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Britain 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 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 previous Labour government 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.  

[[File:Bluewater Shopping Centre, Kent, England Crop 2009.jpg|thumb|440px|Bluewater Shopping Centre, Kent, 2009.]]

[[File:Bluewater Shopping Centre, Kent, England Crop 2009.jpg|thumb|440px|Bluewater Shopping Centre, Kent, 2009.]]

London ranks alongside New York as a leading international financial centre. London's financial exports contribute greatly to the United Kingdom's balance of payments. Ratings agencies rank the United Kingdom's banking sector as one of the strongest in the world and its banks are amongst the most profitable in the G-8. It is a global leader in emissions trading and is home to the Alternative Investment Market (AIM). It is also a government priority to make London the leading center of Islamic finance.  

London ranks alongside New York as a leading international financial centre. London's financial exports contribute greatly to the United Kingdom's balance of payments. Ratings agencies rank the United Kingdom's banking sector as one of the strongest in the world and its banks are amongst the most profitable in the G-8. It is a global leader in emissions trading and is home to the Alternative Investment Market (AIM). It is also a government priority to make London the leading center of Islamic finance.