BRITISH economy

By: Tra My – Thanh Thuy B

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 Lead-in
Gross domestic
 What does GDP mean?products
 What is the 2007 GDP of Vietnam?
A. 5.5 billion USD
B. 65.5 billion USD more than 4 million billion
C. 265.5 billion USD VND – 8.5% increase
 7.2% in 2008
D. 565.5 billion USD
 Rank: 46/about 200 countries (2007
est.) www.wikipedia.com

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 What is the rank of the UK in terms of GDP?
 6th
 Which Source:
of the2008,
following numbers
CIA World Fact Book represents the
UK’s approximate 2007 GDP?
A. 2,772 billion of USD
B. 32,137 billion of USD
C. 232,137 billion of USD
D. 2,232,137 billion of USD nearly 35 billion billion
VND  3.1% increase

GDP growth
= - 1.5% (Q4 -2008)
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Lead-in
 Rank the following countries, which are
those with highest GDP, as listed by the
International Monetary Fund (2007)

Russia France Japan

The U.K. Brazil China

Germany India The U.S.

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Rank Country GDP (2007)
1 United States 13,843.825 billion dollars
2 China 6,991.036
3 Japan 4,289.809
1. US
4 India 2,988.867
2. Japan
5 Germany 2,809.693
3. Germany
6 United Kingdom 4. Britain
2,137.421
7 Russia 5. France2,087.815
6. Italia
8 France 2,046.899
7. China
9 Brazil 1,835.642
10 Italy 1,786.429

Source: www.britainusa.com
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A Overview of economy

B Working life

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Economic
World Overview Europe

#04

Inflation (2.4%( 2007) - 3.1%

(2008), interest rate (2%: 2008)
– 6/2/2009: 1%
unemployment rate: low (5.1%)

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 Agriculture: 1%
 Main industries today: Industry: 26%
Services: 73% (2008 est.)

Banking and
Transport
finance Steel
equipment

Oil and gas Tourism 8

 Agriculture

 25% of Britain's land is arable

 50% land for meadows and pastures.
 Agriculture is highly mechanized and
extremely productive

 2% of the labor force produces 60%

percent of the country's food needs

 Sizable fishing industry

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 Industry

Export • Raw

materials

•
• Manufactured 40% food
goods
supplies
Import

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 Service
banking, insurance, business services

Dominated
service-related
industries

3.5 million
service-related
jobs
90
s

3.5 million
70s - 80s

manufacturing
jobs

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 Exports & imports
• Exports

• Imports

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Trade Focus

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Exports
Exports: $442.2 billion (2007)
Largest export earner: Chemical

Export Partners (2007)

US 15%
Germany 11%
France 10%
Ireland 7%
Netherlands 6%
Belgium 6%
Spain 5%
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 Imports
Imports: $621.4 billion (2007)

Import Partners (2007)

Germany 14.2%
US 8.6%
China 7.3%
Netherlands 7.3%
France 6.9%
Belgium 4.7%
Norway 4.7%
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THE STRUCTURE OF TRADE
& INDUSTRY

 Economic system: private + public

 History:
 1945-1980: state controlled 1979- 1990
 1980s:
 Conservative government gave more freedom to
businessmen
 Privatize companies (share holders)

 1994: most had been privatised

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 Contemporary issues
 Manufacturing has often been the weakest part
 Interest rate cut  higher house price
 Slow-down growth
 Suffer from the worldwide financial turmoil
 Increased borrowing by the government; Widening
account deficit
 Income inequality between skilled and unskilled
workers

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http://www.globalpolitician.com/23983-britain
A Overview of economy

B Working life

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 ATTITUDE TO WORK
 Lack of enthusiasm for work
+ Leisure = a sign of aristocracy
+ Non-manual job = sign of middle-class
+ Working day: starts late (8 a.m. for manual
jobs and 9 a.m. for non-manual ones)
Industrious
 High earnings are more important than job
satisfaction

Now, weaker connection between

middle class and non-manual work 19
 SHOPPING AS A WAY OF
SPENDING MONEY

 Not adventurous
shoppers (like
reliability + brand-
name goods)
 Late 20th cent.: supermarkets moved out of town
High streets (area in town where
shops concentrate) still survive
 Shop opening hours: 9a.m. (On Sundays, large
shops + supermarkets: 6 hours)
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 Harrod’s, the most famous department store in England that all
visitors want to visit. Here you can find anything, from the cheapest
to the most expensive things
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Tesco (Southport), one supermarket of the British largest
supermarket chain

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http://www.woodlands-junior.kent.sch.uk/customs/questions/
 Not only are we, in the words of
Napoleon, 'a nation of
shopkeepers', we are also a country
of compulsive shoppers. We love to
shop! It is our number one leisure
activity and accounts for around
37% of all money spent in England.
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London Minimum Wage
£7.05 = 180.000VND

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 UK Employment Law
 Legal working age: 13
 Under-15s:
 Holidays

 Schooldays 5hrs/weekda Max. 25hrs/

5 hrs/ Sat. week
y

 Over-15s:

2hrs/ Sun. 2hrs/ schoolday

8hrs/ Sat. 8hrs/ weekday Max. 35hrs/

week

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Jobs for teenagers
1. Delivering newspaper
2. Babysitting
3. Helping the milkman on his round
 Other jobs:
 Working in a shop
 Working in a hairdresser’s
 Office work
 Washing cars
 Working in a café or restaurant
 Domestic work in hotels

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Jobs for teenagers

 Work permit required

 Wage: up to £3.00/ hr = 80.000VND
 Under-18s: no law protection
regarding wage rates

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Suggestions for further studies
1. Pound Sterling and its role in British economy
2. Migrant workforce in Britain
3. British government’s efforts in controlling
inflation rate and lessons for Vietnam
4. British economic great depression

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