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Economic situation of Great Britain, bank system, industry and agriculture Maria Komarova Economic situation of Great Britain Bank system Industry Agriculture Economic situation of Great Britain The United Kingdom is a major develop capitalist economy. It is currently the world's sixth largest by nominal GDP. It is the third largest economy in Europe after Germany's and France's in nominal terms, and the third largest after Germany's and Russia's in terms of purchasing power parity. Money Modern decimal coinage of the UK was introduced in 1971 Britain’s currency is the pound of sterling Which is divided into 100 pence (p) The new coins in circulation are as follows: Coppers One penny Two pence Silver Five pence Ten pence Twenty pence Fifty pence Gold One pound Banknotes English banknotes all denominations always feature the Queen’s head on one side Scotland has its own banknotes Plastic money Credit cards Cash cards Cheque cards If all the cards in the UK were laid end to end, they would stretch from the doors of the Bank of England to the shores of Africa Bank system retail banking, dealing directly with individuals and small businesses; business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high net worth individuals and families; investment banking, relating to activities on the financial markets. Banks of the UK offer a wide range of services: Personal loans; Standing orders; Personal pensions; Executor services; Overdraft facilities. Bishopsgate, in the City of London Bank of England (the Governor and Company of the Bank of England) The Bank was privately owned and operated from its foundation in 1694 until it was nationalized in 1946. In 1997 it became an independent public organization, whollyowned by Government, with independence in setting monetary policy. The Bank has a monopoly on the issue of banknotes in England and Wales, although not in Scotland or Northern Ireland. Industry machine tools, electronic machinery, industrial equipment, computers, scientific equipment, processed metals, shipbuilding, chemical products, aircraft, coal mining, motor vehicles and parts, oil production, textiles, food processing and clothing paper, other consumer goods A Rolls-Royce Trent 900 engine on the wing of an Airbus A380 Energy Services large coal, banking, natural gas insurance, oil reserves; business services, The UK retains a significant, although vastly reduced, fishing industry. Its fleets, based in towns such as Kingston upon Hull, Grimsby, Fleetwood, Great Yarmouth, Peterhead, Fraserburgh, and Lowestoft, bring home fish ranging from sole to herring. Agriculture Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. It contributes around 2% of GDP. Agriculture products cereals, potatoes, vegetables; cattle, sheep, poultry; fish In the north-west of England, Wales and Scotland, farmers keep cattle and sheep. Sheep can survive the cold winters on the hills and moors. In the east of England (East Anglia), wheat, barley and vegetables grow in enormous fields. In the south-west of England, the rich grass is ideal for feeding dairy cows.