP - £190,899 GBP
22 2.17%
0.43%
£190,900 GBP - £199,199 GBP
18 1.75%
0.35%
£199,200 GBP - £207,499 GBP
15 1.4%
0.29%
£207,500 GBP - £290,499 GBP
57 1.11%
1.11%
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Gender / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Men 3,087 £66,401 GBP
2 Women 1,300 £51,626 GBP

Education / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Doctorate Degree 314 £77,689 GBP
2 Masters Degree 1,510 £68,725 GBP
3 Bachelors Degree 2,009 £61,337 GBP
4 High School 464 £50,381 GBP
5 Some College 789 £50,049 GBP
6 Bellow H. School 66 £43,243 GBP

Experience / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 16-20 Years 483 £81,258 GBP
2 20+ Years 943 £79,598 GBP
3 12-16 Years 524 £72,958 GBP
4 8-12 Years 837 £65,986 GBP
5 4-8 Years 972 £53,286 GBP
6 2-4 Years 601 £45,733 GBP
7 1-2 Years 389 £38,595 GBP
8 0-1 Year 403 £37,599 GBP

Age / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 71-75 6 £86,155 GBP
2 66-70 22 £82,586 GBP
3 51-55 274 £81,009 GBP
4 56-60 163 £80,013 GBP
5 41-45 473 £77,772 GBP
6 46-50 402 £75,365 GBP
7 76-99 5 £72,211 GBP
8 36-40 664 £70,883 GBP
9 61-65 59 £68,393 GBP
10 31-35 855 £60,922 GBP
11 n/a 768 £58,847 GBP
12 26-30 838 £48,638 GBP
13 21-25 540 £37,682 GBP
14 14-20 83 £32,619 GBP

Work Type / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Self Employed 283 £64,492 GBP
2 Permanent 4,333 £62,333 GBP
3 Contract 378 £61,586 GBP
4 Part Time 158 £35,441 GBP

Cities / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 London 2,397 £70,883 GBP
2 Swindon 22 £69,970 GBP
3 Reading 107 £67,065 GBP
4 Southampton 63 £66,567 GBP
5 Aberdeen 98 £65,571 GBP
6 Stockport 4 £64,492 GBP
7 Oxford 75 £61,171 GBP
8 Slough 26 £58,598 GBP
9 Southend-on-Sea 7 £58,515 GBP
10 Luton 32 £58,266 GBP
11 Ipswich 23 £58,017 GBP
12 Brighton 77 £57,436 GBP
13 Birmingham, United Kingdom 181 £57,270 GBP
14 Plymouth 24 £56,938 GBP
15 Telford 15 £56,938 GBP
16 Bristol 154 £56,191 GBP
17 Milton Keynes 37 £55,776 GBP
18 Bolton 10 £55,112 GBP
19 --Other-- 213 £54,531 GBP
20 Nottingham 54 £53,950 GBP
21 Manchester, United Kingdom 217 £52,954 GBP
22 Leeds 122 £52,871 GBP
23 Sunderland 5 £52,207 GBP
24 Newcastle upon Tyne 60 £52,041 GBP
25 Norwich 36 £51,875 GBP
26 Coventry 53 £51,709 GBP
27 Derby 31 £51,543 GBP
28 Liverpool 84 £50,464 GBP
29 Leicester 34 £50,215 GBP
30 Glasgow 144 £50,049 GBP
31 Edinburgh 165 £49,634 GBP
32 Preston 14 £49,219 GBP
33 Blackpool 16 £48,721 GBP
34 Dundee 31 £48,555 GBP
35 Kingston upon Hull 25 £47,642 GBP
36 Northampton 22 £47,642 GBP
37 Wolverhampton 16 £47,559 GBP
38 York 18 £46,812 GBP
39 Middlesbrough 22 £46,480 GBP
40 Cardiff 102 £46,231 GBP
41 Bournemouth 31 £45,899 GBP
42 Belfast 116 £45,318 GBP
43 Dudley 7 £44,571 GBP
44 Peterborough 14 £44,239 GBP
45 Portsmouth 29 £44,073 GBP
46 Stoke-on-Trent 16 £43,575 GBP
47 Huddersfield 11 £42,994 GBP
48 Bradford 10 £41,334 GBP
49 Sheffield 49 £41,085 GBP
50 Poole 3 £40,421 GBP
51 Swansea 25 £40,172 GBP
52 Walsall 5 £39,591 GBP

Career Groups / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Law 89 £82,918 GBP
2 Finance & Banking 396 £82,503 GBP
3 Management & Business 680 £81,175 GBP
4 Insurance 58 £74,286 GBP
5 Engineers & Technicians III 27 £68,559 GBP
6 IT & Programming II 198 £68,310 GBP
7 IT & Programming 517 £66,982 GBP
8 Health Care & Medical 161 £66,401 GBP
9 Engineers & Technicians V 40 £65,820 GBP
10 Properties & Real Estates 42 £65,156 GBP
11 Aviation & Shipping 41 £65,156 GBP
12 Agriculture & Fishing 12 £62,914 GBP
13 Human Resources 359 £60,839 GBP
14 Engineers & Technicians 265 £56,523 GBP
15 Marketing, Sales, Purchase 292 £56,357 GBP
16 Health Care & Medical II 112 £55,527 GBP
17 Accounting & Administration 343 £54,946 GBP
18 Engineers & Technicians IV 39 £54,946 GBP
19 Geography & Geodesy 9 £54,531 GBP
20 Construction & Labor Workers 115 £53,452 GBP
21 Engineers & Technicians II 10 £52,539 GBP
22 Hotels & Tourism 65 £52,207 GBP
23 Media 91 £51,377 GBP
24 Salesmen & Saleswomen 103 £50,713 GBP
25 Military 12 £50,298 GBP
26 Making Design 55 £49,385 GBP
27 Architect Constructions 87 £49,136 GBP
28 Education & University 293 £49,053 GBP
29 Arts, Culture, Performance 31 £46,563 GBP
30 Fashion 20 £46,148 GBP
31 Logistics, Road, Railway 85 £44,737 GBP
32 Sports & Recreation 30 £44,239 GBP
33 Public Sector 102 £43,824 GBP
34 Automobile 31 £40,338 GBP
35 Organization & Coordination 68 £39,010 GBP
36 Security & Fireguard 23 £36,935 GBP
37 Manufacturing & Labor Workers 61 £36,769 GBP
38 Customer Services 97 £34,279 GBP
39 Archaeology & History 6 £34,113 GBP
40 Restaurants, Inns, Pubs 87 £32,038 GBP

Careers / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 CEO 27 £133,964 GBP
2 Director 146 £111,553 GBP
3 Investment Manager 24 £110,806 GBP
4 Risk Manager 30 £110,308 GBP
5 Doctor Specialist 22 £110,142 GBP
6 General Manager 33 £93,459 GBP
7 Finance Manager 46 £89,060 GBP
8 Doctor 30 £88,230 GBP
9 Technical Manager 23 £86,653 GBP
10 IT Manager 101 £84,744 GBP
11 Engineering Manager 35 £84,246 GBP
12 Lawyer 44 £83,333 GBP
13 University Professor 31 £82,835 GBP
14 Sales Manager 27 £79,764 GBP
15 Construction Project Manager 22 £79,100 GBP
16 Lead Developer 23 £78,602 GBP
17 IT Project Manager 96 £78,187 GBP
18 Other Finance Career 73 £77,855 GBP
19 Operations Manager 38 £74,369 GBP
20 Chartered Accountant 53 £74,286 GBP
21 Software Engineer 32 £73,871 GBP
22 Human Resources Manager 151 £71,547 GBP
23 Manager 108 £70,551 GBP
24 Certified Management Accountant 21 £69,472 GBP
25 Other Engineer Career 36 £69,140 GBP
26 Project Manager 89 £68,393 GBP
27 Business Manager 29 £67,231 GBP
28 Healthcare Management 25 £67,231 GBP
29 Other Management Career 74 £66,816 GBP
30 Business Development Manager 27 £66,235 GBP
31 Other IT Career 29 £62,084 GBP
32 System Analyst 26 £58,100 GBP
33 Other Human Resource Career 85 £57,685 GBP
34 Software Developer 80 £57,685 GBP
35 Hotel Manager 24 £57,187 GBP
36 Financial Analyst 60 £56,606 GBP
37 Human Resource Hunter 37 £56,606 GBP
38 .NET Developer 27 £56,523 GBP
39 Marketing Manager 58 £56,274 GBP
40 Civil Engineer 28 £55,278 GBP
41 Human Resource 57 £54,780 GBP
42 Other Sales Career 24 £54,697 GBP
43 Salesmen or Saleswomen 40 £54,199 GBP
44 Market Research 39 £54,116 GBP
45 Pharmacist 22 £53,618 GBP
46 Risk Analyst 24 £53,120 GBP
47 Accountant 46 £52,041 GBP
48 Lecturer 60 £50,132 GBP
49 Web Developer 38 £48,970 GBP
50 Engineer 76 £48,887 GBP
51 Architect 62 £46,314 GBP
52 Other Medical Career 37 £45,235 GBP
53 Mechanical Engineer 41 £44,405 GBP
54 Other Public Sector Career 60 £43,077 GBP
55 Other Education Career 53 £42,330 GBP
56 Teacher 33 £39,093 GBP
57 Marketing Executive 30 £36,686 GBP
58 Waiter or Waitress 29 £22,659 GBP

People's individual salary examples (surveys)

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City Education Experience Knowledge Gross salary / year
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City Education Experience Knowledge Gross salary / year
London Masters Degree 4-8 Years Advanced £115,000 GBP

Marine Engineer
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City Education Experience Knowledge Gross salary / year
Aberdeen Some College 2-4 Years Intermediate £67,100 GBP

Managing Director
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 16-20 Years Expert £290,500 GBP

Accountant
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
Aberdeen Doctorate Degree 16-20 Years Expert £71,900 GBP

Senior Project Manager
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 2-4 Years Advanced £86,200 GBP

Head Of Science
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 4-8 Years Advanced £47,000 GBP

Scientist
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
London Doctorate Degree 2-4 Years Expert £29,700 GBP

Director Of L&d, Performance And Talent
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City Education Experience Knowledge Gross salary / year
Brighton High School 16-20 Years Expert £115,000 GBP

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City Education Experience Knowledge Gross salary / year
London Some College 16-20 Years Advanced £41,300 GBP

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City Education Experience Knowledge Gross salary / year
London Some College 8-12 Years Advanced £67,100 GBP

Head Of Reward
Posted 14 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 8-12 Years Advanced £95,200 GBP

Investment Director
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 8-12 Years Expert £190,400 GBP

Technician
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
Milton Keynes Some College 2-4 Years Advanced £29,500 GBP

Vp, People
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City Education Experience Knowledge Gross salary / year
Reading Masters Degree 8-12 Years Expert £60,000 GBP

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Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 0-1 Year Intermediate £17,100 GBP

Senior Manager Compensation & Benefits
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 8-12 Years Expert £104,700 GBP

Program Officer
Posted 10 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 4-8 Years Intermediate £63,800 GBP

Risk Director
Posted 09 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 8-12 Years Expert £97,100 GBP

Designer
Posted 09 September 2022
City Education Experience Knowledge Gross salary / year
Walsall Bachelors Degree 1-2 Years Intermediate £22,800 GBP

Director Of Analytics
Posted 09 September 2022
City Education Experience Knowledge Gross salary / year
--Other-- Bachelors Degree 2-4 Years Advanced £49,500 GBP

Associate
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 2-4 Years Intermediate £180,900 GBP

Account
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City Education Experience Knowledge Gross salary / year
Ipswich Bachelors Degree 1-2 Years Intermediate £52,400 GBP

Hr Business Partner
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
Swansea Masters Degree 1-2 Years Intermediate £36,700 GBP

Business Administrator
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
--Other-- Masters Degree 12-16 Years Advanced £45,700 GBP

Hr Manager
Posted 07 September 2022
City Education Experience Knowledge Gross salary / year
London Some College 4-8 Years Advanced £39,000 GBP

International Managing Director
Posted 07 September 2022
City Education Experience Knowledge Gross salary / year
London High School 12-16 Years Expert £90,400 GBP

Lawyer
Posted 07 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 0-1 Year Expert £177,100 GBP

Keyholder
Posted 06 September 2022
City Education Experience Knowledge Gross salary / year
Luton Bachelors Degree 16-20 Years Intermediate £12,400 GBP

Associate Lecturer
Posted 06 September 2022
City Education Experience Knowledge Gross salary / year
London Doctorate Degree 2-4 Years Expert £39,000 GBP

Project Manager
Posted 06 September 2022
City Education Experience Knowledge Gross salary / year
Brighton Some College 2-4 Years Advanced £61,400 GBP

Senior Staff Engineer
Posted 06 September 2022
City Education Experience Knowledge Gross salary / year
--Other-- Masters Degree 16-20 Years Expert £142,800 GBP

Tech Recruiter
Posted 06 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 2-4 Years Advanced £57,100 GBP

Software Develpoer
Posted 06 September 2022
City Education Experience Knowledge Gross salary / year
Sheffield Bachelors Degree 2-4 Years Intermediate £38,100 GBP

Portfolio Manager
Posted 05 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 4-8 Years Advanced £119,000 GBP

Account Mgr
Posted 05 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 2-4 Years Advanced £42,800 GBP

Consulting Senior Manager
Posted 04 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 4-8 Years Advanced £127,800 GBP

Researcher
Posted 03 September 2022
City Education Experience Knowledge Gross salary / year
Southampton Doctorate Degree 1-2 Years Expert £42,600 GBP

Sheetmetal Worker
Posted 03 September 2022
City Education Experience Knowledge Gross salary / year
London High School 16-20 Years Intermediate £40,600 GBP

Software Engineer
Posted 02 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 2-4 Years Intermediate £46,900 GBP

Transformation
Posted 02 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 16-20 Years Expert £162,300 GBP

Sales
Posted 02 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 4-8 Years Intermediate £38,600 GBP

Senior Engineer
Posted 01 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 2-4 Years Advanced £60,900 GBP

Teacher Of Mathematics
Posted 01 September 2022
City Education Experience Knowledge Gross salary / year
--Other-- Bachelors Degree 2-4 Years Advanced £41,600 GBP

Senior Software Engineer
Posted 01 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 1-2 Years Advanced £62,900 GBP

Finance Director
Posted 30 August 2022
City Education Experience Knowledge Gross salary / year
Norwich Masters Degree 16-20 Years Advanced £83,200 GBP

Cad Manager
Posted 27 July 2022
City Education Experience Knowledge Gross salary / year
Stockport High School 16-20 Years Advanced £43,600 GBP

Engineering Manager
Posted 27 July 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 8-12 Years Expert £104,900 GBP

Logistics Technician
Posted 27 July 2022
City Education Experience Knowledge Gross salary / year
Oxford High School 1-2 Years Intermediate £25,000 GBP

Researcher Associate
Posted 26 July 2022
City Education Experience Knowledge Gross salary / year
Glasgow Doctorate Degree 4-8 Years Expert £35,400 GBP

ECONOMY / United Kingdom

Introduction

The United Kingdom is an island in the northwest of Europe. The country is made up of Scotland, Wales, England, and Northern England. London can be termed as a financial center and is well known as a cultural place. The United Kingdom is also the birthplace of Shakespeare and the best universities such as Oxford and Cambridge.

The United Kingdom is the fifth-largest in terms of economy globally. The United Kingdom has a market-oriented and social market economy. The currency used for transactions is the sterling pound. The guide will help you learn about the United Kingdom's economy as per the various sectors, the GDP, and its employment sector.

 

GDP

United Kingdom nominal GDP in 2021 stands at $3.12 trillion, and for 2020 the GDP stood at $3.17 trillion. Over the years 2009 to 2020, the GDP level has tremendously risen. However, in the first half of 2020, the GDP fell by 22.6%, which was the worst drop in the United Kingdom's history. The fall was worse than any other European country. The main reasons behind the fall include

• Temporarily ban non-essential businesses

• Travel bans in the United Kingdom

• A reduction of the interest rate to 0.1 % by the BoE

• Temporarily lay off of the British Workforce

From the period between June to December 2020, the UK lifted some restrictions, and economic growth rose. However, that was cut short due to a lockdown imposed in December. The total decrease of GDP in the year 2020 was 9.9%

United Kingdom has a nominal GDP per capita of $46,344 for 2021, thus being ranked as the 21st in the world. The GDP in terms of purchasing power parity stands at $47,089, ranking it as the 22nd globally. The GDP per sector for various economic sectors is as follows.

• 0.6% for Agriculture

• 19.2% for Industries

• 80.2% for Services

 

Economic sector

The following sectors have achieved vast economic growth.

• Agriculture

The United Kingdom is able to produce 65 percent of the food that the people consume. The agriculture sector significantly boosted its economy by creating job opportunities in forestry, fishing, and hunting industries. Agriculture had a substantial economic growth addition of £12.18 billion. The agriculture sector contributes to 0.6 % of the United Kingdom Nominal GDP.

• Manufacturing

In 2011 the United Kingdom hired around 2.6 million. The sector also led to a gross value of around £140,539 million. In 2008 the United Kingdom was ranked as the 6th largest manufacturer globally. The UK automotive sector had a £52.5 billion turnover and made £26.6 billion of exports during that period. Other leading industries in the United Kingdom manufacturing Centre include the pharmaceutical and aerospace industry, which have resulted in many job opportunities and an increase in exports.

• Financial and business services

In 2011 the gross value added by the United Kingdom finance services industry economy was £116,363 million. London is the leading Centre of banking, and it has over 500 banks. The bank's main activities include banking, foreign exchange trading, insurance, Eurobonds, and energy futures. The United Kingdom is the home to some of the largest financial organizations such as Barclays Bank, HSBC, Citigroup, standard life Leeds, NatWest Group, and Lloyds Banking Group.

• Real estate, and renting activities

Some of the popular real estate firms in the UK include the Peel Group, Land Security, and British Land. In 2008 the real estate market boomed; however, in some of the areas, the price fell. The primary reasons attributed to the increase in property prices include.

• Low-interest rates

• Economic growth in the UK

• Property investment by foreigners

• Planning limits of supply of new housing

The cost of property has doubled where we find that in 1997 an average household cost 3.6 times of the annual earnings, while in 2017 it cost 7.6 times the annual earnings. Renting activities has led to an increase in United Kingdom GDP. Estimates in 2014 show that if every person paid house rent, it would account for 12.3% of the GDP.

 

Employment

The retail and wholesale trade sector is the largest employer, having employed around 5.2 million people. The industries are closely followed by support service activities and the administrative industry with about 3.1 million employees.

The unemployment was relatively low before the Covid 19 Pandemic. However, the level of unemployment has begun to fall. During the first quarter of 2021, the unemployment rate was 5.1%, while in the second quarter, the unemployment rate was 4.7 percent.

 

Exports and Imports

In 2019 United Kingdom’s exports were $837 billion. The goods exported include chemicals, fuels, beverages, tobacco, and manufactured goods. The main export partners for the United Kingdom are the United States, China, Switzerland, and the European Union.

In 2018 United Kingdom's imports were $ 876.6 billion. The primary imported goods include machinery, fuel, foodstuffs, and manufactured goods.

 

Inflation

The average inflation rate in the United Kingdom in 2020 was 0.85 %. Before the Covid 19 Pandemic, the inflation rate was around 2 %. However, the inflation rate has begun to rise, with the bank of England aiming to have inflation of about 2 percent. The best way to curb inflation is raising the interest rates by the Bank of England. The loans and mortgage interest will rise. People will have less money to spend, leading to a drop in demand and a price increase.

 

Conclusion

Economic sectors which have led to high growth include the service sector, which has increased its GDP by 79%. The financial industry is also equally important. The United Kingdom is the home of London which is ranked as the second-largest financial Centre globally. It's also the fifth exporter and importer globally. Based on the information, the United Kingdom's economy is good.


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