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The sector added gross value of £151,785 million to the UK economy in 2011. [137] As of 2016, high-street retail spending accounted for about 33% of consumer spending and 20% of GDP. Because 75% of goods bought in the United Kingdom are made overseas, the sector only accounts for 5.7% of gross value added to the British economy. [138]
The economy of the United Kingdom is a highly developed social market economy. [25] [26] [27] It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), tenth-largest by purchasing power parity (PPP), and twentieth by nominal GDP per capita, constituting 3.1% of nominal world GDP. [28]
The UK has rarely been self-sufficient in terms of food supply. In 2023, the country was 54–60% self-sufficient in food. [4] [5] In 2022, the country produced enough sheep and milk to be self-sufficient, and almost enough poultry, eggs and cereals, but other foods, such as rice, tomatoes and exotic fruits, had to be imported. [6]
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Japan–United Kingdom Comprehensive Economic Partnership Agreement; United Kingdom and the International Monetary Fund; United Kingdom National Accounts – The Blue Book; United Kingdom Standard Industrial Classification of Economic Activities; United Kingdom–Crown Dependencies Customs Union; United Kingdom–Vietnam Free Trade Agreement
The UK government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest. The government gets most of its income from taxes ...
Thereafter the United Kingdom's relative economic performance improved substantially to the extent that, just before the Great Recession, British income per capita exceeded, albeit marginally, that of France and Germany; furthermore, there was a significant reduction in the gap in income per capita terms between the UK and USA. [7]
In addition to being the capital city of the United Kingdom, London is one of the world's leading financial centres for international business and commerce and is one of the "command centres" for the global economy. [8] [9] [10] London is the most populous region, urban zone and metropolitan area in the United Kingdom. [11]