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SWOT of UK economy
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Transcript
The United Kingdom
SWOT analysis
OVERVIEW
The UK background information
- population of 67.33 million, across England, Scotland, Wales, Northern Ireland
- dominated by services industries, these include retail, hospitality, professional services, business administration and finance.
- main exports... 1. refined oil £15.5 billion, 2. non-ferrous metals £14.5 billion, 3. scientific instruments £11.6 billion
STRENGTHS
- 6th largest economy in the world
- Strong tertiary industry with many well-educated citizens
- Good trade and well established in global markets, formed relations with both importers and exporters
- good political stability
- Receives lots of Foreign Direct Investment from other countries, especially compared to other European states
WEAKNESSES
WEAKNESSES
- Inflation has lead to a cost of living crisis and stagnation in living standards
- partially due to an attempt to recover from the covid-19 lockdown which brought such negative impacts to the economy when noone could go out and spend money on leisure activities or even travel into work
- Internal wealth disparity
- 35.7% disposable income inequality in the financial year 2021/22
(data from government 2021 census)
- public service funding debate... some say that the NHS needs extra funding over the next 10 years, to prevent collapse. Others believe there are £billions of savings to be gained by acting upon inefficiencies in the public healthcare system.
OPPORTUNITIES
OPPORTUNITIES
- More lenient trade rules are springing up all over Europe, the Middle East and Asia, so potential new trade partners
- more tech market shares if can create tech growth hubs
- current population has a number of first-generation migrants, who often work in less skilled fields, could build a more intelligent population with good education.
THREATS
- competition from many of Europe’s nations, they are working to reach levels of development/wealth similar to the UK, will have to directly compete with other countries, especially in the services industries.
- worker and business relocation likely due to overcrowding and high overhead costs
- like most other nations, threat of financial crisis due to other global causes
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