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→Economy
==Economy==
==Economy==
The United Kingdom has the fifth-largest economy in the world, is the second-largest economy in the European Union, and is a major international trading power. A highly developed, diversified, market-based economy with extensive social welfare services provides most residents with a high standard of living. Unemployment and inflation levels are amongst the lowest within the European Union.
Britain has been hard hit by the [[Recession of 2008]], with its major banks taken over or subsidized by the government. The United Kingdom has the fifth-largest economy in the world, is the second-largest economy in the European Union, and is a major international trading power. A highly developed, diversified, market-based economy with extensive social welfare services provides most residents with a high standard of living. Unemployment and inflation levels are amongst the lowest within the European Union.
Since 1979, the British Government has privatised most state-owned companies, including British Steel, British Airways, British Telecom, British Coal, British Aerospace, and British Gas, although in some cases the government retains a "golden share" in these companies. The Labour government has continued the privatisation policy of its Conservative predecessor, particularly by encouraging "public-private partnerships" (partial privatisation) in such areas as the London Underground. The economy of the United Kingdom is now primarily based on private enterprise, accounting for approximately four-fifths of employment and output.
Since 1979, the British Government has privatised most state-owned companies, including British Steel, British Airways, British Telecom, British Coal, British Aerospace, and British Gas, although in some cases the government retains a "golden share" in these companies. The Labour government has continued the privatisation policy of its Conservative predecessor, particularly by encouraging "public-private partnerships" (partial privatisation) in such areas as the London Underground. The economy of the United Kingdom is now primarily based on private enterprise, accounting for approximately four-fifths of employment and output.