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The Uk Economy

In: Business and Management

Submitted By mitulbhuva
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The UK is the 6th largest economy in the world according to GDP (current prices, US dollars) and the 8th largest in the world according to GDP (PPP). In 2012, the UK’s GDP (current prices) was $2.44 trillion and its GDP (PPP) was $2.336 trillion.
For January to March 2014, the UK employment rate for those aged from 16 to 64 was 72.7%. The equivalent figures for the countries were 73.5% for Scotland, 72.9% for England, 70.0% for Wales and 67.8% for Northern Ireland.
For January to March 2014, the UK unemployment rate for those aged 16 and over was 6.8%. The equivalent figures for the countries were 7.2% for Northern Ireland, 6.8% for both England and Wales, and 6.4% for Scotland.
In 2009/10 to 2011/12, the annual average direct tax (such as income tax and National Insurance) paid by all UK households was £7,360 per household. By country, Scotland paid £7,056 per household, Northern Ireland paid £5,647 and Wales paid £5,564.
In 2012/13, UK public sector net borrowing was £115.1 billion (7.4% of UK GDP), this excludes transfers related to the Bank of England Asset Purchase Facility and Royal Mail Pension Scheme. When these two transfers are included net borrowing was £80.7 billion (5.1% of UK GDP). These figures are for the same time period as the latest available figures for Scotland.
At the start of 2013, Business Population Estimates showed that Scotland had the fewest registered private businesses per 10,000 adults in the UK at 740, followed by 753 in Wales, 785 in Northern Ireland and 984 in England.
The UK also has the 32nd largest proven oil reserves and the 44th largest proven natural gas reserves in the world.
The UK has the 20th largest labour force in the world, with 31.9 million workers. However, unemployment remains high in the UK at 8.02 percent, and is likely to remain so in the wake of the UK’s austerity plans. The UK government has warned that

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