The-UKEconomy-英国经济.ppt

Inflation is no longer a concern thanks to the collapse in energy and commodity prices. It is expected to be around 0.5 per cent this year. Indeed many argue that deflation is now a bigger concern. As such, the Bank of England is expected to cut Interest Rates. The UK Economy 2012,04 Contents Absolute decline and relative decline Recent history The current UK economy The UK economy in 2009 Absolute Decline and Relative Decline By the 1880s, the British economy was dominant in the world, producing one third of the world’s manufactured goods, half its coal and iron, and half its cotton. But by 1900, the UK has been overtaken by both the United States and Germany. the Second Industrial Revolution in the United States meant the US had begun to challenge Britain's role as the leader of the global economy. The extensive war efforts of both World Wars in the 20th century and the dismantlement of the British Empire also weakened the UK economy in global terms, and by that time Britain had been superseded by the United States as the chief player in the global economy. From 1945 until the present, the story of the UK economy is usually thought of as one of decline. Question: Is this statement true? What are the reasons for describing this period as one of decline? The Reasons for the Relative Decline of UK Economy First, after World War II, the UK had gone heavily into debt in order to finance the war, selling many of its accumulated overseas assets, and borrowing large amounts from the US and Canada. Second, the era of empire was over. the independence of its colonies makes Britain lose big markets for British goods, and the independent colonies stopped providing raw materials to the UK, leaving Britain as just a medium-size European country. Third, Britain spent a higher proportion of national wealth on the military than most of its competitors. (decolonization, a member of NATO, a member of the UN Security Council.) Fourth, its industry survived almost