Britain’s Economy

Britain lives by its industry and trade. With a population representing only 2 per cent of the world total, it is one of the largest trading nations in the world, providing about 10 per cent of world exports of manufacturing goods. It is one of the biggest markets for food and raw materials: British agriculture, though highly efficient, produces just over half the country’s food requirements and, apart from coal, some iron ore and oil and natural gas off the east coast, there are few mineral resources to supply the manufacturing industries. To pay for the food and other materials it needs, Britain relies on much more than sales of manufactures: “invisible” exports – the provision of services such as banking, insurances, shipping, aviation and tourism – are also of great importance.

The energy consumed in Britain comes from coal, oil, natural gas and nuclear power; there are also a few hydroelectric schemes, especially in Scotland. The main centre of coal-mining is Wales. Most oil has to be imported, but oil from the bed of the North Sea is making a very big contribution now. Over 90 per cent of the gas used in Britain is natural gas from under the North Sea. Nuclear energy now produces about 10 per cent of Britain’s electricity although most electricity is produced by coal-fired and oil-fired power stations.

Of Britain’s total population of about 56 million, some 25 million form the nation’s workforce. A large proportion of this force is highly trained and about a third are in manufacturing industries.

About one million people are employed in banking, insurance and other financial and business services. The heart of all this activity is the City of London, although there are other important centres in several large cities, especially in ports such as Liverpool and Manchester. The City, about one square mile in the middle of the capital, contains probably the greatest concentration of financial expertise in the world. The London Stock Exchange, with its vast experience and world wide network of communications, is one of the world’s markets in securities. Other important financial institutions in the City include the Bank of England as well as hundreds of commercial banks, British and foreign, and several large international commodity markets, for example for metals, rubber, grain, cocoa, coffee and tea.

Another famous part of London, the West End, contains the leading international centre for the sale of works of art. The capital, with its wealth of historic buildings and museums, its theatres and concert halls, its fine restaurants, its shops and stores, is also the centre of Britain’s large tourist trade.

III. Answer the following questions to the text.

1) Does Britain rely on sales of manufactures or invisible export to pay for the food it needs?

2) What is meant by the term “invisible” exports?

3) Where does the energy consumed in Britain come from?

4) Does Britain export manufacturing goods?

5) Is oil imported or exported?

6) How is electricity produced?

7) What do London commodity markets sell?

8) What is the West End of London famous for?

IV. Look through the text and find English equivalents of the following words and word combinations:

промышленные товары, потребности в продуктах питания, сырье (сырьевые материалы), «невидимый» экспорт, рынок ценных бумаг

V. Write down possible headlines which best express the main idea of each paragraph.