Economy of England
| Currency | 1 pound (£1) = 100 pence |
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| 6 April - 5 April | |
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All values, unless otherwise stated, are in US dollars. |
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The economy of England is the largest economy of the four countries of the United Kingdom.
England is a highly industrialised country. It is an important producer of textiles and chemical products. Although automobiles, locomotives, and aircraft are among England's other important industrial products, a significant proportion of the country's income comes from the City of London. Since the 1990s, the financial services sector has played an increasingly significant role in the English economy and the City of London is one of the world's largest financial centres. Banks, insurance companies, commodity and futures exchanges are heavily concentrated in the City. The British pound sterling is the official currency of England and the central bank of the United Kingdom, the Bank of England, is located in London.
The service sector of the economy as a whole is now the largest in England, with manufacturing and primary industries in decline. The only major secondary industry that is growing is the construction industry, fuelled by economic growth provided mainly by the growing services, administrative and financial sector.
In medieval times (c. 11th–15th century), the wool trade was the major industry of England and the country exported wool to Europe. Many market towns and ports grew up on the industry. Starting in 1555 with John Lok, England entered into the slave trade. John Hawkins is often considered to be the pioneer of the British slave trade, because he was the first to run the Triangular trade, making a profit at every stop. Poor infrastructure hampered the development of large scale industry. This changed when the canals and railways began to be built, in the late 18th century and early 19th century. England became the world's first industrialised nation, with the industrial revolution taking place in the late 18th century. This was also the age of British overseas expansion, where England relied upon colonies (such as India, America, Canada, or Australia) to bring in resources such as cotton and tobacco. English factories then processed goods and sold them on in both the quickly growing domestic market or abroad. Cities grew and large industrial centres were established, especially in the Midlands and North England.
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