Economy of the UK Flashcards
The four sectors of the UK are?
- Primary - extracting minerals/farming / agriculture
- Secondary industry
- Tertiary
- Quaternary
How was economy changed over time?
1) most ppl worked in farming or mining - PRIMARY (1800)
2) During Industrial Revolution, ppl made steel, ships or textiles + lived in cities - SECONDARY (1900)
3) a big shift to TERTIARY sector - factories closed
more jobs in research, technology, and the media have developed since the 1980’s - QUATERNARY (1970+)
What is post industrial economy?
is where manufacturing industry declines to be replaced by growth in the service sector and quaternary sector
Why has the UK economy changed? De-industrialisation definition
- is teh decline in manufacturing indusrty and teh subsequent growth in tertiary and quaternary employment
Why has the UK economy changed? Why did De-industrialisation occur in UK?
- Machines and tech have replaced many people in modern industries (CAR PRODUCTION)
- other countries (CHINA) can produce cheaper goods bc labour there is less expensive
- Lack of investment, high labour costs and outdated macinery made UK products too expensive
Why has the UK economy changed? Globalisation definition
- Is the growth and spread of ideas around the world. This can involve movement and spread of cultures, people, money, goods and information
Why has the UK economy changed? Why did Globalisation lead to change in thE UK?
- Partly responsible for explosion of quaternar sector e.g. IT - many people working on global brands and produce
- Goods are moved around teh world quicker (increased world trade) and cheaper imported products ➡ decline in manufacturing industry
- Easier comunication
Why has the UK economy changed? Goverment policiy in 1945 - 79
1945 - 1979 The Gov owned industries e.g. British steel/ British Rail - but these were inefficient (THEY EMPLOYED TOO MANY PPL) and needed new machinery and were operating at a loss
Why has the UK economy changed? Gov policy in 1979- 2010
1979-2010 - Gov privatised (sold off) most of these in the belief that private compaines would be more efficient and better. Many older industries closed down (British steel) and many jobs were lost. New private companies brought innovation and change, redevloping older industries
Why has the UK economy changed? Gov policy 2010 onwards
- 2010 + - ‘Rebalancing the economy by relying less on service industries. Policies have included:
- Improvements to transport e.g. HS2
- More investment in manufacturing
- Encouraging global firms to locate in UK
The development of the UK’s post industrial economy: Development of IT
e.g. software developer, software engineer,
why ? bc internet access enables people to work from home ,communication allows quick and easy accesss around the world
How has the developmebnt of IT affected teh development of the UKs psi?
- Attracts investment from abroad
- Employs 1.3 miln ppl
- New businesses are directly involved with IT
The development of the UK’s post industrial economy: Service industry and finance
e.g. doctor, insurance, fund managemnt, mechanic and accountant
why? Grown rapidly since 1970’s.
Finance - the UK is the worlds leading centre for financial services
How has the developmebnt of service industries and finance affected the development of the UKs psi?
financial services account for 10% of the UKS GDP + emplys over 2 miln ppl
The development of the UK’s post industrial economy: Research?
e.g. Scientists, Engineer, Market researcher
why? developed the importance of highly qualified ppl and role of universities in research and th e growth of the economy
How has the developmebnt of research affected the development of the UKs psi?
- contributed over £3 bn to the economy and employs over 60,000 ppl
Science and business parks in UK?
- bringing together industry and academic reserachers
- Deliver benefits to society and to business
- Provide better jobs within the UK economy
- Focus on auto-motive, low carbon, new tch e.g artificial inteligence
- Transform industries and create new ones
THE INDUSTRIAL STRATERGY CHALLENGE HAS £725 MN TO DEVELOP THIS - A lot of these jobs take place in science and business parks
Requirements for quaternary industries - people
- Need qualified ppl - graduates - in their field
- High salaries - attractive place/ environment ➡ gym/ restaurant
Requirements for quaternary industries - Transport
by car - close to major road lines
quite near to airport
Requirements for quaternary industries - Property type
- needs to be modern
- attrcative
- greenery
- close to uni, rent not as much a factor
Requirements for quaternary industries - Logistics
- Outputs are gonna be small
- Could distrubute products online or by LORRY
What is a science park?
a group of scientific and technical knowlegde basd businesses located on a planned site
What is a business park?
a business park is an area of land occupied by a ckuster of businesses
what is the biggest difference between a science and business park?
A science park is a PLANNED industrial complex which contains QUATERNARY companies while a business park can also contain MANUFACTURING companies
The Cambridge science park
- home to more than 100 businesses which are involved in lots of areas of expertise such as medical, IT, and environmental
- it recieved a huge boost when Microsoft pleged £50 mn to build its first European computer research centre there in 1997
The cambridge science park what benefits does ut bring to cambridge
- Hi technology industries provide jobs, they now employ almost one quarter of workers in the Cambridge area
- Other companies have developed in Cambridge to supply the hi-technology firms with equipmnt services ect. these companies will also employ ppl - mulipier effect
The cambridge science park transport
- 52 mins to Central London
- Close to Stansted Airport
- Close to the M25
- 2.7 miles to the centre of the University of Cambridge
the cambridge science park facilities
- Landscaped surrpoundings
- Nurseries
- Health and fitness centre
- Cafes
- Conference facilities
Why are science parks good for the environment?
- use of renewable energy
- green landcaping
- Communal transport systens
- Encouragement of the use of cycling
- Specific facilities for staff
- Flexible working patterns
Transport imporvements in UK?
- improvements have enabled economy to grow and develop
- as new jobs have been created,
- more tourists are able to emter the country and visit different areas in the UK
- more areas are connected increasing natonal and international trading opportunities
- Transport developmens affect both employment and regional growth and remain an important issue for the future