The main industrial pursuit in Wales during the Industrial

Revolution was coal mining which was located mainly in the

south. Nowadays, there is almost no coal mining in this
area. Ireland, on the other hand, is mainly agricultural.
Belfast being an exception, as it is famous for its linen
manufacture and ship-building.

Economic system and the distribution of wealth

Britain's economic system is a combination of private and
public concerns. How much the government controls the
economic affairs of the country has changed during the
last 50 years or so. From 1945 to 1980, the main tendency
was nationalization; which means that the state bought
many companies and industries and had great control
of the economy. However, from 1980 onwards this
trend changed directions. Under Margaret Thatcher's
government, businesses were allowed greater freedom
than before and many previously nationalized companies
were sold to and directed by individuals. At present, the only
services in the hands of the government are social ones like
education, social welfare and health care.
By the early 1990s wealth in the UK was distributed in a
way similar to the situation in the XIX century: there was a
great gap between the rich and the poor. The only
difference was that the gap was even greater. One of the
reasons for this enlarged gap is the fall in the rate of
income tax; that is, people are deducted a smaller percentage
of money from their earnings than before. Consequently, the
rich have become richer, the middle classes are now
mostly affluent and the poor have become a minority
within the country, but their situation has worsened.
The British reluctance to accept change and their
preference for tradition have made the UK one of the
greatest financial centres in the 21st century since when
people wish to invest these are qualities that may provide
the potential investors with a sense of dependability.
Currency and cash
Britain's currency is the pound sterling (£). There is 100
pence (p) in a pound. In Scotland, banknotes have a
slightly different design. These notes are legal in the rest
of the UK, but banks and shops do not have the
obligation to accept them.
A good example of the reluctance of the British to accept
changes is their reaction to the introduction of the one pound
coin; since it was seen as not worth as much as the one pound
note. A similar situation was seen when the Euro (€) was
introduced. Today, they have legally the same status as
Scottish banknotes, though most shops do not receive
them.