United Kingdom Economy Analysis & News 2016 | Winny Education UK Economy

British industry is a combination of public and private owned companies. Major segments of British industry include energy, mining, manufacturing and construction.


Energy:

Energy sector is considered to be the strongest component of British economy. UK is the net exporter of energy. The kingdom has abundant reserves of natural gas, coal and atomic power. The main energy resource is oil and continued international demand of oil will lead companies to maintain these high levels of output. Recent rise in fuel prices and claims that the world’s existing oil reserves are drying up haven’t stopped oil production.


Automotive Industry:

Many of the world’s automotive companies have settled their manufacturing facilities in the UK. Employing around 850,000 people the UK automotive industry is worth approximately £40 billion - around 8% of the global industry. Component manufacturers in UK find themselves within easy reach of much of continental Europe’s automotive market.


Biotechnology and Medicine:

Biotechnology has become one of the growth areas of investment following the recent developments in cloning and bioengineering. UK has world class reputation in this field based on over 20 Nobel Prizes in the life sciences. UK’s medical systems industry has attracted extensive investment from overseas companies with over 50% of the companies in this sector benefitting from such. Overseas companies comprise of world class skills because of the highly qualified graduates with degrees in biological, chemical and molecular sciences.


E-Business and ICT:

As one of the fastest-growing sectors in the UK economy the software industry constitutes more than 30,000 companies. Numbered amongst these are multinationals like Microsoft and Oracle and wide variety of small UK companies. More number of graduates and post–graduates from UK universities has qualifications in software related skills. With government’s commitment to make UK one of the world’s leading knowledge economies has encouraged the likes of Intel, Cisco and Charles Schwab to invest in the UK. Currently, UK is seen by many of the world’s leading telecommunications companies as the business center of Europe. Moreover UK government has prioritized an early deployment of 3G technology and aims to fully exploit its position as a world leading center of excellence for 3G research and development.


IT & Computing:

Inorder to meet the current levels of demand in UK’s IT industry, they need around 150,000 new entrants and this has raised the salary upto an average of £40,300 per annum. It is estimated that more than half of the UK’s GDP will be generated by people within this sector.


Finance:

Banking and Financial sector currently employs around 350,000 people throughout the UK. Despite fears of mass job losses, demands remain relatively strong. The Skills Review suggests that there are around 6,000 vacancies at present, with product analysts, risk managers and credit analysts being the most in demand.


Public Relations:

With media industry becoming extensively specialized, organizations wishing to promote their brands are looking for different most effective and targeted ways to get their message through the public. The UK PR industry is worth £6.5 billion and it’s very clear why many sectors set up their own company.

Customer contact or Call Centres has established itself as an industry with the help of global boom in service based industries. With increasing advantages of outsourcing, call centre industry has seen enormous growth. The UK is also home to almost half the number of Call Centres. Almost 40% of these centres undertake international business and collectively handle over 30 million calls a week.