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The economy of England is the largest economy of the four countries of the United Kingdom. England 's economy is one of the largest and most dynamic in the world, with an average GDP per capita of £37,852 in 2022.
The economy of the United Kingdom is a highly developed social market economy. [ 25 ] [ 26 ] [ 27 ] It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), tenth-largest by purchasing power parity (PPP), and twentieth by nominal GDP per capita , constituting 3.1% of nominal world GDP . [ 28 ]
Thereafter the United Kingdom's relative economic performance improved substantially to the extent that, just before the Great Recession, British income per capita exceeded, albeit marginally, that of France and Germany; furthermore, there was a significant reduction in the gap in income per capita terms between the UK and USA. [7]
The first studies into the medieval economy of England began in the 1880s, principally around the work of English jurist and historian Frederic Maitland. This scholarship, drawing extensively on documents such as the Domesday Book and Magna Carta, became known as the "Whiggish" view of economic history, focusing on law and government. [222]
UK interest rates have been held at 4.75% following a divided vote among Bank of England policymakers, as they weighed up concerns over a stagnating economy and persistent inflation. The Bank’s ...
The Bank of England is set to join its peers in the U.S. and Europe in keeping borrowing rates unchanged at its policy meeting Thursday despite mounting worries over the state of the British economy.
As the British pound drops and Prime Minister Liz Truss plans unfunded tax cuts for the rich, the Bank of England is moving to stabilize finances in the U.K.
Most cities are ITL 3 areas in their own right. Some ITL 3 areas are made up of groups of authorities or metropolitan boroughs, such as the county of Greater Manchester and the conurbation of Tyneside, and tend to reflect high levels of economic coherence. London is the biggest city by GDP in the United Kingdom (£562 billion)