Changes

Britain has been hard hit by the [[Recession of 2008]], with its major banks taken over or subsidized by the government.  Real gross domestic product declined by 4.6% in 2009, and is expected to rise by 0.6% before 2010 and probably will continue to increase by 1% in 2011.  

Britain has been hard hit by the [[Recession of 2008]], with its major banks taken over or subsidized by the government.  Real gross domestic product declined by 4.6% in 2009, and is expected to rise by 0.6% before 2010 and probably will continue to increase by 1% in 2011.  

Britain has the fifth-largest economy in the world, 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 Europe.

Britain has the fifth-largest economy in the world, is one of the largest economies in Europe, 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 Europe.

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.  

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.