What it is
A services-led economy with one of the world’s main financial centres in London. It buys more goods from abroad than it sells and sells more services than it buys.
What the economy is known for
- Services lead: financial, legal and professional services, with London at the centre
- Pharmaceuticals, aerospace, and the creative industries are among its strengths in what it makes and exports
- It imports more goods than it exports, and relies on money from abroad to cover the difference
- Trade is bound closely to the European Union, which it left in 2020
A description of structure, in words. No size, share or ranking is given: those are figures, and they are read at the statistical offices named below.
Its central bank and mandate
The Bank of England’s task is to keep inflation at the target the government sets, and to keep the financial system stable. Interest rates are set by its Monetary Policy Committee, independently of the government.
Bank of England on Central Bank Watch
The policy rate, the last decision and the next meeting are not shown on this site: they are read at the bank’s own publication.
The releases that matter, and who publishes them
- Consumer price inflationPublished by Office for National StatisticsExplainer: CPI
- Labour market overview (employment, unemployment and pay)Published by Office for National StatisticsExplainer: Jobless rate
- Gross Domestic Product, monthly and quarterlyPublished by Office for National StatisticsExplainer: GDP
- Retail salesPublished by Office for National StatisticsExplainer: Retail sales
- UK purchasing managers’ surveysPublished by S&P GlobalExplainer: PMI
- Monetary Policy Committee decision and the Monetary Policy ReportPublished by Bank of EnglandExplainer: Rates
No dates or figures are shown here: each publisher’s own calendar is the authority. The explainers are in Economic Events; a release without a link has no explainer on this site yet.
Its main stock index
FTSE 100. The hundred largest companies listed in London. Many of them earn most of their income abroad, so the index reflects the world economy as much as the British one.
GIO4X lists this index as an index CFD. The contract and its published conditions are on the instrument page, labelled as indicative.
Its currency
The currency of the United Kingdom is the pound sterling (GBP), issued by the Bank of England. GIO4X lists 3 currency pairs that contain it; they are set out on the currency’s profile.
Words worth knowing
A reference page. Educational information, not investment advice or a recommendation to trade. It gives no figure, no ranking and no forecast.