The economy, something that all of us talk about either in cafes, during lunch breaks at work or when the conversation takes a turn for the boring and you need a last ditch effort to revive it. Whether you understand the UK economy or not, it is always a go-to topic for discussions with coworkers, family and friends. Aside from the typical “economy speak” that we may have learned from listening to our parents, we don’t have anything new to say when the topic arises. For those times, we have created our list of 5 Surprising Facts About the UK Economy. Read along and keep these in mind whenever you need to show off your knowledge of our economy.
Fact #1. The UK economy sees more growth in the north. You don’t have to be in London to be successful in the UK. In fact, more new businesses are founded in the north in areas such as Manchester, than any other area in the UK. There has been an average economic growth of 74% in the north compared to London’s 42%.
Fact #2. Britain spends less on investments than any other G7 economy. In 2013, the UK spent 15% of GDP on investment which is just behind other G7 economies such as Germany and Italy with 17%. In comparison, France spent 25% of their GDP on investments.
Fact #3. The UK’s homebuilding rate is among the worst in the world. The UK’s homebuilding rate of 0.21% is among the lowest in the Western world but that does not signal a housing shortage just yet. This is a good indication of consumer uncertainty and usually follows a definitive pattern.
Fact #4. The number of foreign-owned businesses in the UK has decreased by 3% since 2009, but their contribution to UK value added has increased by almost 19%.
Fact #5. Almost a quarter of foreign-owned businesses in the UK are owned from within the USA. Foreign investment is an important part of any economy as it not only adds a financial boost to the country, but it also shows that there is global confidence in our country as well.
Whether traditional or digital, the UK economy is strong and has proven this through many recessions, downturns and economic shifts throughout history. These facts are just some of the interesting points of our economy that will ensure you always have something to talk about whenever needed in conversation.