England: Facts & Stats

ECONOMY

Industry:

England is a highly industrialised country. It is an important producer of textiles and chemical products. Although automobiles, locomotives, and aircraft are among England's other important industrial products, the bulk of the country's income comes from the City.

Manufacturing continues to decline in importance. In the 1960s and 70s manufacturing was a significant part of England's economic output. However, a lot of the heavy manufacturing industry was government-run and had failed to respond to world markets. State industries were sold off and over the 20th century many closed as they were unable to compete; a situation largely reflected in other Western industrialised countries.

However, manufacturing still accounts for some 26% of the UK's GDP. England remains a key player in the aerospace, defence, pharmaceutical and chemical industries, and British companies worldwide continue to have a role in the sector through foreign investment. Closure of English factories and movement of manufacturing to Eastern Europe and the Far East in search of lower costs (especially through lower wages and less strict employment laws) continues to benefit shareholders, consumers and the UK economy as a whole, although areas that were formerly dependent on manufacturing such as the Midlands and North East have experienced severe economic decline.

Agriculture:

Agriculture is intensive, highly mechanised, and efficient by European standards, producing about 60% of food needs with only 2% of the labour force. It contributes around 2% of GDP. Around two thirds of production is devoted to livestock, and one third to arable crops. Agriculture is heavily subsidised by the European Union's Common Agricultural Policy and it is not known how large a sector it would be if the market was unregulated. The GDP from the farming sector is argued by some to be a small return on the subsidies given but is argued by others that subsidy boosts security and therefore is justified in the same way defence spending is.

The main crops that are grown are wheat, barley, oats, potatoes, sugar beets, fruits and vegetables. The livestock that is raised comprises mainly cattle and sheep. In the drier east, farmers raise wheat, barley, oats, potatoes, and sugar beets. Apples are grown in the west. Cornwall and the nearby Isles of Scilly, that have the mildest climate and longest growing season in England, raise winter vegetables, fruits, and flowers for the London Market.

England is one of the world's leading fishing nations. Its fleets bring home fish of every kind, ranging from sole to herring. Kingston upon Hull, Grimsby, Fleetwood, Great Yarmouth, and Lowestoft are among the coastal towns that have large fishing industries.

Investing & Banking:

England's capital is London. The City of London is London's major financial district, and one of the world's leading financial centres. The city is where the London Stock Exchange, as well as many other exchanges, are based.

Service industries, particularly banking, insurance, and business services, account by far for the largest proportion of GDP and employ around 80% of the working population.

Leeds is the UK's second largest financial centre, with over 30 national and international banks based in the city. Over 124,000 people are employed in banking and financial services in Leeds, and over in the wider Leeds City Region.