D. Read and translate the text.

1 The UK, a leading trading power and financial center, is one of the quintet of trillion dollar economies of Western Europe. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs.

2 Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005; energy industries now contribute about 4% to GDP. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance.

3 Since emerging from recession in 1992, Britain’s economy enjoyed the longest period of expansion during which time growth outpaced most Western Europe. The global economic slowdown, tight credit, and falling home prices, however, pushed Britain back into recession in the latter half of 2008 and prompted the government to implement a number of new measures to stimulate the economy and stabilize the financial markets; these include part-nationalizing the banking system, cutting taxes etc.

4 The Bank of England periodically coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union, and opinion polls show a majority of Britons oppose joining the euro.

E. To the given words and word combinations find in the text: A) synonyms; B) antonyms.

A)	slowdown
	resources
	reduce
B)	join
	nationalize

F. Which words below have a positive meaning? Which have a negative one? Use these words to complete the sentences below.

leading tight falling intensive highly mechanized efficient to reduce to contain to emerge from to outpace to decline to enjoy to cut to stimulate to stabilize to suspend to oppose

1) The English do … life.

2) Production processes in Europe are … …

3) It is also an … time for the production team.

4) The health care could be more …

5) It is one of the UK’s …producers.

6) Creditconditions remain …, while affordability, especially in London, is still poor.

7) UK house prices saw a slight rally last month after …at the end of the year.

8) High interest rates, rising oil and food prices are likely to … growth at about 7.5%, analysts said, down from 9% or more in previous years.

9) … reservesof North Sea gas and oil mean that by the end of the decade, the UK will be a net energy importer for the first time since the Industrial Revolution.

10) The Scottish economy is likely to … recession and return to weak growth by the spring.

11) The rise in London house prices has dramatically … Londoners' salary increases.

12) The prime minister regards help for people on low incomes as the most efficient way to … the economy.

13) Government faced a choice between … taxes, boosting infrastructure spending and helping people on low incomes.

14) But more needs to be done to … financial markets and support economic growth

15) The institution has asked the European Union's highest court to annul a decision by EU finance ministers to temporarily … the rules.

16) Conservative party leader … city parking tax.

17) Northern Ireland’s health trusts have made significant progress in … their financial deficits.

G. Draw the table ‘Britain’s economy over the last decades’ and complete it.

Britain’s economy over the last decades

Period of time	Critical activities
over the past two decades
since 1992
in the late 2008

H. Answer the following questions about the text.

1) How is Britain’s economy characterized in general? What is the statistic used to measure the economy? How do you understand the following – “one of the quintet of trillion dollar economies”?

2) The first ingredient of a nation's economic system is its natural resources. What about the UK?

3) What is the UK’s CB? Does the UK undertake an independent monetary policy? Is Britain a member of the euro zone?

4) What is the key sector of Britain’s economy? What does it cover? How much does it contribute to GDP? What industries decline? How do you understand the following – “a net importer of energy”?