Uk Economey The Changing Economic World Flashcards
Why has the economy in the uk changed
De-industialisation
Machines and technology have replaced people in modern industries
Lack of investment in other sectors - too expensive
How has uk employment changed between 1984 and 2014
4% increase in management jobs
6% decrease in unemployement
What are the impacts of globalization on the uk
Migration - increase in migration →migrants fill job shortages
Less manufacturing - imports manufactured goods instead
Outsourcing jobs - jobs that were done in the uk can be done elsewhere
How much of the UKs economy is made by the tertiary sector
79%
What is the IT sector like in the UK
One of the main factors of de-industrialisation
Employs 1.3 million
Allows people to work at home with others across the globe
The world’s leading digital economy
What is the services industry / finance industry like in the UK
79% of UKs economic output
,10% if UKs GDP
Employs 2 million
What is the research and development industry like in the UK
Employs over 60,000 people
Estimated to contribute £3 billion to the economy
Primarily done by british university
What is AstraZeneca and what do they do
Company dedicated to research
Manufactures pharmaceutical and biotechnology products
Operates in over 100 countries - based in Europe
Equity is $37 billion
Employ 83,000 (2021)
Benefits of road improvements
2014 a £15 billion road investment strategy was introduced
It will help:
Help reduced congestion
Wates less time for commuters.
Less pollution
New jobs created in construction
Emg M4 smart motorway - cut journey times
Controversial as the hard shoulder is removed
Benefits of the UKs port improvements
£210 million investment to deepen the Felixstowe port so larger ships can fit in
Ports handle 95% of the UKs international trade
75% if imports comes through ports
E.g London gateway cost £1.5 billion and allows even the largest ships to enter
Benefits of rail improvements in the UK
HS2
Will reduce journey times from London to Birmingham from 1hr and 50 minutes to an hour
Costs £71 billion
Its creation is predicted to damage 33 legally protected sights
How does development of airports help the uk
The aviation sector employs over 300,000
Improving
Heathrow expansion cost £73.6 billion
Estimated to create 77,000 additional jobs
This runway will increase flight to and out of Heathrow (700)
Increase of air and noise pollution
What is the north south divide
The divide between the north and south of england
Cultural and economic differences between the north and south of england
South has a higher average life expectancy and wages
Give a piece of evidence from the north - south divide
Life expectancy in liverpool is 75.7
The life expectancy of cambridge is 79.5
Strategies used to resolve the development gap - job creation
By companies like BBC moving to the north (manchester) created 1200 jobs, increasing the economy
Strategies used to resolve the development gap - devoloution
This process gives additional power and money to the north.
Devolved funds are given to mayors to give £1 billion to improve manchester as he sees fit
Strategies used to resolve the development gap - Hs2
By connecting Birmingham and London, more opportunities will be given to those in the south
It is argued that this will just increase the gap
Strategies used to resolve the development gap - Northern powerhouse
An idea of boosting the economy by investing in skills transport and culture.
The northern powerhouse is recognised to be across the world for holding billions of pounds
How is the uk linked to the wider world
English is the main language used in business around the world
Uk has a globally successful gaming industry
How is the uk linked to the wider world - G7
Contains the seven most powerful counties
They have 40% of the worlds GDP
How is the uk linked to the wider world - Commonwealth
An intergovernmental organisation of 54 counties
All these countries hold 3 main values
Democracy
Human rights
The rule of law
What are the impacts of brexit
Loss of influence with global organisation
Potential loss of trade with the EU
Loss of cheap migrant labour which could damage the economy
