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Within England, GVA per capita is highest in London.  The BoE insisted there was no cause for alarm, despite having said two years earlier that the recovery was "neither balanced nor sustainable". London is a major retail centre and in 2010 had the highest non-food retail sales of any city in the world, with a total spend of around £64.2 billion. In March 2009, the Bank of England (BoE) cut interest rates to a then-historic low of 0.5% and began quantitative easing (QE) to boost lending and shore up the economy.  The UK is one of the most globalised economies, and it is composed of England, Scotland, Wales and Northern Ireland. This measure can also be broken down into an annual figure, per head of population (per capita), which in 2015 was valued at £28,149 2 for the UK. Britain's aerospace industry is the second-largest national aerospace industry. Excluding the effects of North Sea oil and gas (which is classified in official statistics as extra-regio), England has the highest gross value added (GVA) and Wales the lowest of the UK's constituent countries. Please do not hesitate to contact me.  There were around 194,000 construction firms in the United Kingdom in 2009, of which around 75,400 employed just one person and 62 employed over 1,200 people.  As a result of the 2007–2010 financial crisis and the late-2000s global recession, government spending increased to a historically high level of 48% of GDP in 2009–10, partly as a result of the cost of a series of bank bailouts. , Rent has nearly doubled as a share of GDP since 1985, and is now larger than the manufacturing sector. In May 1997, Labour, led by Tony Blair, won the general election after 18 years of Conservative government. Until relatively recently there was debate over whether or not the UK should abolish its currency and adopt the euro. After the withdrawal of the United Kingdom from the European Union, the negotiation of a trade deal between the UK and the European Union including her 27 member states might have the same status than third countries for statistics related to imports and exports with the UK: In 2013 the UK was the leading country in Europe for inward foreign direct investment (FDI) with $26.51bn. Values are shown in euros in the original source. In June 2016 the UK voted to leave the EU in a national referendum on its membership of the EU.  The Department for Transport states that traffic congestion is one of the most serious transport problems and that it could cost England an extra £22 billion in wasted time by 2025 if left unchecked. In 2019, the UK was the fifth-largest exporter in the world and the fifth-largest goods importer. , The largest construction project in the UK is Crossrail. The Great Recession, as it came to be known, saw unemployment rise from just over 1.6 million in January 2008 to nearly 2.5 million by October 2009. The sterling has depreciated and increased costs. In 2007–2008, this was calculated to be £115 per week for single adults with no dependent children; £199 per week for couples with no dependent children; £195 per week for single adults with two dependent children under 14; and £279 per week for couples with two dependent children under 14. Please try to keep recent events in historical perspective and add more content related to non-recent events. .  London is also a major centre for other business and professional services, and four of the six largest law firms in the world are headquartered there. [b] As the world's most indebted country, spending and investment were held back after the recession, creating economic malaise. GDP per capita in England Adjusted for inflation and measured in British Pounds in 2013 prices 1270 1400 1500 1600 1700 1800 1900 2016 £0 £5,000 £10,000 £15,000 £20,000 £25,000 Source: Broadberry, Campbell, Klein, Overton, and van Leeuwen (2015) via Bank of England (2020) Note: Data refers to England until 1700 and the UK from then onwards. The service sector dominates, contributing around 80% of GDP; the financial services industry is particularly important, and London is the second-largest financial centre in the world.  In 2009 the construction industry in the UK received total orders of around £18.7 billion from the private sector and £15.1 billion from the public sector. Since the Great Recession, the country was no longer making a profit on its foreign investments. [c] Following the UK's 2016 decision to leave the European Union, the BoE cut interest rates to a new historic low of 0.25% for just over a year.  In Q4 2015, it exceeded 7%, a level not witnessed during peacetime since records began in 1772.  Post-war, the United Kingdom enjoyed a long period without a major recession; there was a rapid growth in prosperity in the 1950s and 1960s, with unemployment staying low and not exceeding 3.5% until the early 1970s. A study in 2014 found that prostitution and associated services added over £5 billion to the economy each year..
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