British economy Essay Example | Topics and Well Written Essays - 2250 words

British economy - Essay Example In the entire EU the industries that are marketing or technology-driven had grown at the quickest rate. The media, printing, publishing and the sports commodities industries also made a considerable growth. Since 1995, the UK’s electrical, chemical as well as the optical sector (and also going tandem was the IT and communications sector) had a faster growth rate surpassing that of the whole economy. It’s believed that the shipbuilding, steel, clothing and textile industries were slowly moving to the poor nations due to the stiff competition by the aforementioned growing industries. As a result the capacity of manufacturing and the labour force dedicated to the manufacturing sector experienced a fall. ( Winford, et al 2005 pp 90-91) A while ago UK was called the ‘workshop of the world’. In UK is the origin of the industrial revolution as per the belief of many. The sector of manufacturing held the highest number of workers in the labour force of UK and the output used to be very high. However, the manufacturing sector of UK started to experience several over takings; first by the nation of Germany and later on by the US. This has gone on relentlessly and China as well as Japan have followed suit. Factually, the employment in the manufacturing sector of UK did not start in the last three decades, but since the 1950s. Towards the late 1970s the labour force proportion working in the UK manufacturing sector was about 7 million but in 2005 the number of employees was at 3.5 million. As an activity, manufacturing has been said to decline and it’s a verdict by many commentators. Most of the decrease has been linked to the fall in the workforce. Particularly, the fall in this sector in the context of UK has been witnessed from the 1850s due to the rise in the rate of industrialization of other nations. Also the