UK's Economic Development

Economy change overview

• Used to be based on manufacturing, but declined since 1960

• in 2017 - 83% of population works it tertiary/quaternary sectors

Important UK industries

1. Services - eg: retail employs 4 mill ppl

2. IT - 1 million people work in IT

3. Finance - city of london - home for financial centres (HSBC)

4. Research - increasing sector, making use of graduates from top unis

Location of science and business parks

• On the outskirts near to transport links (motorways/airports) so easier deliveries

• Attracts employees (green spaces)

• Cheaper land cost

• Near universities - so can collaborate with university researches and expertise (eg: Cambridge)

Why is there an increase in the number of science and business parks?

• Large demand for high tech products

• UK has lots of respected research universities (russel group)

• Cluster of related businesses

Cambridge Science Park

• 1500 acres of land - green no busy roads

• Ability to socialise, learn and discuss with experts

• Facilities - replicating benefits of being in a city

Causes of economic change in the uk

1. Deindustrialisation

2. Globalisation

3. Government policies

Deindustrialisation

• Industrial sector decreased due to automation = job losses

• Other countries produce goods cheaper - competition

Globalisation

• Manufacturing goods overseas (cheaper labour cost) - eg MS

• TNCs moved their tertiary and quaternary activities to the UK

Government policies

Since 1980 deregulation (removing taxes on businesses) encouraging investors in the UK

London taxi factory impacts

1. Air pollution from combustion engines, CO2 - climate change - acid rain

2. Landfill waste (metal), soil erosion - old car parks

3. Water pollution from surface run off from factories

Sustainable Strategies London Taxi factory

1. Reduced Imports - lower CO2 footprints

2. 99$ of waste recycled

3. New cars emit 28% less CO2 and longer life span (14 years)

4. Electric cars reduce emission, but require 90 000 miles to balance initial CO2 output