Other Manufacturing

Other manufacturing industries include mineral and metal products, shipbuilding and marine engineering, tobacco, textiles and clothing, and paper, printing and publishing. British Steel is the fourth largest steel company in the world, producing about three-quarters of Britain's crude steel in 1994. In addition to its output of non-ferrous metals and their alloys, such as aluminium and copper, Britain is also a major producer of specialised alloys for the aerospace, electronic, petrochemical, nuclear and other fuel industries. It is the world's leading manufacturer and exporter of fine bone china.

The textile and clothing industries have around 13,000 firms, comprising a few large multi-process companies and two of the world's largest firms – Coats Viyella and Courtaulds Textiles - as well as a large number of small and medium-sized firms. Britain's wool textile industry is one of the most important in the world, and the country is also one of the world's leading producers of woven carpets.

CONSTRUCTION

Annual output of the construction industry is around Ј50,000 million. Most construction work is done by private firms, 98 per cent of which employ fewer than 25 people. A vast range of products is used in the construction process, from glass and bricks to tiles and bathroom fittings. Sales of construction materials were worth about Ј30,000 million in 1994, with exports amounting to Ј3,000 million. The most important recent construction project has been the Channel Tunnel the largest single civil engineering project ever undertaken in Europe.

British companies are engaged in many major projects throughout the world and have been in the forefront of innovative methods of management contracting and construction management. British contractors are undertaking, or have recently completed, work in 134 overseas countries. In 1994 they won new international business valued at Ј3,800 million. Important international contracts signed in 1994-95 included various joint ventures connected with the new airport in Hong Kong, a power station in Indonesia and city development contracts in Leipzig and Halle in Germany. British engineering consultants are engaged in projects in 130 countries.

SERVICE INDUSTRIES

Services account for two-thirds of Britain's GDP and over three-quarters of employment. The number of employees in services rose from over 13 million in 1983 to 16.5 million by June 1995.

Financial Services

Britain is a major financial centre, housing some of the world's leading banking, insurance, securities, shipping, commodities, futures and other financial services and markets. The markets for financial and related services have grown and diversified greatly. The heart of the industry is the collection of markets and institutions in and around the 'Square Mile' in the City of London. 'The City' has:

• a banking sector accounting for about a fifth of total international bank lending, with a larger number of overseas banks than in any other financial centre;

• one of the world's biggest international insurance markets;

• one of the world's largest stock exchanges;

• the largest foreign exchange market in I lie world, with an average daily turnover of about $300,000 million;

• important markets for transactions in commodities; and

• a full range of legal, accountancy and management consultancy services, which contribute to London's strength as a financial centre.

Date: 2015-12-11; view: 827