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UK Economy
Vocabulary list:
|
1. |
to be made up of |
состоять из |
|
2. |
to decline in significance |
снижать свое значение |
|
3. |
to maintain a role |
сохранять роль |
|
4. |
in terms of inflation |
с точки зрения инфляции |
|
5. |
to hold a public referendum |
проводить общенародный референдум |
|
6. |
to launch free market reforms |
дать старт рыночным реформам |
|
7. |
to come about syn. to happen |
происходить, случаться |
|
8. |
to come to power |
прийти к власти, занять ключевую позицию |
|
9. |
to serve as Chancellor of the Exchequer |
занимать пост Министра финансов Великобритании |
|
10. |
to bring about a recession |
вызвать рецессию, быть причиной рецессии |
|
11. |
retail sector |
розничная торговля |
|
12. |
to grow by 2,8% (to grow 2,8 times) |
возрасти на 2,8% |
|
13. |
to recover (about economy) |
восстанавливаться, оживляться |
|
14. |
to tame a double-digit inflation |
брать под контроль инфляцию, измеряющуюся двухзначным числом |
|
15. |
to be home to |
быть постоянным местом нахождения, пребывания |
|
16. |
to exercise one’s involvement in |
осуществлять, обеспечивать свое участие (вмешательство) |
Vocabulary notes:
|
1. |
to be the first to industrialize |
первыми начать процесс индустриализации |
|
2. |
to restore one’s status |
восстанавливать свое положение в мире |
|
3. |
economic and financial standing |
экономическое и финансовое положение внутри страны |
Ex.1. Read the text and choose a suitable heading for each paragraph from the list below. Account for your choice.
Make use of the following useful phrases:
The British economy is made up (in descending order of size) of the economies of England, Scotland, Wales and Northern Ireland. It was the first to industrialize in the 18th century and for much of the 19th century the UK possessed a predominant role in the global economy.
Since the end of World War 2 the UK has been weakend by the costs of the wars, the end of the Empire and the Republic of Ireland leaving the United Kingdom. Although it has declined in significance since, the UK is still the world’s sixth largest economy and the third largest national economy in Europe measured by national GDP (after Germany and France). So the UK maintains a significant role and is one of the strongest EU economies in terms of inflation, interest rates and unemployment.
The UK is a founding member of the Commonwealth of Nations- the association formed by former British Empire states, the G-7 (that has expanded to the G8 and G20), the International Monetary Fund, the Organization for the Economic Cooperation and Development (OECD), the World Trade Organization (WTO), the World Bank, the United Nations and the European Union. The UK chose not to join the Euro following the public referendum held in 2005. So the currency is the pound sterling.
In recent times there have been two periods of strong economic performance. The first resulted from the Prime Ministership of Margaret Thatcher (1979-1990) who launched free market reforms, the system where the government did not interfere in business activity in any way. Most state- owned enterprises were privatized. But Mrs. Thatcher’s modernization of the British economy was far from trouble free. The second came about when the Labour government came to power in 1997 with Prime Minister Tony Blair (1997-2007) and Gordon Brown serving as Chancellor of the Exchequer and later Prime Minister Gordon Brown (2007-2010). But in the final quarter of 2008 the global financial crisis hit the economy and the country entered one of its worst recessions since World War 2, brought about by the global financial crisis. The economic boom stimulated by oil and gas reforms ended. The public debt and unemployment rose, consumer confidence dropped, the auto and retail sectors were the next victims of recession in the final quarter of the year. In May 2010 Her Majesty the Queen asked David Cameron to form a government (Cabinet). That year the economy grew by 2,8% and recovered twice as fast as expected. The double-digit inflation was tamed. The UK began to restore its status as well as economic and financial standing. Moody’s, an American credit rating organization, gave the UK an AAA credit rating in 2010.
The country is an importer of energy. Among its main industries are machine tools, scientific equipment, electronic machinery, computers, motor vehicles, hi-tech equipment, military equipment. The aerospace industry is the world’s third largest. The chemical and pharmaceutical industry is still prosperous. Tourism is booming. The success is attributed in no small part to the City of London, the world’s financial centre alongside New-York and home to the headquarters of more than 100 of Europe’s 500 largest companies. Agriculture is intensive and highly mechanized.
Government involvement in the economy is exercised by the Chancellor of the Exchequer who runs H.M. Treasury and the Prime Minister who is first Lord of the Treasury. The Bank of England with the Governor of the Bank at the head exercises control over the monetary policy.
Ex.2. Decide whether the following statements are true or false. Bear out your statement.
Ex.3. Go over the passage and single out some signs of an economic crisis.
Ex.4. Render the passage in the form of a lecture.