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Average Salary - United Kingdom UNITED KINGDOM / SALARY


SALARY SURVEYS

5,176

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

0.78 GBP = 1 USD

£57,766 GBP

$74,177 USD
London

£66,448 GBP

£36,601 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 £57,766 GBP per year. The most typical earning is £36,601 GBP. All data are based on 5,176 salary surveys. Salaries are different between men and women. Men receive an average salary of £62,301 GBP. Women receive a salary of £48,517 GBP.

The most paid careers are Law with average income £77,798 GBP and Finance & Banking with income £77,487 GBP.

Based on education, the highest salaries receive people with Doctorate Degree with salary of £72,736 GBP. The second most paid education level is Masters Degree with salary of £64,481 GBP.

Different experiences affect earning as well. People with 16-20 Years of experience receive salary of £76,163 GBP. Employees with 20+ Years of experience receive £74,683 GBP.

Levels / United Kingdom (Gross GBP)

Salary Levels (GBP) per Year Surveys [%]
£7,800 GBP - £11,699 GBP
10 100%
0.19%
£11,700 GBP - £15,599 GBP
37 99.81%
0.71%
£15,600 GBP - £19,499 GBP
121 99.09%
2.34%
£19,500 GBP - £23,399 GBP
244 96.75%
4.71%
£23,400 GBP - £27,299 GBP
351 92.04%
6.78%
£27,300 GBP - £31,099 GBP
333 85.26%
6.43%
£31,200 GBP - £34,999 GBP
381 78.83%
7.36%
THE MOST TYPICAL SALARY
£35,000 GBP - £38,899 GBP
449 71.46%
8.67%
£38,900 GBP - £42,799 GBP
283 62.79%
5.47%
£42,800 GBP - £46,699 GBP
322 57.32%
6.22%
£46,700 GBP - £50,599 GBP
346 51.1%
6.68%
£50,600 GBP - £54,499 GBP
249 44.42%
4.81%
£54,500 GBP - £58,399 GBP
204 39.61%
3.94%
£58,400 GBP - £62,299 GBP
181 35.66%
3.5%
£62,300 GBP - £66,199 GBP
221 32.17%
4.27%
£66,200 GBP - £70,099 GBP
134 27.9%
2.59%
£70,100 GBP - £73,999 GBP
144 25.31%
2.78%
£74,000 GBP - £77,899 GBP
144 22.53%
2.78%
£77,900 GBP - £81,799 GBP
93 19.74%
1.8%
£81,800 GBP - £85,699 GBP
93 17.95%
1.8%
£85,700 GBP - £89,599 GBP
91 16.15%
1.76%
£89,600 GBP - £93,499 GBP
57 14.39%
1.1%
£93,500 GBP - £97,299 GBP
81 13.29%
1.56%
£97,300 GBP - £101,199 GBP
57 11.73%
1.1%
£101,200 GBP - £105,099 GBP
40 10.63%
0.77%
£105,100 GBP - £108,999 GBP
43 9.85%
0.83%
£109,000 GBP - £112,899 GBP
41 9.02%
0.79%
£112,900 GBP - £116,799 GBP
39 8.23%
0.75%
HIGH SALARIES
£116,800 GBP - £124,599 GBP
58 7.48%
1.12%
£124,600 GBP - £132,399 GBP
84 6.36%
1.62%
£132,400 GBP - £140,199 GBP
32 4.73%
0.62%
£140,200 GBP - £147,999 GBP
31 4.12%
0.6%
£148,000 GBP - £155,799 GBP
28 3.52%
0.54%
£155,800 GBP - £163,499 GBP
26 2.98%
0.5%
£163,500 GBP - £171,299 GBP
16 2.47%
0.31%
£171,300 GBP - £179,099 GBP
22 2.16%
0.43%
£179,100 GBP - £186,899 GBP
18 1.74%
0.35%
£186,900 GBP - £194,699 GBP
15 1.39%
0.29%
£194,700 GBP - £272,599 GBP
57 1.1%
1.1%
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Gender / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Men 3,104 £62,301 GBP
2 Women 1,307 £48,517 GBP

Education / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Doctorate Degree 316 £72,736 GBP
2 Masters Degree 1,521 £64,481 GBP
3 Bachelors Degree 2,014 £57,628 GBP
4 High School 465 £47,271 GBP
5 Some College 794 £46,881 GBP
6 Bellow H. School 66 £40,573 GBP

Experience / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 16-20 Years 485 £76,163 GBP
2 20+ Years 943 £74,683 GBP
3 12-16 Years 524 £68,453 GBP
4 8-12 Years 841 £61,989 GBP
5 4-8 Years 973 £49,996 GBP
6 2-4 Years 607 £43,143 GBP
7 1-2 Years 396 £36,368 GBP
8 0-1 Year 407 £35,355 GBP

Age / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 71-75 6 £80,835 GBP
2 66-70 22 £77,487 GBP
3 51-55 274 £76,007 GBP
4 56-60 164 £74,995 GBP
5 41-45 475 £72,892 GBP
6 46-50 403 £70,711 GBP
7 76-99 5 £67,752 GBP
8 36-40 670 £66,662 GBP
9 61-65 59 £64,170 GBP
10 31-35 859 £57,083 GBP
11 n/a 768 £55,214 GBP
12 26-30 845 £45,635 GBP
13 21-25 542 £35,355 GBP
14 14-20 84 £30,449 GBP

Work Type / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Self Employed 286 £60,354 GBP
2 Permanent 4,351 £58,485 GBP
3 Contract 380 £57,784 GBP
4 Part Time 159 £33,175 GBP

Cities / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 London 2,411 £66,428 GBP
2 Swindon 22 £65,649 GBP
3 Reading 108 £62,846 GBP
4 Southampton 63 £62,456 GBP
5 Aberdeen 98 £61,522 GBP
6 Stockport 4 £60,510 GBP
7 Oxford 75 £57,394 GBP
8 Slough 26 £54,980 GBP
9 Southend-on-Sea 7 £54,902 GBP
10 Luton 33 £54,513 GBP
11 Ipswich 23 £54,435 GBP
12 Brighton 77 £53,890 GBP
13 Birmingham, United Kingdom 181 £53,734 GBP
14 Plymouth 24 £53,423 GBP
15 Telford 15 £53,423 GBP
16 Bristol 155 £52,800 GBP
17 Milton Keynes 37 £52,333 GBP
18 Bolton 10 £51,709 GBP
19 Nottingham 55 £51,164 GBP
20 --Other-- 217 £51,009 GBP
21 Manchester, United Kingdom 218 £49,607 GBP
22 Leeds 122 £49,607 GBP
23 Coventry 54 £48,984 GBP
24 Sunderland 5 £48,984 GBP
25 Newcastle upon Tyne 60 £48,828 GBP
26 Norwich 36 £48,672 GBP
27 Derby 31 £48,361 GBP
28 Liverpool 84 £47,348 GBP
29 Leicester 34 £47,115 GBP
30 Glasgow 144 £46,959 GBP
31 Edinburgh 165 £46,570 GBP
32 Preston 14 £46,180 GBP
33 Blackpool 16 £45,713 GBP
34 Dundee 31 £45,557 GBP
35 Kingston upon Hull 25 £44,701 GBP
36 Northampton 22 £44,701 GBP
37 Wolverhampton 16 £44,623 GBP
38 York 18 £43,922 GBP
39 Middlesbrough 22 £43,610 GBP
40 Cardiff 102 £43,377 GBP
41 Bournemouth 31 £43,065 GBP
42 Belfast 116 £42,520 GBP
43 Dudley 7 £41,819 GBP
44 Peterborough 14 £41,508 GBP
45 Portsmouth 29 £41,352 GBP
46 Stoke-on-Trent 16 £40,885 GBP
47 Huddersfield 11 £40,340 GBP
48 Bradford 10 £38,782 GBP
49 Sheffield 49 £38,548 GBP
50 Poole 3 £37,925 GBP
51 Swansea 25 £37,692 GBP
52 Walsall 5 £37,147 GBP

Career Groups / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 Law 89 £77,798 GBP
2 Finance & Banking 399 £77,487 GBP
3 Management & Business 683 £76,085 GBP
4 Insurance 58 £69,699 GBP
5 IT & Programming II 200 £63,936 GBP
6 Engineers & Technicians III 28 £63,858 GBP
7 IT & Programming 517 £62,846 GBP
8 Health Care & Medical 161 £62,301 GBP
9 Engineers & Technicians V 41 £61,288 GBP
10 Properties & Real Estates 42 £61,133 GBP
11 Aviation & Shipping 41 £61,133 GBP
12 Agriculture & Fishing 12 £59,030 GBP
13 Human Resources 362 £57,161 GBP
14 Engineers & Technicians 265 £53,033 GBP
15 Marketing, Sales, Purchase 294 £52,800 GBP
16 Health Care & Medical II 112 £52,099 GBP
17 Accounting & Administration 345 £51,632 GBP
18 Engineers & Technicians IV 40 £51,164 GBP
19 Geography & Geodesy 9 £51,164 GBP
20 Construction & Labor Workers 116 £50,230 GBP
21 Engineers & Technicians II 10 £49,295 GBP
22 Hotels & Tourism 65 £48,984 GBP
23 Salesmen & Saleswomen 104 £48,361 GBP
24 Media 92 £48,049 GBP
25 Military 13 £46,881 GBP
26 Making Design 55 £46,336 GBP
27 Architect Constructions 87 £46,102 GBP
28 Education & University 294 £45,947 GBP
29 Arts, Culture, Performance 31 £43,688 GBP
30 Fashion 20 £43,299 GBP
31 Logistics, Road, Railway 85 £41,975 GBP
32 Sports & Recreation 30 £41,508 GBP
33 Public Sector 102 £41,118 GBP
34 Automobile 31 £37,847 GBP
35 Organization & Coordination 68 £36,601 GBP
36 Security & Fireguard 23 £34,655 GBP
37 Manufacturing & Labor Workers 61 £34,499 GBP
38 Customer Services 97 £32,162 GBP
39 Archaeology & History 6 £32,007 GBP
40 Restaurants, Inns, Pubs 88 £29,904 GBP

Careers / United Kingdom (Gross GBP)

# Surveys AVERAGE SALARY / YEAR
1 CEO 27 £125,692 GBP
2 Investment Manager 25 £104,899 GBP
3 Director 146 £104,666 GBP
4 Risk Manager 30 £103,497 GBP
5 Doctor Specialist 22 £103,342 GBP
6 General Manager 33 £87,688 GBP
7 Finance Manager 48 £82,938 GBP
8 Doctor 30 £82,782 GBP
9 Technical Manager 23 £81,303 GBP
10 IT Manager 101 £79,511 GBP
11 Engineering Manager 35 £79,044 GBP
12 Lawyer 44 £78,188 GBP
13 University Professor 31 £77,720 GBP
14 Sales Manager 27 £74,839 GBP
15 Construction Project Manager 22 £74,216 GBP
16 Lead Developer 23 £73,749 GBP
17 IT Project Manager 96 £73,359 GBP
18 Other Finance Career 73 £73,048 GBP
19 Operations Manager 38 £69,777 GBP
20 Chartered Accountant 53 £69,699 GBP
21 Software Engineer 32 £69,310 GBP
22 Human Resources Manager 153 £67,285 GBP
23 Manager 110 £66,117 GBP
24 Other Engineer Career 37 £64,248 GBP
25 Project Manager 89 £64,170 GBP
26 Healthcare Management 25 £63,079 GBP
27 Other Management Career 74 £62,690 GBP
28 Business Manager 30 £62,612 GBP
29 Business Development Manager 27 £62,145 GBP
30 Other IT Career 29 £58,251 GBP
31 System Analyst 26 £54,513 GBP
32 Other Sales Career 25 £54,357 GBP
33 Other Human Resource Career 85 £54,124 GBP
34 Software Developer 80 £54,124 GBP
35 Hotel Manager 24 £53,656 GBP
36 Financial Analyst 60 £53,111 GBP
37 Human Resource Hunter 37 £53,111 GBP
38 .NET Developer 27 £53,033 GBP
39 Marketing Manager 58 £52,800 GBP
40 Civil Engineer 29 £51,320 GBP
41 Human Resource 58 £51,086 GBP
42 Salesmen or Saleswomen 40 £50,853 GBP
43 Market Research 39 £50,775 GBP
44 Pharmacist 22 £50,308 GBP
45 Risk Analyst 24 £49,840 GBP
46 Accountant 47 £49,217 GBP
47 Lecturer 60 £47,037 GBP
48 Web Developer 38 £45,947 GBP
49 Engineer 76 £45,869 GBP
50 Architect 62 £43,455 GBP
51 Other Medical Career 37 £42,442 GBP
52 Mechanical Engineer 41 £41,663 GBP
53 Other Public Sector Career 60 £40,417 GBP
54 Marketing 22 £39,717 GBP
55 Other Education Career 54 £39,405 GBP
56 Teacher 33 £36,679 GBP
57 Marketing Executive 30 £34,421 GBP
58 Waiter or Waitress 30 £21,260 GBP

People's individual salary examples (surveys)

Accounting
Posted 17 November 2023
City Education Experience Knowledge Gross salary / year
London Masters Degree 0-1 Year Advanced £67,900 GBP

Information Manager
Posted 16 November 2023
City Education Experience Knowledge Gross salary / year
London Masters Degree 16-20 Years Expert £65,000 GBP

Consultant
Posted 22 August 2023
City Education Experience Knowledge Gross salary / year
London Some College 1-2 Years Intermediate £40,000 GBP

Finance Manager
Posted 22 August 2023
City Education Experience Knowledge Gross salary / year
Coventry Masters Degree 2-4 Years Advanced £70,000 GBP

Internal Audit Director
Posted 21 July 2023
City Education Experience Knowledge Gross salary / year
Nottingham Bachelors Degree 1-2 Years Advanced £83,400 GBP

Imp[act Investor Manager
Posted 20 July 2023
City Education Experience Knowledge Gross salary / year
London Masters Degree 8-12 Years Advanced £126,000 GBP

Military
Posted 20 July 2023
City Education Experience Knowledge Gross salary / year
London Doctorate Degree 0-1 Year Expert £42,900 GBP

Hr Manager
Posted 20 July 2023
City Education Experience Knowledge Gross salary / year
London Masters Degree 8-12 Years Advanced £92,100 GBP

Hr Generalist
Posted 19 July 2023
City Education Experience Knowledge Gross salary / year
--Other-- Masters Degree 1-2 Years Intermediate £33,900 GBP

Manager Industrial Security
Posted 18 July 2023
City Education Experience Knowledge Gross salary / year
--Other-- Some College 16-20 Years Expert £57,400 GBP

Barber
Posted 17 July 2023
City Education Experience Knowledge Gross salary / year
--Other-- Some College 8-12 Years Expert £48,500 GBP

Electronics Design Engineer
Posted 17 July 2023
City Education Experience Knowledge Gross salary / year
London Masters Degree 1-2 Years Advanced £42,700 GBP

Snr Hr Manager
Posted 17 July 2023
City Education Experience Knowledge Gross salary / year
London Masters Degree 4-8 Years Expert £74,700 GBP

Project Engineer
Posted 17 July 2023
City Education Experience Knowledge Gross salary / year
London Doctorate Degree 1-2 Years Intermediate £37,800 GBP

Online English Tutor
Posted 15 July 2023
City Education Experience Knowledge Gross salary / year
Manchester, United Kingdom Some College 2-4 Years Advanced £20,400 GBP

Account Executive
Posted 14 July 2023
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 2-4 Years Advanced £126,000 GBP

Producer
Posted 14 July 2023
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 1-2 Years Intermediate £34,900 GBP

Quantity Surveyor
Posted 14 July 2023
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 8-12 Years Advanced £53,300 GBP

Buyer
Posted 12 July 2023
City Education Experience Knowledge Gross salary / year
Reading High School 2-4 Years Intermediate £53,300 GBP

Austorising Engineer
Posted 11 July 2023
City Education Experience Knowledge Gross salary / year
Luton Masters Degree 2-4 Years Expert £50,400 GBP

Finance Manager
Posted 22 May 2023
City Education Experience Knowledge Gross salary / year
Bristol Masters Degree 2-4 Years Advanced £68,500 GBP

Devops
Posted 18 May 2023
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 1-2 Years Expert £53,800 GBP

Waiter
Posted 18 May 2023
City Education Experience Knowledge Gross salary / year
London Some College 0-1 Year Intermediate £21,500 GBP

Senior Digital Pr Executvie
Posted 18 May 2023
City Education Experience Knowledge Gross salary / year
--Other-- Masters Degree 0-1 Year Advanced £24,000 GBP

Sap Pp Consultant
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
--Other-- Bachelors Degree 2-4 Years Advanced £55,700 GBP

Chief Technology Officer
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 4-8 Years Advanced £107,900 GBP

Marine Engineer
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
Aberdeen Some College 2-4 Years Intermediate £62,900 GBP

Managing Director
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 16-20 Years Expert £272,600 GBP

Accountant
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
Aberdeen Doctorate Degree 16-20 Years Expert £67,400 GBP

Senior Project Manager
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 2-4 Years Advanced £80,900 GBP

Head Of Science
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 4-8 Years Advanced £44,100 GBP

Scientist
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
London Doctorate Degree 2-4 Years Expert £27,800 GBP

Director Of L&d, Performance And Talent
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
Brighton High School 16-20 Years Expert £107,900 GBP

Opera Singer (chorus)
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
London Some College 16-20 Years Advanced £38,800 GBP

Rewards Specialist
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
London Some College 8-12 Years Advanced £62,900 GBP

Head Of Reward
Posted 14 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 8-12 Years Advanced £89,300 GBP

Investment Director
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 8-12 Years Expert £178,600 GBP

Technician
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
Milton Keynes Some College 2-4 Years Advanced £27,700 GBP

Vp, People
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
Reading Masters Degree 8-12 Years Expert £56,300 GBP

Digital Pr Executive
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 0-1 Year Intermediate £16,100 GBP

Senior Manager Compensation & Benefits
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 8-12 Years Expert £98,200 GBP

Program Officer
Posted 10 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 4-8 Years Intermediate £59,800 GBP

Risk Director
Posted 09 September 2022
City Education Experience Knowledge Gross salary / year
London Bachelors Degree 8-12 Years Expert £91,100 GBP

Designer
Posted 09 September 2022
City Education Experience Knowledge Gross salary / year
Walsall Bachelors Degree 1-2 Years Intermediate £21,400 GBP

Director Of Analytics
Posted 09 September 2022
City Education Experience Knowledge Gross salary / year
--Other-- Bachelors Degree 2-4 Years Advanced £46,400 GBP

Associate
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
London Masters Degree 2-4 Years Intermediate £169,700 GBP

Account
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
Ipswich Bachelors Degree 1-2 Years Intermediate £49,100 GBP

Hr Business Partner
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
Swansea Masters Degree 1-2 Years Intermediate £34,400 GBP

Business Administrator
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
--Other-- Masters Degree 12-16 Years Advanced £42,900 GBP

Hr Manager
Posted 07 September 2022
City Education Experience Knowledge Gross salary / year
London Some College 4-8 Years Advanced £36,600 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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