Jan 29, 2021
This from Dan Hannan in 2016 sums up the UK’s place in the world.
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Would appear to be how you measure where the UK ranks, but based on Investopedia it is indeed sixth placed, and the site gives some explanation as to why.
The Top 20 Economies in the World
6. United Kingdom
U.K. Nominal GDP: $2.83 trillion — U.K. GDP (PPP): $3.04 trillion
The United Kingdom, with a $2.83 trillion GDP is the sixth largest economy in the world. When compared in terms of GDP purchasing-power-parity, U.K. slips to the ninth spot with a GDP-PPP of $3.04 trillion. It ranks 23rd in terms of GDP per capita, which is $42,558. Its nominal GDP is estimated to remain at $2.83 trillion during 2019, but its ranking is expected to slide to the seventh spot by 2023 with its GDP of $3.27 trillion.
Starting from 1992 until 2008, the economy of the U.K. witnessed an uptrend in each quarter. However, it witnessed a decline in its output for five consecutive quarters starting April 2008. The economy shrunk by 6% during this time (between the first quarter of 2008 and the second quarter of 2009) and eventually took five years to grow back to the pre-recession levels, according to data from the Office of National Statistics.
The economy of the U.K. is primarily driven by the services sector, which contributes more than 75% of its GDP, with manufacturing the second prominent segment, followed by agriculture. Although agriculture is not a major contributor to its GDP, 60% of the U.K.’s food needs are produced domestically, even though less than 2% of its labor force is employed in the sector.
The UK contrary to what some people may think, is a large manufacturing economy.
https://www.pwc.co.uk/assets/pdf/ukmanufacturing-300309.pdf
There is a widespread assumption that the final demise of manufacturing in the UK is only a matter of time. But this is simply not so. The facts tell a different story:
- Output of British manufacturing reached an all-time high in 2007, even adjusted for inflation
- The UK is the world’s 6th largest manufacturer with strong positions in certain key industries, e.g. a 15% global market share in Aerospace
- UK Manufacturing achieved a 50% increase in labour productivity from 1997–2007While the UK is suffering from the severe cyclical global downturn at the moment, PricewaterhouseCoopers1 (PwC) believe UK manufacturing will survive this as it survived the crises of 1973, 1982 and 1991.The question is whether it will be weaker or stronger at the end of that process — we see some significant challenges, but also solid grounds for optimism.
It is undeniably true that in the UK, the manufacturing sector is in relative decline. Over the past 30 years manufacturing output has grown more slowly than services, and the number of people employed in manufacturing has dropped steadily as productivity per employee has increased. The sector faces a number of serious challenges, from the long-term threats posed by emerging markets, to the current economic downturn which is affecting manufacturers in high-wage and low-wage countries alike.
Perhaps most seriously, Britain has a highly negative balance of trade (total exports minus total imports) that is not sustainable.Just as individual companies have to identify their particular strengths and areas of focus, we believe the UK manufacturing sector as a whole, with the support and involvement of the UK government, needs to consider what strengths it should build on, and where it wants to specialise.
The rate of globalisation means that the pace of specialisation needs to increase if the UK is to hold a meaningful position in the long-term global market. Being a leading player in all sectors is not realistic; but being a leading player in certain chosen segments is.Through interviews with CEOs and board-level directors of leading manufacturing businesses we have explored the challenges and opportunities facing the sector. Some of our conclusions may be surprising, and the recommendations that flow from them will require bold thinking and resolute action, especially in the face of perhaps the most serious global recession since the 1930s.
But our overall message is clear: UK manufacturing is not dead, or even in terminal decline. The sector as a whole has ‘held on’ through severe recessions in the past and it will survive the current downturn — but we think it can and must do better than that. In our daily interactions with some of our clients we see efforts and innovations already taking shape today which, if properly leveraged, could move the UK manufacturing sector from ‘surviving’ mode to ‘thriving’.
We benefit from English being our native tongue with strong links to the USA and to the Commonwealth.
Alastair Majury resides locally in the historic Scottish city of Dunblane, and is a Principal Consultant and a Senior Regulatory Business Analyst working across the country. Alastair Majury also serves on the local council (Stirling Council) as Councillor Alastair Majury where he represents the ward of Dunblane and Bridge of Allan, topping the poll.
Alastair Majury, is also a director of Majury Change Management Ltd is a highly experienced Senior Business Analyst / Data Scientist with a proven track record of success planning, developing, implementing and delivering migrations, organisational change, regulatory, legislative, and process improvements for global financial organisations, covering Retail Banking, Investment Banking, Wealth Management, and Life & Pensions.
For several years now, Alastair has worked extensively with a variety of financial institutions in order to offer the utmost comprehensive services. As a data scientist/business analyst, Alastair Majury is expected to find intuitive and sensible solutions to complex problems.
As a data scientist/business analyst, Alastair Majury has worked closely with several high-profile businesses, such as BNP Paribas, National Australia Bank, Standard Life and the Royal Bank of Scotland Group.A graduate of University of Glasgow, Alastair Majury earned his M.A. in Economics with Business Economics. Since then, Alastair has undergone several training sessions and earned multiple certifications for a variety of skills. More specifically, he has earned certifications in IAQ, risk management, resource management, and a bevy of other areas. Alastair Majury thoroughly enjoys his work.
What excites him most about being a data scientist/business analyst is that every problem has a variety of solutions. This allows for a great deal of creativity on his part. Providing ingenious solutions to his customers’ problems provides a great deal of satisfaction to Alastair Majury. Every single day can be a new and challenging problem.
Although he is a fierce and determined worker, Alastair also manages to find free time to embrace his hobbies and interests. Alastair is a major proponent of philanthropy and charitable endeavors. He constantly finds new and exciting ways to promote charities and philanthropic organizations in his community. He also tries to donate time and funds to said organizations whenever he can. Alastair Majury firmly believes that if we all work together towards a common goal, we can find peace.
