The economy of great britain реферат

Обновлено: 04.07.2024

1.Britain was a pioneer in the industrial revolution and has retained a manufacturing base of fundamental importance to the economy (accounting
for some 25 per cent of gross domestic product - GDP) in spite of a rapid growth in the services sector (nearly two-thirds of GDP).

Petroleum and natural gas now account for 4 per cent of GDPand agriculture for 2 per cent (supplying more than half country's food). Britain has become self-sufficient in oil with the development of resources in the continental shelf under the North Sea. Although this has brought great economic benefits, it has contributed to problems of economic adjustment: the external value of sterling is partially influenced by the position in the international oil market, and this may cause strains in Britain's international trade.

2. The economy is based largely on private enterprises but has some major publicly owned industries (notably coal, steel, gas, electricity and railways)
and a few joint enterprises. The Government is reducing the size of the public sector, returning parts of the steel, transport, telecommunications and aerospace industries, for example, to private enterprise.

3. The working population is just over 26 million (in a total population of 56 million) of which 7 per cent are self-employed. Just under 40 per cent are women. Unemployment has risen to around 3 million.

4. Britain exports over 30 per cent of its GDP. Machinery and transport equipment account for about one-third of exports while finished manufactures comprise over one-third of imports. A recent trend has been the large fall in oil imports and the emergence of a significant export trade. The Federal Republic of Germany and the United States are Britain's leading trading partners. Britain's fellow members in the European Community accounted for 43 per cent of its exports and 41 per cent of imports in 1990, compared with 30 and 32 per cent respectively in 1972.

Earnings from invisible exports, including financial and other services, are about half as much as those from visible exports.

The Government aims to defeat inflation through firm fiscal and monetary policies, increasing competition, reducing the rise in public expenditure and restoring incentives to industry, particularly small businesses.

II. Ответьте на следующие вопросы:

1. What is the fundamental importance to the economy of Great Britain?

2. What natural resources is Great Britain rich in?

3. What branches of industry in Great Britain do you know?

4. What does Great Britain export?

6. Which countries are Britain's leading trading partners?

III. Найдите в тексте слово value и уточните его значение в данном тексте.

IV. Вместо пропусков вставьте подходящее слово. Переведите предложения на русский язык.

oil, sterling, account, based, public

1. The economy of Great oil Britain is . largely on private enterprises.

2. Britain has become self- sufficient in . with the development of resources in the continental shelf under the North Sea.

3. The external value of . is partially influenced by
the position in the international oil market.

4. Petroleum and natural gas . for 4 per cent of GDP.

5. The Government is reducing the size of the . sector.

V. Найдите производные слова от следующих слов: to employ, to develop, economy, to adjusts, part

Вариант 5

I.Прочитайте и устно переведите весь текст. Перепишите и письменно переведите абзацы 1, 2, 3.

Great Britain is primarily an industrial and commercial nation. Major industries this is transportation, communications, steel, petroleum, coal, gas, and electricity. The country is a world leader in international trade. In January 1973, Great Britain became a member of the European Community (now called the European Union). Annual national budget revenues in the early 1990s were estimated at $325.5 billion, and expenditures were $400.9 billion. Britain's unemployment exceeded 10 percent of the workforce in the early 1990s.

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The economy of Great Britain

Compared with most other major countries, Great Britain devotes a relatively small portion of its labor force to agriculture, forestry, and fishing. Agriculture in Great Britain is intensive and highly mechanized. Income from livestock and dairy products is about three times that from crops. The most important crops were wheat, potatoes, barley, sugar beet, and oats. A variety of fruits and vegetables is also grown. Livestock in the same period included about 11.8 million cattle, 44 million sheep, 7.6 million pigs, and 136 million poultry.

Forestry and Fishing

The most common trees are oak, beech, ash, and elm. Pine and birch predominate in Scotland.

The deep-sea fishing industry has declined since the 1960s, in part because of restrictions legislated by the European Community. In the early 1990s about 628,400 metric tons of fish were caught annually. Notable fishing-product industries are located at Grimsby, Fleetwood, Lowestoft, and. The British fishing fleet consists of more than 12,000 vessels, the largest fleet in the European Union (EU).

Principal factors in the industrial prominence of Britain were its early leadership in the wool trade, favorable climate, mineral wealth, development of shipping and naval control of the seas, acquisition of territorial possessions and colonial markets.

Great Britain has remained one of the most highly industrialized countries of the world. In the early 1990s manufacturing and mining industries was employed about 18 percent of the work force and accounted for approximately 24 percent of the GDP. In the same period the approximate yearly production figures were 16.2 million metric tons of crude steel, 1.3 million passenger cars. Scotland and Northern Ireland were noted for their production of whiskeys and linen. The leading manufacturing regions were Greater London and the metropolitan counties of Greater Manchester, Birmingham, and Liverpool. Other important industrial centers were Glasgow, southern Wales, and Belfast.

The strong industrial position long held by Great Britain was based chiefly on the abundant resources of coal and iron ore available for industrial development. These and other mineral resources have been a determinant in the location and development of centers of population and in the country's general prosperity. Petroleum was first discovered in the North Sea in the 1960s, and production began in 1975. By 1980, 15 fields were producing 1.6 million barrels of high-quality oil a day, and oil was becoming an important source of export revenue as well. Production of natural gas from the North Sea fields began in 1967 and has increased steadily; new fields have been located in the Irish Sea and on land in Dorset. Annual production of minerals in the early 1990s included about 84.9 million metric tons of coal, 667 million barrels of crude petroleum, and 53.9 billion cu m (1.9 trillion cu ft) of natural gas.

Annual electrical output in the early 1990s exceeded 317 billion kilowatt-hours, of which about 75 percent was generated in conventional thermal facilities using fossil fuels. Britain was a pioneer in the development of nuclear plants for the production of electricity. By the early 1990s nuclear power supplied about 16 percent of Great Britain's electricity production.

Currency and Banking

The pound sterling, consisting of 100 pence, is the basic unit of currency. In 1968 Great Britain took the first step in a three-year conversion of its currency to the decimal system of coinage by introducing the first two new coins, the 5-new-pence piece (equal to 1 old shilling) and the 10-new-pence piece. The conversion was completed in 1971.

The Bank of England, chartered in 1694, was nationalized in 1946 and is the bank of issue in England and Wales. Great Britain has 17 major commercial banks with more than 17,000 domestic and overseas branches, most of which are offices of the four leading banks: Lloyds, Barclays, National Westminster, and Midland. Several banks in Scotland and Northern Ireland may issue currencies in limited amounts. Some banking services are provided by the postal system, savings banks. Many foreign banks maintain offices in London.

In the early 1990s Britain was one of the world's leading trading nations. Its major exports were road vehicles and other transportation equipment, industrial machinery, petroleum and petroleum products, electrical machinery, office machines and data processing equipment, power-generating machinery, organic chemicals, precision instruments, and iron and steel. Leading imports were road vehicles and parts, food products, office machines and data processing equipment, electrical machinery, petroleum and petroleum products, clothing and accessories, industrial machinery, textile yarn and fabrics, paper and paper products, and power-generating equipment. Exports, primarily from France, the United States, Germany, the Netherlands, Italy, and Ireland, were valued at $190.1 billion annually in the early 1990s. In the same period, annual imports, chiefly from Germany, the United States, France, the Netherlands, Japan, and Italy, totaled $221.6 billion.

Tourism is an essential source of overseas income. In the early 1990s some 19.3 million visitors toured Great Britain annually, spending about $13.7 billion.

British Airways was formed in 1972 by combining the two state-run airlines, British Overseas Airways Company and British European Airways. Privatized in 1987, British Airways operates one of the largest route networks in the world. In 1976, together with Air France, British Airways inaugurated the world's first supersonic passenger service, using Concorde aircraft. Besides the national airline, Great Britain has numerous independent operators. Major airports include London's Heathrow, Gatwick, and Stansted, as well as Luton, Manchester, and Glasgow.

The road system of Great Britain in the early 1990s consisted of about 362,982 km (about 225,557 mi) of public routes. Some 20.1 million passenger cars were registered in Great Britain. Automobile travel has become increasingly important in recent decades; about 90 percent of all passenger travel in Great Britain is by road.

The Post Office, founded in 1635, maintains about 20,000 branch offices throughout Great Britain and administers a postal savings system.

Telecommunications are administered by British Telecom (known as BT since 1991), founded as a state corporation but privatized in the 1980s. Some 26.3 million telephone lines were in use in the early 1990s, giving Britain one of the world's largest telecommunications systems.

The British Broadcasting Corporation (BBC) and the Independent Broadcasting Authority (IBA), both public bodies, are licensed to provide television and radio broadcasting services. Founded in 1922 and working under a royal charter, in the early 1990s the BBC operated 2 television channels and 33 local radio stations.

Fourteen London newspapers circulate nationwide, and five of them have daily circulations of more than 1 million. Among the most respected British daily newspapers are the Times, the Guardian, the Daily Telegraph, and the Financial Times, all published in London.

The total British labor force in the early 1990s numbered about 28 million. The standard workweek ranges between 35 and 40 hours, varying with each industry.

Великобритания - это, прежде всего, промышленная и коммерческая нация. Основные отрасли промышленности это транспорт, связь, сталь, нефть, уголь, газ и электроэнергия. Страна является мировым лидером в международной торговле. В январе 1973 года, Великобритания стала членом Европейского Сообщества (теперь называется Европейский Союз). Ежегодные доходы государственного бюджета в начале 1990-х годов были оценены в $325.5 млрд., а расходы-$400.9 млрд. В Великобритании уровень безработицы превысил 10% населения в начале 1990-х годов.

По сравнению с большинством других крупных стран, Великобритания уделяет сравнительно небольшую часть своей рабочей силы для сельского хозяйства, лесоводства и рыболовства. Сельское хозяйство в Великобритании является интенсивным и высокомеханизированным. Доходы от животноводства и молочной продукции примерно в три раза больше, чем от зерновых культур. Наиболее важными сельскохозяйственными культурами были пшеница, картофель, ячмень, сахарная свекла, и овес. Поголовье скота в тот же период было около 11,8 млн. крупного рогатого скота, 44 млн. овец, 7,6 млн. свиней, и 136 млн. голов домашней птицы.

Лесное хозяйство и рыболовство

Наиболее распространенными деревьями являются дуб, бук, ясень, вяз. Сосны и березы преобладают в Шотландии.

Глубоководная рыбная промышленность снизилась с 60-х годов, отчасти из-за ограничений Европейского Сообщества. Вначале 90-х, около 628,400 метрических тонн рыбы ловилось ежегодно. Известные рыболовные отрасли расположены в Гримсби, Флитвуде, Лоустофте, и Плимуте. Британский рыболовный флот состоит из более чем 12 тысяч судов, самый большой флот в Европейском Союзе (ЕС).

Главными факторами, в промышленной известности Британии были её раннее лидерство в торговле шерстью, благоприятный климат, природные богатства, развития судоходства и военно-морской контроль.

Великобритания остается одной из наиболее промышленно развитых стран мира. В начале 1990-х годов в обрабатывающей и добывающей отраслях было занято около 18%рабочей силы и на них приходится около 24%ВВП. В этот же период годовой выпуск приблизительно составил 16,2 млн. тонн сырой стали, 1.3 млн. легковых автомобилей. Шотландия и Северная Ирландия были отмечены за их производство виски и постельного белья. Ведущими регионами производства были Большой Лондон и столичные округа Большого Манчестера, Бирмингем, и Ливерпуль. Другие важные промышленные центры были Глазго, южный Уэльс, и Белфаст.

Сильное промышленное положение, принадлежащее Великобритании, было основано главным образом на многочисленных ресурсах угля и железной руды, имеющихся в наличии для промышленного развития. Эти и другие минеральные ресурсы были определяющими в развитии и размещении центров населения и в целом процветания страны. Нефть впервые была обнаружена в Северном море в 1960-х годах, и производство было начато в 1975 году. К 1980 году, 15 областей стали производить 1,6 млн баррелей высококачественной нефти в день, и нефть становится важным источником доходов от экспорта. Добыча природного газа со дна Северного моря началась в 1967 году и постоянно увеличивается, новые месторождения были расположены в Ирландском море и на суше в Дорсете. Ежегодная добыча полезных ископаемых в начале 1990-х включает около 84900 тысяч тонн угля, 667 млн. баррелей сырой нефти, и 53,9 млрд куб м (1,9 трлн футов) природного газа.

Ежегодная электрическая мощность в начале 1990-х превысила 317 миллиардов киловатт-часов, из которых около 75 процентов было подготовлено в обычных тепловых объектах с использованием ископаемых видов топлива. Великобритания был первопроходцем в развитии ядерной установки для производства электроэнергии. К началу 1990-х годов ядерная энергетика обеспечивала около 16 процентов производства электроэнергии Великобритании.

Валюта и банковская система

Фунт стерлингов, состоящий из 100 пенсов, является основной денежной единицей. В 1968 году Великобритания приняла первый шаг в трехлетнем преобразовании своей валюты к десятичной системе чеканки, введя впервые две новые монеты, 5 пенсов (равна 1 шиллинг старые) и 10 пенсов. Преобразования были завершены в 1971 году.

Банк Англии, был основан в 1694 году, была национализирована в 1946 году и является эмиссионным банком в Англии и Уэльсе. Великобритания имеет 17 крупных коммерческих банков с более чем 17000 отечественных и зарубежных филиалов, большинство из которых офисы четырех ведущих банков: Лойдс, Барклайс, Национальный Вестминстер, и Мидланд. Некоторые банки в Шотландии и Северной Ирландии могут выдавать валюту в ограниченных количествах. Некоторые банковские услуги предоставляются через почтовые системы, сберегательные банки. Многие иностранные банки имеют отделения в Лондоне.

В начале 1990-х годов Великобритания была одной из ведущих мировых торговых держав. Её основные объемы экспорта были автотранспорт и другие транспортные средства, промышленное оборудование, нефть и нефтепродукты, электрические машины, офисные машины и оборудование обработки данных, энергетическое машиностроение, органические химикаты, измерительные инструменты, железо и сталь. Ведущим импортом был импорт автотранспортных средств и запасных частей, продуктов питания, офисных машин и оборудования для обработки информации, электрических машин, нефть и нефтяных продуктов, одежды и аксессуаров, промышленного оборудования, текстильной пряжи и ткани, бумаги и продуктов из бумаги, и энергетического оборудования. Экспорт, в основном из Франции, США, Германии, Нидерландов, Италии и Ирландии, был оценен в $ 190 100 000 000 ежегодно в начале 1990-х. В тот же период, годовой объем импорта, главным образом из Германии, США, Франции, Нидерландов, Японии и Италии, составил $ 221 600 000 000.

Туризм является важным источником иностранных поступлений. В начале 1990-х годов 19,3 млн. посетителей в Великобритании ежегодно тратили около $13,7 млрд.

Почтовое отделение, основанное в 1635, поддерживает приблизительно 20 000 филиалов по всей Великобритании и управляет почтовой сберегательной системой.

Телекоммуникациями управляет Бритиш телеком (известный как Бритиш Телеком с 1991), основанный как государственная корпорация, но приватизированный в 1980-ых. Приблизительно 26.3 миллионов телефонных линий использовались в начале 1990-ых, давая Великобритании одну из самых больших в мире телекоммуникационных систем.

Би-Би-Си (Би-би-си) и Независимое Руководство радиовещания, оба государственных органа, позволяют обеспечить телевизионные и радио-вещательные службы. Основанная в 1922 и работающая в соответствии с королевским уставом, в начале 1990-ых Би-би-си управляла 2 телевизионными каналами и 33 местными радиостанциями.

Полная британская рабочая сила в начале 1990-ых насчитывала приблизительно 28 миллионов. Стандартная рабочая неделя располагается между 35 и 40 часами, меняясь в зависимости от каждой промышленности.

Название работы: Geography and Economy of Great Britain

Предметная область: Иностранные языки, филология и лингвистика

Описание: They lie to the west of the continent of Europe. The lrger of the two big islnds is known s Gret Britin. The smller Islnd is Irelnd with Northern Irelnd nd Irish Republic.

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Geography and Economy of Great Britain

GB is situated on the British Isles. They lie to the west of the continent of Europe. The larger of the two big islands is known as Great Britain. The smaller Island is Ireland, with Northern Ireland and Irish Republic. The island of Great Britain together with minor islands and the northern part of Ireland constitute the United Kingdom of Great Britain and Northern Ireland. United Kingdom consists of four parts (countries), its England, Scotland, Northern Ireland and Wales. All parts have capitals and symbols: Cardiff and daffodil , Belfast and shamrock, Edinburg and thistle, London and Tudor rose appropriately. London is also capital of all UK.

The total area of the Great Britain is 244.000 square kilometers. The west coast of GB is washed by the Atlantic Ocean and the Irish sea, the east coast is washed by the North sea. GB is separated from France by the English Channel which is 32 kilometers. The surface of England and Ireland is flat, but surface of Scotland and Wales is mountainous. The highest mountain of the UK is Ben Nevis in Scotland 1344 meters. The rivers in GB are short. There are money beautiful lakes in the UK, for example Lake District in northwestern England. The climate of GB is typically maritime with frequent rains and strong winds. The Gulfstream makes the climate mild and damp. Frosts are very rare in winter as hot days in the summer.

The economy of the United Kingdom is the seventh-largest national economy in the world by nominal GDP . About one-third of all goods and services are produced by central and local government or by state-owned corporations. Most energy production as gas, oil, railways and electricity are socialized.

A third of all people who contribute to the economy by their work are employed by publicly-owned bodies. Majority of people are employed in banking, finance, insurance, the law, educational, health and social welfare services The other two-thirds economy is within private sector. At least one-tenths is owned by foreign companies. More than half of the private sector is owned by large companies as British Petroleum.

British economy lives by manufacture and trade .The UK is one of the world's largest exporters of manufactured goods as motor vehicle production and aviation. British agriculture almost the most efficient in Europe. Because only with two per cent of the labor force British agriculture can produce most of the food that Britain needs.

The total population of the United Kingdom is 62 millions peoplethe third-largest in the European Union (behind Germany and France) and the 22st-largest in the world.

The British nation is the result of mixture of several peoples ( Anglo-Saxes, Normans and Celts) . The UK includes four nations, and there are some difference between them. Besides the English, the Irish, the Scottish, the Welsh people of different nationalities lives in GB. They are migrants from the west Indies, Africa, Pakistan and other.

The national language is English, but the Welsh and the Scottish languages which belong to the group of Celtic languages are still spoken in some remote districts of Wales and Scotland. The traditional religion in the United Kingdom is Christianity.

Commonwealth is association of 48 independent states together with GB. All these independent states are members of the United Nations. Each Commonwealth's country on becoming independent began with a constitutional system modeled in British.

During its heyday in the 19th century, the British Empire occupied one fourth of the land. As a result of the redistribution of the world during the two world wars, it lost a significant part of its colonial territories. However, in the second half of the 20th century, the GDP of Great Britain again made the country one of the most developed. The United Kingdom has become the founder of many modern international organizations. From 1973 to 2016, the United Kingdom was an active member of the European Union. The United Kingdom plays a significant role in the global economy. It produces about 3% of the global gross domestic product at purchasing power parity.

Agriculture is intensive, highly mechanized and efficient by European standards. With employment only 2% of the labor force, this sector satisfies 60% of the country's food needs. The population of the UK is over 64 million people. On the territory of the country there are deposits of coal, natural gas and oil. However, these reserves are quickly depleted. Since 2005, the United Kingdom has been a net importer of energy resources. The importance of industry is gradually decreasing. To date, this area is already responsible for only 20% of UK GDP. Fewer young people want to work in this industry. The future of the UK economy is most likely related to the services sector, namely its financial segment. The economic crisis and exit from the EU hit the national economy of Great Britain badly.

The current economic situation in the country is worrying a large number of British people, especially they worry about unemployment, the closure of factories, the decline in industrial production, inflation, prices and taxes. There is a perception that the government can do more to reduce unemployment and invest capital in industry. Retention of job became the main criterion for its choice: it worries the unemployed much more than self-affirmation at the workplace and working conditions. However, polls showed that 82% of employees are confident in the safety of their workplace, and only 10% are seriously concerned about this problem.

However, the majority of the population believes that the interests of owners and employees in the UK do not coincide. They believe that the country's wealth is distributed unfairly, and that poor employees suffer from this injustice, while wealthy owners are getting rich.

The number of people who support the idea that employees need to be given more freedom to make decisions and control over the organization in which they work is constantly growing.

Critics object that the UK economy suffers mainly from cultural factors, that traditionally educated and qualified people do not work in industry and trade, that the UK labor force loses to other countries in labor productivity, that not enough capital is attracted to the industrial sector of the economy, that management staff is weak and not professional and that too little money is invested in the development of science and technology.

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The Economy of Great Britain

Little more than a century ago, Britain was 'the workshop of the world'. It had as many merchant ships as the rest of the world put together and it led the world in most manufacturing industries. This did not last long. By 1885 one analysis reported, "We have come to occupy a position In which we are no longer progressing, but even falling bock. We find other nations able to compete with us to such an extent as we have never before experienced." Early in the twentieth century Britain was overtaken economically by the United States and Germany. After two world. wars and the rapid loss of its empire, Britain found it increasingly difficult to maintain its position even in Europe.

Britain struggled to find a balance between government intervention in the economy and an almost completely free-market economy such as existed in the United States. Neither system seemed to fit Britain's needs. The former seemed compromised between two different objectives: planned economic prosperity and the means of ensuring full employment, while the latter promised greater economic prosperity at the cost of poverty and unemployment for the less able in society. Neither Labour nor the Conservatives doubted the need to find a system that suited Britain's needs, but neither seemed able to break from the consensus based on Keynesian economics .

People seemed complacent about Britain's decline, reluctant to make the painful adjustments that might be necessary to reverse it. Prosperity Increased during the late 1950s and in the 1960s, diverting attention from Britain's decline relative to its main competitors. In 1973" the Conservative Prime Minister Edward Heath warned, "The alternative to expansion is not, as some occasionally seem to suppose, an England of quiet market towns linked only by steam trains puffing slowly and peacefully through green meadows. The alternative is slums, dangerous roads, old factories, cramped schools, stunted lives." But in the years of world-wide recession, 1974-79, Britain seemed unable to improve its performance.

By the mid 1970s both Labour and Conservative economists were beginning to recognise the need to move away from Keynesian economics, based upon stimulating demand by Injecting money into the economy. But, as described in the Introduction, it was the Conservatives who decided to break with the old economic formula completely. Returning to power in 1979, they were determined to lower taxes as an incentive to individuals and businesses to Increase productivity; to leave the labour force to regulate itself either by pricing itself out of employment or by working within the amount of money employers could afford; and, finally, to limit government spending levels and use money supply (the amount of money in circulation at any one time) as a way of controlling inflation. As Prime Minister Margaret Thatcher argued in the Commons, "If our objective is to have a prosperous and expanding economy, we must recognise that high public spending, as a proportion of GNP gross national product;, very quickly kills growth. We have to remember that governments have no money at all. Every penny they take is from the productive sector of the economy in order to transfer it to the unproductive part of it." She had a point: between 1961 and 1975 employment outside Industry increased by over 40 per cent relative to employment in industry.

During the 1980s the Conservatives put their new ideas into practice, income tax was reduced from a basic rate of 33 pet cent to 25 per cent. (For higher income groups the reduction was greater, at the top rate from S3 per cent to 40 per cent.) This did not lead to any loss in revenue, since at the lower rates fewer people tried to avoid tax. At the same time, however, the government doubled Value Added Tax (VAT) on goods and services to 15 per cent.

The most notable success of 'Thatcherism' was the privatisation of previously wholly or partly government-owned enterprises. Indeed, other countries, for example Canada, France, Italy, Japan, Malaysia and West Germany, followed the British example. The government believed that privatisation would increase efficiency, reduce government borrowing, increase economic freedom, and encourage wide share ownership. By 1990 20 per cent of the adult population were share owners, a higher proportion than in any other Western industrialised country. There was no question of taking these enterprises back into public ownership, even by a Labour government.

Despite such changes, however, by 1990 Britain's economic problems seemed as difficult as ever. The government found that reducing public expenditure was far harder than expected and that by 1990 it still consumed about the same proportion of the GNP as it had ten years earlier. Inflation, temporarily controlled, rose to over 10 per cent and was only checked from rising further by high interest rotes which also had the side effect of discouraging economic growth. In spite of reducing the power or the trade unions, wage demands (most notably senior management salaries) rose faster than prices, indicating that a free labour market did not necessarily solve the wages problem. By 1990 the manufacturing Industry had barely recovered from the major shrinkage in the early 1980s. It was more efficient. but in the meantime Britain's share of world trade In manufactured goods had shrunk from 8 per cent in 1979 to 6.5 per cent ten years later. Britain's balance of payments was unhealthy too. In 1985 it had enjoyed a small surplus of £3.5 billion, but in 1990 this had changed to a deficit of £20.4 billion.

Many small businesses fail to survive, mainly as a result of poor management, but also because, compared with almost every other European Community member, Britain offers the least encouraging conditions. But such small businesses are important not only because large businesses grow from small ones, hut also because over half the new jobs in Britain are created by firms employing fewer than 100 staff.

It is not as if Britain is without industrial strength. It is one of the world leaders in the production of microprocessors. Without greater investment and government encouragement it is doubtful whether Britain will hold on to its lead in this area. However, it has already led to the creation of 'hi-tech' industries in three main areas, west of London along the M4 motorway or 'Golden Corridor', the lowlands between Edinburgh and Dundee, nicknamed 'Silicon Glen', and the area between London and Cambridge. In the mid 1980s Silicon Glen was producing 70 per cent of British silicon wafers containing the microchips essential for the new information technology- The Cambridge Science Park, symbolised by its Modernist Schlumberger Building, is the flagship of hi-tech Britain. Beginning in 1969, by 1986 the Park contained 322 hi-tech companies. In the words of a consultant, "The Cambridge phenomenon. represents one of the very few spontaneous growth centres in a national economy that has been depressed for all of a decade."

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