The Changing UK Economy (Why has the UK's economy changed?…
The Changing UK Economy
Why has the UK's economy changed?
Decline of traditional industries
Machines and technology have replaced many people in modern industries such as car manufacturing/production
In many developing countries such as China and Malaysia, labour is cheaper than in the UK, so many companies choose to manufacture abroad.
Lack of investment, high labour costs and outdated technology have made manufacturing in the UK more expensive
The UK has grown towards an economy mainly based upon the tertiary and quaternary sectors
The spread of ideas around the world.This can involve the spread of good, money or culture.
Caused huge growth in the quaternary sector in the UK
The Internet has enabled world wide communication
The government supported nationalisation and propped up many declining industries - but this was unprofitable
Privatisation began to take over, and so many of the struggling industries closed down
The new private companies brought change, and created a growing quaternary sector
The government has began to support a balances economy, relying less on the quaternary sector and investing more money into the growth of industries
Improvements to infrastructure such as transport: HS2 and Crossrail
Easier access to loans and finance for smaller businesses
Encouraging global companies to base themselves in the UK