Return to Website


Sawney Bean invites you to a warm, home-cooked meal. Dinner conversation is encouraged. Say what you will - at your own risk. Horror, History, Media, Scotland - and much, much more.

Start a New Topic 
Economy of United Kingdom

The UK is considered a developed country. A nation's level of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developed country, the UK is able to offer its citizens social services such as public education, health care and law enforcement. Citizens of developed countries enjoy a high standard of living and longer life expectancies than citizens of developing countries. Each year, the UK exports around US$813.2 billion and imports around US$782.5 billion. 4.4% of the country's population is unemployed. The total number of unemployed in the UK is 2,929,234. In the UK, 16.2% of the population lives below the poverty line. The proportion of citizens living below the poverty line in the UK is relatively high, but does not give rise to total concern in terms of investment. Potential lenders should look at other economic indicators, including GDP, urbanization rate and currency strength, before making investment decisions. Government spending on education is 5.5% of GDP. The country's Gini index is 32.4. There is good equality in the UK. The majority of UK citizens fall within a narrow income bracket, although in some cases there can be significant differences. The UK has a Human Development Index (HDI) of 0.892. The UK has a very high HDI value. This suggests that almost all citizens are able to lead a desirable life because of social and economic support; Citizens with a low standard of living receive help and support and have the opportunity to advance in society. The Global Peace Index (GPI) for the UK is 1.685. Due to the strong presence of the law enforcement authorities and the high social responsibility, the United Kingdom is very safe in international comparison. The strength of the Legal Rights Index for the UK is 7. Overall, it is considered to be rather adequate – bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least to some extent; Credit information is largely sufficient and generally available.

The currency of United Kingdom is British pound. The British pound is the official currency of the United Kingdom and several other small territories including the Isle of Man, Jersey, and Guernsey. The British pound is the oldest continuous currency in use in the world and is currently the 4th-most traded currency. The British pound is a stable currency that can be relied upon for investment opportunities. The plural form of the word British pound is pounds. The symbol used for this currency is £, and it is abbreviated as GBP. The British pound is divided into Penny; there are 100 in one pound.

Credit rating
The depth of credit information index for United Kingdom is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, United Kingdom has a credit rating score of AAA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, United Kingdom has a credit rating score of AA+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, United Kingdom has a credit rating score of Aa1, and the prospects of this rating are stable.

Central bank
In United Kingdom, the institution that manages the state's currency, money supply, and interest rates is called Bank of England. The average deposit interest rate offered by local banks in United Kingdom is 4%.

Public debt
United Kingdom has a government debt of 90% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information
The corporate tax in United Kingdom is set at 19%. Personal income tax ranges from 20% to 45%, depending on your specific situation and income level. VAT in United Kingdom is 20%.