Geography: Economic Development in the UK 100% PASSED
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Course
ULC ECONS
Institution
AQA
Causes of Economic Change in the UK: De-industrialisation - ANS - The north of England used to be a
hub for trade with the United States of America and the British Empire.
- Cotton and textiles were important English-produced commodities.
- Cotton prices in England were benchmarked by the prices...
Geography: Economic Development in
the UK 100% PASSED
Causes of Economic Change in the UK: De-industrialisation - ANS - The north of England used to be a
hub for trade with the United States of America and the British Empire.
- Cotton and textiles were important English-produced commodities.
- Cotton prices in England were benchmarked by the prices that were available in the market by
Liverpool's port.
- Since de-industrialisation, there are fewer jobs in manufacturing, in producing goods and in the north
of England.
Causes of Economic Change in the UK: Globalisation - ANS - Globalisation and the internet allow
someone in India to communicate with someone in the UK instantly.
- India's English speaking heritage and population have created economic ties with English and American
businesses - British Airways outsources its software development to India.
- Globalisation means that businesses compare the cost of doing something in the UK against the cost of
doing it in a country where salaries are much lower.
Causes of Economic Change in the UK: Government Policies - ANS - Government policies affect the
economy.
In France, the government owns parts of Renault (cars), Francaise des Jeux (gambling), Air France-KLM
(airline), and Orange (mobile phones).
- In the 1980s, the British government sold off lots of their stakes in a movement of 'privatisations'. This
means that in many industries there may not necessarily be an English business operating anymore.
The UK's Post-Industrial Economy: Information Technology - ANS - London is the largest hub for start-
ups in Europe. Lots of venture capital funds like Atomico and LocalGlobe operate in London.
- Businesses like Microsoft, Facebook, and Google have opened new offices in the Shoreditch and Kings
Cross areas of London.
, The UK's Post-Industrial Economy: Service industries - ANS - Service industries include shops (retail),
cinemas, entertainment venues, experiences (like Flight Club Darts or Junkyard Golf), and personal
services (like hairdressers and beauticians).
- In the UK in 2020, 80% of workers worked in the Services industry.
- In 2019, 2.9 million people worked in Retail in the UK.
The UK's Post-Industrial Economy: Science and business parks - ANS - Science and business parks are
home to lots of research that happens in quaternary industries.
- Positioning science parks near universities and major towns allows the science parks to attract the best
researchers and business people in the same place.
- Cambridge Science Park is near Cambridge University.
- Oxford University Sciences Innovation has sold the IP from university 'spin-outs' to investors like
Lansdowne Partners.
The UK's Post-Industrial Economy: Research - ANS - Oxford University, Cambridge University, UCL and
Imperial College London are all in the top 10 universities in the world.
- Great universities and well-trained university graduates create a good environment for R&D (research
and development).
- Lots of UK universities' research budgets are tied to European Union funding.
The UK's Post-Industrial Economy: Finance (financial services) - ANS - London has become a financial
services hub and is in the top 3 global financial centres in the world with New York and Hong Kong.
- Lots of hedge funds, investment banks, and pension funds operate in London, mainly from Mayfair,
Bank, and Canary Wharf.
- Barclays and HSBC have their headquarters in London and Morgan Stanley, JP Morgan, Credit Suisse,
and Citibank all have offices in Canary Wharf.
The Impacts of UK Industry on the Physical Environment: Less Manufacturing - ANS - Manufacturing
usually produces more harmful chemicals and more greenhouse gases than information technology
industries.
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