The British Economy Essay Example | Topics and Well Written Essays - 1500 words - 4

The British Economy - Essay ExampleWithin 1940th 1970th absolute majority of reason British colonies became independent thus, stinting influence of the British Isles within the Commonwealth decreased. Owing to inconsequent regulation in the previous years in 1968 Wilsons government had to transfer national budget in the economy regime. Besides, in 1967 unprofitable steel industry was nationalized for stabilization of the whole industrial sector. Economic and industrial spheres required urgent restructure.The period of 1970th was marked with high level of socio-economic instability. Pressure of national trade unions increased as a result of limitations of their rights and growing un profession. legion(predicate) strikes of workers caused million losses. In 1969 trade unions rejected limitation of right for strikes. There was a large disproportion between number of trade unions and employed workers. The majority of confinement force in the manufacturing sector was employed at the b ig plants and enterprises. Thus in 1973 establishments with 1000 or more employees employed 42 per cent of the manufacturing restriction force and even in 1984, after a wave of closures of large plants, still employed 32 per cent. (Oulton 1990, 72) Economic recession covered the whole manufacturing sphere, including employment rate, workers socio-economic welfare, basic economic indices (GDP, IRR). British citizens regarded a long-term crisis as consequence of entry into EU (1973 1975), political instability, inappropriate financing of industrial sector.Despite of economic growth of 1980th, share of manufacturing sector in GDP had decreased from 25% up to 14% in 2004. Decrease of manufacturing sector happened mainly due to the reorganization of national economy and growth of service sector. Since early 1980th its output has increased by circa 30%. The same tendency is marked in other countries such(prenominal) tendency is conditioned with a large-scale closing of large plants and