Some good things about the British economy

To make a change from the usual introspection about how we are doomed, here are some of the good points about the British economy:

+ Output of British manufacturing reached an all-time high in 2007, in real terms.

+ The UK is the world’s 6th largest manufacturer with strong positions in certain key industries, e.g. a 15% global market share in Aerospace.

+ The UK is the world’s 2nd largest defence manufacturer. An industry which employs 300000 and is worth $10 bn in exports a year.

+ The UK has the 3rd largest automotive industry in Europe, with total sales of around $18bn and accounting for 11% of the UK’s total exports.

+ Eleven of the top 100 global Aerospce&Defence companies are based in the UK, amounting to $40bn of annual sales.

+ The UK has the 4th largest refining industry in Europe. UK petrochemicals generated $50bn in 2007.

+ Specialised chemicals were a $10bn industry in 2007, with a trade surplus of $400m.

+ 25% of UK exports in 2006 were high-tech goods, compared with 22% in the USA, 15% in France and 11% in Germany.

+ UK automotive output was near an all-time record high in 2007, and automotive exports were at an all-time high with a total value of around £20 billion.

+ The UK is the largest European recipient of FDI, indicating that foreign investors are keen to invest in UK manufacturing.

+ The UK has 0.9% of the World’s population, but 5% of global GDP, which makes UK output her head five times the World average.