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Average Salary - United Kingdom UNITED KINGDOM / SALARY


SALARY SURVEYS

5,037

UPDATED
May 2022
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AVERAGE SALARY / YEAR MOST TYPICAL SALARY / YEAR
Gross income
Net (after tax)

0.77 GBP = 1 USD

£56,922 GBP

$74,104 USD
London

£65,472 GBP

£36,103 GBP

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

Average Salary / United Kingdom

Average salary in United Kingdom is £56,922 GBP per year. The most typical earning is £36,103 GBP. All data are based on 5,037 salary surveys. Salaries are different between men and women. Men receive an average salary of £61,375 GBP. Women receive a salary of £47,702 GBP.

The most paid careers are Law with average income £76,814 GBP and Finance & Banking with income £75,355 GBP.

Based on education, the highest salaries receive people with Doctorate Degree with salary of £72,974 GBP. The second most paid education level is Masters Degree with salary of £63,449 GBP.

Different experiences affect earning as well. People with 16-20 Years of experience receive salary of £74,971 GBP. Employees with 20+ Years of experience receive £73,665 GBP.

Levels / United Kingdom (Gross GBP)

Salary Levels (GBP) per Year Surveys [%]
£7,700 GBP - £11,499 GBP
9 100%
0.18%
£11,500 GBP - £15,399 GBP
37 99.82%
0.73%
£15,400 GBP - £19,199 GBP
118 99.09%
2.34%
£19,200 GBP - £22,999 GBP
240 96.74%
4.76%
£23,000 GBP - £26,899 GBP
344 91.98%
6.83%
£26,900 GBP - £30,699 GBP
326 85.15%
6.47%
£30,700 GBP - £34,599 GBP
372 78.68%
7.39%
THE MOST TYPICAL SALARY
£34,600 GBP - £38,399 GBP
435 71.29%
8.64%
£38,400 GBP - £42,199 GBP
274 62.66%
5.44%
£42,200 GBP - £46,099 GBP
308 57.22%
6.11%
£46,100 GBP - £49,899 GBP
338 51.1%
6.71%
£49,900 GBP - £53,799 GBP
240 44.39%
4.76%
£53,800 GBP - £57,599 GBP
196 39.63%
3.89%
£57,600 GBP - £61,499 GBP
178 35.74%
3.53%
£61,500 GBP - £65,299 GBP
216 32.2%
4.29%
£65,300 GBP - £69,099 GBP
130 27.91%
2.58%
£69,100 GBP - £72,999 GBP
142 25.33%
2.82%
£73,000 GBP - £76,799 GBP
142 22.51%
2.82%
£76,800 GBP - £80,699 GBP
89 19.69%
1.77%
£80,700 GBP - £84,499 GBP
91 17.93%
1.81%
£84,500 GBP - £88,299 GBP
90 16.12%
1.79%
£88,300 GBP - £92,199 GBP
53 14.33%
1.05%
£92,200 GBP - £95,999 GBP
81 13.28%
1.61%
£96,000 GBP - £99,899 GBP
53 11.67%
1.05%
£99,900 GBP - £103,699 GBP
40 10.62%
0.79%
£103,700 GBP - £107,499 GBP
41 9.83%
0.81%
£107,500 GBP - £111,399 GBP
40 9.01%
0.79%
£111,400 GBP - £115,199 GBP
39 8.22%
0.77%
HIGH SALARIES
£115,200 GBP - £122,899 GBP
57 7.44%
1.13%
£122,900 GBP - £130,599 GBP
82 6.31%
1.63%
£130,600 GBP - £138,299 GBP
30 4.69%
0.6%
£138,300 GBP - £145,899 GBP
31 4.09%
0.62%
£145,900 GBP - £153,599 GBP
26 3.47%
0.52%
£153,600 GBP - £161,299 GBP
26 2.96%
0.52%
£161,300 GBP - £168,999 GBP
14 2.44%
0.28%
£169,000 GBP - £176,699 GBP
21 2.16%
0.42%
£176,700 GBP - £184,399 GBP
18 1.75%
0.36%
£184,400 GBP - £191,999 GBP
14 1.39%
0.28%
£192,000 GBP - £268,899 GBP
56 1.11%
1.11%

Gender / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Men 3,009 £61,375 GBP
2 Women 1,263 £47,702 GBP

Education / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Doctorate Degree 303 £72,974 GBP
2 Masters Degree 1,478 £63,449 GBP
3 Bachelors Degree 1,961 £56,612 GBP
4 High School 455 £46,626 GBP
5 Some College 774 £46,473 GBP
6 Bellow H. School 66 £40,020 GBP

Experience / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 16-20 Years 460 £74,971 GBP
2 20+ Years 943 £73,665 GBP
3 12-16 Years 517 £67,520 GBP
4 8-12 Years 828 £60,837 GBP
5 4-8 Years 949 £48,931 GBP
6 2-4 Years 575 £42,094 GBP
7 1-2 Years 374 £35,642 GBP
8 0-1 Year 391 £34,643 GBP

Age / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 71-75 5 £88,721 GBP
2 66-70 20 £78,428 GBP
3 56-60 158 £74,740 GBP
4 51-55 263 £74,280 GBP
5 41-45 462 £71,898 GBP
6 46-50 396 £69,671 GBP
7 76-99 5 £66,828 GBP
8 36-40 643 £65,907 GBP
9 61-65 59 £63,295 GBP
10 31-35 832 £56,074 GBP
11 n/a 768 £54,461 GBP
12 26-30 819 £45,013 GBP
13 21-25 524 £34,797 GBP
14 14-20 83 £30,188 GBP

Work Type / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Self Employed 277 £59,915 GBP
2 Permanent 4,238 £57,611 GBP
3 Contract 366 £57,380 GBP
4 Part Time 156 £32,723 GBP

Cities / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Stockport 3 £66,214 GBP
2 London 2,334 £65,446 GBP
3 Swindon 22 £64,754 GBP
4 Aberdeen 91 £62,066 GBP
5 Southampton 61 £62,066 GBP
6 Reading 105 £61,298 GBP
7 Oxford 74 £57,073 GBP
8 Luton 31 £55,229 GBP
9 Slough 26 £54,231 GBP
10 Southend-on-Sea 7 £54,154 GBP
11 Ipswich 22 £53,924 GBP
12 Plymouth 23 £53,463 GBP
13 Birmingham, United Kingdom 180 £53,079 GBP
14 Milton Keynes 35 £52,848 GBP
15 Telford 15 £52,695 GBP
16 Brighton 74 £52,618 GBP
17 Bristol 149 £52,234 GBP
18 Bolton 10 £51,005 GBP
19 --Other-- 206 £50,313 GBP
20 Nottingham 54 £49,929 GBP
21 Manchester, United Kingdom 216 £49,007 GBP
22 Leeds 122 £48,931 GBP
23 Sunderland 5 £48,316 GBP
24 Newcastle upon Tyne 60 £48,162 GBP
25 Coventry 51 £47,778 GBP
26 Derby 31 £47,702 GBP
27 Norwich 34 £47,241 GBP
28 Liverpool 83 £46,857 GBP
29 Leicester 33 £46,703 GBP
30 Edinburgh 162 £46,242 GBP
31 Glasgow 141 £46,165 GBP
32 Preston 14 £45,551 GBP
33 Blackpool 16 £45,090 GBP
34 Dundee 31 £44,936 GBP
35 Kingston upon Hull 25 £44,091 GBP
36 Northampton 22 £44,091 GBP
37 Wolverhampton 16 £44,014 GBP
38 York 18 £43,323 GBP
39 Middlesbrough 22 £43,016 GBP
40 Bournemouth 31 £42,478 GBP
41 Cardiff 101 £42,248 GBP
42 Belfast 116 £41,940 GBP
43 Dudley 7 £41,249 GBP
44 Peterborough 14 £40,942 GBP
45 Portsmouth 29 £40,788 GBP
46 Walsall 4 £40,481 GBP
47 Stoke-on-Trent 16 £40,327 GBP
48 Huddersfield 11 £39,790 GBP
49 Sheffield 47 £38,330 GBP
50 Bradford 10 £38,253 GBP
51 Poole 3 £37,408 GBP
52 Swansea 24 £37,255 GBP

Career Groups / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Law 88 £76,814 GBP
2 Finance & Banking 385 £75,355 GBP
3 Management & Business 673 £75,048 GBP
4 Insurance 57 £68,442 GBP
5 Engineers & Technicians III 25 £64,831 GBP
6 IT & Programming II 191 £62,757 GBP
7 IT & Programming 508 £62,296 GBP
8 Health Care & Medical 161 £61,451 GBP
9 Properties & Real Estates 42 £60,299 GBP
10 Engineers & Technicians V 39 £59,992 GBP
11 Aviation & Shipping 40 £59,838 GBP
12 Agriculture & Fishing 12 £58,225 GBP
13 Human Resources 348 £56,228 GBP
14 Engineers & Technicians 260 £52,464 GBP
15 Marketing, Sales, Purchase 285 £52,157 GBP
16 Health Care & Medical II 112 £51,389 GBP
17 Engineers & Technicians IV 37 £51,158 GBP
18 Accounting & Administration 334 £50,774 GBP
19 Geography & Geodesy 9 £50,467 GBP
20 Construction & Labor Workers 114 £49,545 GBP
21 Engineers & Technicians II 10 £48,623 GBP
22 Hotels & Tourism 63 £47,932 GBP
23 Salesmen & Saleswomen 102 £47,241 GBP
24 Military 12 £46,549 GBP
25 Media 88 £46,242 GBP
26 Architect Constructions 85 £45,628 GBP
27 Education & University 284 £45,090 GBP
28 Making Design 53 £44,552 GBP
29 Fashion 19 £43,861 GBP
30 Arts, Culture, Performance 29 £42,939 GBP
31 Logistics, Road, Railway 83 £41,710 GBP
32 Sports & Recreation 30 £40,942 GBP
33 Public Sector 99 £40,711 GBP
34 Automobile 30 £36,947 GBP
35 Organization & Coordination 64 £35,949 GBP
36 Security & Fireguard 23 £34,182 GBP
37 Manufacturing & Labor Workers 58 £34,029 GBP
38 Customer Services 95 £32,031 GBP
39 Archaeology & History 6 £31,570 GBP
40 Restaurants, Inns, Pubs 84 £29,496 GBP

Careers / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 CEO 27 £123,979 GBP
2 Director 142 £102,778 GBP
3 Risk Manager 29 £102,547 GBP
4 Doctor Specialist 22 £101,933 GBP
5 Investment Manager 22 £98,860 GBP
6 General Manager 33 £86,493 GBP
7 Finance Manager 45 £82,499 GBP
8 Doctor 30 £81,654 GBP
9 Technical Manager 23 £80,194 GBP
10 IT Manager 99 £78,504 GBP
11 Engineering Manager 35 £77,967 GBP
12 University Professor 30 £77,429 GBP
13 Lawyer 44 £77,122 GBP
14 Sales Manager 27 £73,819 GBP
15 Construction Project Manager 22 £73,204 GBP
16 Lead Developer 23 £72,743 GBP
17 IT Project Manager 96 £72,359 GBP
18 Other Finance Career 70 £69,287 GBP
19 Operations Manager 38 £68,826 GBP
20 Chartered Accountant 53 £68,749 GBP
21 Software Engineer 29 £67,673 GBP
22 Human Resources Manager 149 £66,521 GBP
23 Manager 108 £65,292 GBP
24 Project Manager 87 £64,140 GBP
25 Other Engineer Career 35 £63,065 GBP
26 Business Manager 29 £62,220 GBP
27 Healthcare Management 25 £62,220 GBP
28 Other Management Career 74 £61,835 GBP
29 Business Development Manager 27 £61,298 GBP
30 Other IT Career 29 £57,457 GBP
31 Software Developer 77 £54,231 GBP
32 System Analyst 26 £53,770 GBP
33 Other Human Resource Career 80 £53,079 GBP
34 Hotel Manager 24 £52,925 GBP
35 Marketing Manager 57 £52,464 GBP
36 Human Resource Hunter 36 £52,387 GBP
37 Other Sales Career 23 £52,387 GBP
38 Financial Analyst 59 £52,310 GBP
39 .NET Developer 27 £52,310 GBP
40 Civil Engineer 27 £50,928 GBP
41 Salesmen or Saleswomen 40 £50,160 GBP
42 Pharmacist 22 £49,622 GBP
43 Human Resource 54 £49,545 GBP
44 Risk Analyst 24 £49,161 GBP
45 Market Research 37 £48,547 GBP
46 Accountant 44 £47,702 GBP
47 Web Developer 38 £45,320 GBP
48 Engineer 73 £44,936 GBP
49 Lecturer 58 £44,552 GBP
50 Architect 60 £43,016 GBP
51 Other Medical Career 37 £41,864 GBP
52 Mechanical Engineer 41 £41,095 GBP
53 Other Public Sector Career 58 £40,251 GBP
54 Marketing 21 £39,866 GBP
55 Other Education Career 52 £39,329 GBP
56 Teacher 32 £35,872 GBP
57 Marketing Executive 29 £34,182 GBP
58 Waiter or Waitress 29 £20,970 GBP

People's individual salary examples (surveys)

Programmatic Director
Posted 27 May 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 4-8 Years Advanced £86,000 GBP

Property Manager
Posted 27 May 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 16-20 Years Advanced £51,000 GBP

Chief Of Staff
Posted 27 May 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 1-2 Years Advanced £110,000 GBP

Senior Investment Manager
Posted 27 May 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 4-8 Years Expert £68,000 GBP

Accountant
Posted 15 April 2022
City Education Experience Knowledge Gross salary / year
Leicester Bachelors Degree 1-2 Years Advanced £60,000 GBP

Artist
Posted 14 April 2022
City Education Experience Knowledge Gross salary / year
Bradford Bachelors Degree 2-4 Years Advanced £61,500 GBP

Talent Manager
Posted 14 April 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 2-4 Years Advanced £50,000 GBP

Full Stack. Net Developer
Posted 14 April 2022
City Education Experience Knowledge Gross salary / year
Birmingham, United Kingdom Masters Degree 12-16 Years Advanced £72,000 GBP

Software Developer
Posted 14 April 2022
City Education Experience Knowledge Gross salary / year
Manchester, United Kingdom Bachelors Degree 2-4 Years Advanced £56,000 GBP

Advocate
Posted 13 April 2022
City Education Experience Knowledge Gross salary / year
Glasgow Masters Degree 2-4 Years Expert £250,000 GBP

Hse Manager
Posted 08 April 2022
City Education Experience Knowledge Gross salary / year
Cardiff Some College 16-20 Years Intermediate £47,000 GBP

Investment Analyst
Posted 08 April 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 0-1 Year Advanced £37,600 GBP

Dev Manager
Posted 07 April 2022
City Education Experience Knowledge Gross salary / year
London Doctorate Degree 16-20 Years Expert £156,800 GBP

Maths Teacher
Posted 07 April 2022
City Education Experience Knowledge Gross salary / year
Oxford Bachelors Degree 4-8 Years Advanced £41,800 GBP

Devops
Posted 06 April 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 0-1 Year Basic £36,600 GBP

Supervisor
Posted 06 April 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 1-2 Years Advanced £36,600 GBP

Benefits
Posted 06 April 2022
City Education Experience Knowledge Gross salary / year
Manchester, United Kingdom Some College 16-20 Years Intermediate £16,100 GBP

Self Employed Consultant
Posted 06 April 2022
City Education Experience Knowledge Gross salary / year
Swindon Masters Degree 16-20 Years Advanced £52,300 GBP

Head Of Core Facility
Posted 06 April 2022
City Education Experience Knowledge Gross salary / year
Oxford Doctorate Degree 16-20 Years Expert £64,800 GBP

Quality Analyst
Posted 06 April 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 2-4 Years Intermediate £46,000 GBP

Lead Developer
Posted 05 April 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 1-2 Years Expert £83,600 GBP

Senior Communication Manager
Posted 05 April 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 16-20 Years Advanced £68,000 GBP

Digital Marketing Executive
Posted 05 April 2022
City Education Experience Knowledge Gross salary / year
Manchester, United Kingdom Bachelors Degree 0-1 Year Advanced £35,500 GBP

Social Care Worker
Posted 22 March 2022
City Education Experience Knowledge Gross salary / year
Slough Some College 4-8 Years Advanced £47,000 GBP

Cad Engineer
Posted 22 March 2022
City Education Experience Knowledge Gross salary / year
Brighton Doctorate Degree 12-16 Years Expert £47,000 GBP

Graduate Management Consultant
Posted 22 March 2022
City Education Experience Knowledge Gross salary / year
Cardiff Bachelors Degree 2-4 Years Intermediate £33,400 GBP

Business Intelligence Analyst
Posted 21 March 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 1-2 Years Intermediate £47,000 GBP

Operations Director
Posted 21 March 2022
City Education Experience Knowledge Gross salary / year
Manchester, United Kingdom Masters Degree 16-20 Years Expert £109,800 GBP

Chief Executive Officer
Posted 19 March 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 16-20 Years Expert £156,800 GBP

Ophthalmologist
Posted 18 March 2022
City Education Experience Knowledge Gross salary / year
Southampton Masters Degree 16-20 Years Advanced £83,600 GBP

Manager
Posted 18 March 2022
City Education Experience Knowledge Gross salary / year
London Some College 2-4 Years Expert £57,500 GBP

Assistant Manager
Posted 17 March 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 2-4 Years Intermediate £57,500 GBP

Quantity Surveyor
Posted 13 March 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 1-2 Years Expert £33,400 GBP

Head Of Commercial
Posted 13 March 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 4-8 Years Intermediate £41,800 GBP

Trainee Counselling Psychologist
Posted 12 March 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 0-1 Year Intermediate £31,400 GBP

Business Strategy Manager
Posted 11 March 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 2-4 Years Advanced £90,900 GBP

Bioinformatician
Posted 10 March 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 2-4 Years Advanced £49,100 GBP

Legal Counsel
Posted 09 March 2022
City Education Experience Knowledge Gross salary / year
Swindon Masters Degree 12-16 Years Expert £70,000 GBP

Lecturer In Mechanical Engineering
Posted 09 March 2022
City Education Experience Knowledge Gross salary / year
Bristol Bachelors Degree 2-4 Years Advanced £37,800 GBP

Global Head Of Product
Posted 08 March 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 12-16 Years Expert £261,300 GBP

Corporate Lawyer
Posted 06 March 2022
City Education Experience Knowledge Gross salary / year
Nottingham Masters Degree 1-2 Years Advanced £125,400 GBP

Mechanic
Posted 06 March 2022
City Education Experience Knowledge Gross salary / year
Derby Some College 16-20 Years Expert £31,400 GBP

Computer Vision Engineer
Posted 04 March 2022
City Education Experience Knowledge Gross salary / year
--Other-- Masters Degree 0-1 Year Basic £46,000 GBP

People And Culture Manager
Posted 03 March 2022
City Education Experience Knowledge Gross salary / year
London Some College 4-8 Years Advanced £52,300 GBP

Product Manager
Posted 03 March 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 12-16 Years Advanced £67,900 GBP

Business Relationship Manager
Posted 21 February 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 16-20 Years Intermediate £103,100 GBP

Business Director
Posted 20 February 2022
City Education Experience Knowledge Gross salary / year
Belfast Masters Degree 8-12 Years Expert £108,200 GBP

Transactions Advisor
Posted 20 February 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 8-12 Years Advanced £89,100 GBP

Project Manager
Posted 19 February 2022
City Education Experience Knowledge Gross salary / year
Edinburgh High School 4-8 Years Advanced £51,500 GBP

Lead Developer
Posted 18 February 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 1-2 Years Advanced £54,100 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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