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Economy of the United Kingdom
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==Sectors== The UK's [[Office for National Statistics]]' [[United_Kingdom_National_Accounts_%E2%80%93_The_Blue_Book|Blue Book]] divides the UK economy into 10 broad categories, to list their contribution to the UK economy in terms of [[Gross value added]] and employment income (as measured by employee compensation). These are {| class="wikitable sortable" style="text-align: right;" |+ Contributions to the UK economy by sector |- ! Sector !! GVA (£M)<ref name="BB2023IAFig1">{{cite web |date=31 October 2023 |author=Office for National Statistics| title=ONS website, compendium chapter, The industrial analyses, UK National Accounts, The Blue Book: 2023 |url=https://www.ons.gov.uk/economy/grossdomesticproductgdp/compendium/unitedkingdomnationalaccountsthebluebook/2023/theindustrialanalyses |accessdate=2024-07-30 |website=ONS}} Figure 1</ref> !! % of GVA<ref name=BB2023IAFig1 /> !! Employee compensation (£M)<ref name="BB2023IAFig3">{{cite web |date=31 October 2023 |author=Office for National Statistics| title=ONS website, compendium chapter, The industrial analyses, UK National Accounts, The Blue Book: 2023 |url=https://www.ons.gov.uk/economy/grossdomesticproductgdp/compendium/unitedkingdomnationalaccountsthebluebook/2023/theindustrialanalyses |accessdate=2024-07-30 |website=ONS}} Figure 3</ref> !! % of employee compensation<ref name=BB2023IAFig3 /> |- | Agriculture || 16,206 || 0.8 || 4,887 || 0.4 |- | Production || 259,522 || 12.7 || 143,992 || 12.5 |- | Construction || 119,920 || 5.9 || 53,142 || 4.6 |- | Distribution || 335,709 || 16.4 || 235,682 || 20.4 |- | Information || 131,244 || 6.4 || 87,369 || 7.6 |- | Financial || 185,434 || 9.1 || 87,738 || 7.6 |- | Real Estate || 266,136 || 13.0 || 18,011 || 1.6 |- | Professional || 264,877 || 12.9 || 176,238 || 15.2 |- | Government (including health and education) || 405,455 || 19.8 || 313,594 || 27.1 |- | Other Services || 62,133 || 3.0 || 35,499 || 3.1 |} ===Agriculture=== {{main|Agriculture in the United Kingdom|Forestry in the United Kingdom}} [[File:Farming, Turville - geograph.org.uk - 470533.jpg|alt=|thumb|Agriculture in the UK is [[Intensive agriculture|intensive]], highly [[Mechanised agriculture|mechanised]], and efficient by European standards.]] Agriculture in the UK is [[intensive agriculture|intensive]], highly [[mechanised agriculture|mechanised]], and efficient by European standards. The country produces around 65% of its food needs. The self-sufficiency level was just under 50% in the 1950s, peaking at 80% in the 1980s, before declining to its present level at the turn of the 21st century.<ref>DEFRA, p. 148.</ref> Agriculture added gross value of £12.18 billion to the economy in 2018, and around 467,000 people were employed in agriculture, hunting, forestry and fishing. It contributes around 0.5% of the UK's national GDP.<ref name="BB2020">{{cite web |last=Department for Environment, Food and Rural Affairs |date=21 October 2022 |title=National Statistics, Chapter 4: Accounts |url=https://www.gov.uk/government/statistics/agriculture-in-the-united-kingdom-2021/chapter-4-accounts |accessdate=24 April 2023 |website=Defra}}</ref> Around two-thirds of production by value is devoted to livestock, and one-third to [[agronomy|arable]] crops.<ref>DEFRA, pp. 41–42.</ref> The agri-food sector as a whole (agriculture and food manufacturing, wholesale, catering, and retail) was worth £120 billion and accounts for 4 million jobs in the UK.<ref>DEFRA, p. 141.</ref> ===Construction=== {{Main|Construction industry of the United Kingdom}} The construction industry of the United Kingdom employed around 2.3 million people and contributed gross value of £123.2 billion to the economy in 2019.<ref name="BB2020"/> One of the largest construction projects in the UK in recent years was [[Crossrail]], costing an estimated £19 billion. It was the largest construction project in Europe. Opened in 2022,<ref>{{cite news|url=https://www.standard.co.uk/news/transport/tfl-andy-byford-target-christmas-opening-delayed-crossrail-b931360.html|title=Transport for London chief Andy Byford targets Christmas opening of delayed Crossrail project|first=Ross|last=Lydall|date=23 April 2021|website=Evening Standard}}</ref> it is a new railway line running east to west through London and into the surrounding area, with a branch to [[Heathrow Airport]].<ref>{{cite web|url=http://www.crossrail.co.uk/route/maps/regional-map |archive-url=https://web.archive.org/web/20101024104105/http://www.crossrail.co.uk/route/maps/regional-map |url-status=dead |archive-date=24 October 2010 |title=Crossrail Regional Map |publisher=Crossrail Ltd. |access-date=8 September 2013}}</ref> The main feature of the project is construction of 42 km (26 mi) of new tunnels connecting stations in central London.<ref>{{cite news |url= https://www.bbc.co.uk/news/uk-16289051 |work=BBC News |title= Crossrail's giant tunnelling machines unveiled |date=2 January 2012}}</ref> [[High Speed 2]] between London and the West Midlands is one of Europe's largest infrastructure projects.<ref>{{Cite web |title=HS2 Overview |url=https://commonslibrary.parliament.uk/research-briefings/cbp-9313/ |website=House of Commons Library}}</ref> [[Crossrail 2]] is a proposed rail route in the South East of England. ===Production industries=== ====Electricity, gas and water==== {{Main|Energy in the United Kingdom}} This sector added gross value of £51.4 billion to the economy in 2018.<ref name="BB2020"/> The United Kingdom is expected to launch the building of new nuclear reactors to replace existing generators and to boost the UK's energy reserves.<ref>''Britain moves a step closer to building new nuclear reactors'', [[Financial Times]], 9 January 2008</ref> ====Manufacturing==== {{Main|Manufacturing in the United Kingdom}} [[File:Rolls-Royce Trent 1000 jet engine.jpg|right|thumb|A [[Rolls-Royce Trent 1000]] jet engine made in the UK]] In the 1970s, manufacturing accounted for 25 per cent of the economy. Total employment in manufacturing fell from 7.1 million in 1979 to 4.5 million in 1992 and only 2.7 million in 2016, when it accounted for 10% of the economy.<ref>Chris Cook and John Stevenson, ''Longman companion to Britain since 1945'' (1996). pp 167–68.</ref><ref>"UK manufacturers provide a strong foundation for growth in the UK" [https://www.eef.org.uk/campaigning/campaigns-and-issues/manufacturing-facts-and-figures ''EEF'' (2017)]</ref> In 2023, the manufacturing industry was worth £451.6 billion or $588 billion to the UK economy, according to the office of national statistics. Manufacturing has increased in 36 of the last 50 years and was twice in 2007 what it was in 1958.<ref>Hennik Research. [http://www.themanufacturer.com/wp-content/uploads/2017/01/Annual-Manufacturing-Report-2017-Final-Version.pdf ''Annual Manufacturing Report: 2017'' (Dec. 2016)] {{Webarchive|url=https://web.archive.org/web/20170131192050/http://www.themanufacturer.com/wp-content/uploads/2017/01/Annual-Manufacturing-Report-2017-Final-Version.pdf |date=31 January 2017 }}</ref> In 2011, the UK manufacturing sector generated approximately £140.5 billion in gross value added and employed around 2.6 million people.<ref name="ons.gov.uk">{{cite web|url=http://www.ons.gov.uk/ons/rel/naa1-rd/united-kingdom-national-accounts/the-blue-book--2013-edition/index.html|title=Release: United Kingdom National Accounts, The Blue Book, 2013 Edition|publisher=[[Office for National Statistics]]|date=31 July 2013 |access-date=13 August 2013}}</ref><ref name=bisdoc10a>{{cite web|url=http://www.bis.gov.uk/assets/biscore/business-sectors/docs/m/10-1333-manufacturing-in-the-uk-an-economic-analysis-of-the-sector.pdf|title=Manufacturing in the UK: An economic analysis of the sector|access-date=25 April 2011|publisher=Department for Business, Innovation & Skills }}</ref> Of the approximately £16 billion invested in R&D by UK businesses in 2008, approximately £12 billion was by manufacturing businesses.<ref name=bisdoc10a/> In 2008, the UK was the sixth-largest manufacturer in the world measured by value of output.<ref name=pwcmanufact>{{cite web|url=http://www.pwc.co.uk/pdf/UKmanufacturing_300309.pdf|title=The future of UK manufacturing: Reports of its death are greatly exaggerated|access-date=25 April 2011|publisher=PricewaterhouseCoopers|url-status=dead|archive-url=https://web.archive.org/web/20110719235843/http://www.pwc.co.uk/pdf/UKmanufacturing_300309.pdf|archive-date=19 July 2011}}</ref> In 2008, around 180,000 people in the UK were directly employed in the [[Automotive industry in the United Kingdom|UK automotive manufacturing sector]].<ref name=facts2010>{{cite web|url=http://www.smmt.co.uk/downloads/MotorIndustryFacts.pdf |title=Motor Industry Facts 2010 |access-date=28 February 2011 |publisher=SMMT |url-status=dead|archive-url=https://web.archive.org/web/20101127180805/http://smmt.co.uk/downloads/MotorIndustryFacts.pdf |archive-date=27 November 2010 }}</ref> In that year the sector had a turnover of £52.5 billion, generated £26.6 billion of exports<ref>{{Cite web|url=https://bizpages.org/countries--UK--United-Kingdom|title=United Kingdom Business Directory | List of Companies|website=bizpages.org}}</ref> and produced around 1.45 million passenger vehicles and 203,000 commercial vehicles.<ref name=facts2010/> The UK is a major centre for engine manufacturing, and in 2008 around 3.16 million engines were produced in the country.<ref name=facts2010/> The [[aerospace industry of the UK]] is the second-largest aerospace industry in the world (after the United States) and the largest in Europe.<ref name=asd>{{cite web|url=http://www.asd-europe.org/site/fileadmin/user_upload/publications/ASD_Facts_And_Figures_2009.pdf |title=Facts & Figures – 2009 |access-date=13 May 2011 |publisher=Aerospace & Defence Association of Europe |url-status=dead|archive-url=https://web.archive.org/web/20101224004749/http://www.asd-europe.org/site/fileadmin/user_upload/publications/ASD_Facts_And_Figures_2009.pdf |archive-date=24 December 2010 }}</ref><ref name=ads>{{cite web|url=http://www.adsgroup.org.uk/community/dms/download.asp?txtPageLinkDocPK=23948|title=UK Aerospace Industry Survey – 2010|access-date=13 May 2011|publisher=ADS Group|url-status=dead|archive-url=https://web.archive.org/web/20140108105928/https://www.adsgroup.org.uk/community/dms/download.asp?txtPageLinkDocPK=23948|archive-date=8 January 2014}}</ref> The industry employs around 113,000 people directly and around 276,000 indirectly and has an annual turnover of around £20 billion.<ref name=ukti>{{cite web|url=http://www.ukti.gov.uk/export/sectors/advancedengineering/aerospace.html|title=Aerospace|access-date=20 October 2010|publisher=UK Trade & Investment|url-status=dead|archive-url=https://web.archive.org/web/20101024134400/http://www.ukti.gov.uk/export/sectors/advancedengineering/aerospace.html|archive-date=24 October 2010}}</ref><ref>{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article5477974.ece|archive-url=https://web.archive.org/web/20110611235719/http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article5477974.ece|url-status=dead|archive-date=11 June 2011| title=The Aerospace industry has thousands of jobs in peril|access-date=20 October 2010|newspaper=[[The Times]]| date=9 January 2009|location=London|first=David|last=Robertson}}</ref> British companies with a major presence in the industry include [[BAE Systems]] and [[Rolls-Royce plc|Rolls-Royce]] (the world's second-largest aircraft engine maker).<ref>{{cite news| url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aLkb0kL1egto |title=Rolls-Royce Wins $2 Billion Air China, Ethiopian Airlines Deals| publisher=Bloomberg L.P.| access-date=8 September 2010|date=14 November 2009}}</ref><ref>{{citation | url=https://www.hithorizons.com/eu/analyses/country-statistics/united%20kingdom |title=Industry Breakdown of Companies in United Kingdom|website=HitHorizons}}</ref> European aerospace companies active in the UK include [[Airbus]], whose commercial aircraft, space, helicopter and defence divisions employ over 13,500 people across more than 25 UK sites.<ref>{{cite web |title=Airbus in the United Kingdom |url=https://www.airbus.com/company/worldwide-presence/uk.html|access-date=17 December 2019|publisher=Airbus}}</ref> The [[Pharmaceutical industry in the United Kingdom|pharmaceutical industry]] employs around 67,000 people in the UK and in 2007 contributed £8.4 billion to the UK's [[GDP]] and invested a total of £3.9 billion in [[research and development]].<ref>{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/health/article5594350.ece|archive-url=https://web.archive.org/web/20091009130612/http://business.timesonline.co.uk/tol/business/industry_sectors/health/article5594350.ece|url-status=dead|archive-date=9 October 2009|title=Gordon Brown plans tonic for pharmaceutical industry|access-date=27 October 2010|work=[[The Times]]|date=27 January 2009|location=London|first1=Tom|last1=Bawden|first2=David|last2=Rose}}</ref><ref>{{cite web|title=The pharmaceutical industry and market in the UK|url=http://www.abpi.org.uk/industry-info/knowledge-hub/uk-economy/Pages/uk-industry-market.aspx|publisher=The Association of the British Pharmaceutical Industry|access-date=14 December 2014|url-status=dead|archive-url=https://web.archive.org/web/20141214095518/http://www.abpi.org.uk/industry-info/knowledge-hub/uk-economy/Pages/uk-industry-market.aspx|archive-date=14 December 2014}}</ref> In 2007 exports of pharmaceutical products from the UK totalled £14.6 billion, creating a trade surplus in pharmaceutical products of £4.3 billion.<ref>{{cite web|url=http://www.abpi.org.uk/statistics/intro.asp |title=Facts & Statistics from the pharmaceutical industry |publisher=The Association of the British Pharmaceutical Industry |access-date=27 October 2010 |url-status=dead|archive-url=https://web.archive.org/web/20100918170615/http://www.abpi.org.uk/statistics/intro.asp |archive-date=18 September 2010 }}</ref> The UK is home to [[GlaxoSmithKline]] and [[AstraZeneca]], respectively the world's third- and seventh-largest pharmaceutical companies.<ref name=iht>{{cite news|url=https://www.nytimes.com/2007/02/20/business/worldbusiness/20iht-price.4663653.html|title=British regulator calls for drug pricing overhaul|access-date=27 October 2010|work=The New York Times|date=27 January 2009}}</ref><ref>{{cite news|url=https://money.cnn.com/magazines/fortune/global500/2009/industries/21/index.html |title=Global 500 – Pharmaceuticals|access-date=27 October 2010|work=Fortune|date=20 July 2009}}</ref> ====Mining, quarrying and hydrocarbons==== {{Main|Mining in the United Kingdom|North Sea oil}} The Blue Book 2013 reports that this sector added gross value of £31.4 billion to the UK economy in 2011.<ref name="ons.gov.uk"/> In 2007, the UK had a total energy output of 9.5 quadrillion [[British thermal unit|Btus]] (10 exajoules), of which the composition was oil (38%), natural gas (36%), coal (13%), nuclear (11%) and other renewables (2%).<ref name=eiaoverview>{{cite web|url=http://www.eia.doe.gov/emeu/cabs/United_Kingdom/Profile.html |title=United Kingdom – Quick Facts Energy Overview |publisher=US Energy Information Administration |access-date=4 November 2010 |url-status=dead|archive-url=https://web.archive.org/web/20100918035823/http://www.eia.doe.gov/emeu/cabs/United_Kingdom/Profile.html |archive-date=18 September 2010 }}</ref> In 2009, the UK produced 1.5 million barrels per day (bbl/d) of oil and consumed 1.7 million bbl/d.<ref name=eiaoil>{{cite web|url=http://www.eia.doe.gov/emeu/cabs/United_Kingdom/Oil.html |title=United Kingdom – Oil |publisher=US Energy Information Administration |access-date=4 November 2010 |url-status=dead|archive-url=https://web.archive.org/web/20100918000348/http://www.eia.doe.gov/emeu/cabs/United_Kingdom/Oil.html |archive-date=18 September 2010 }}</ref> Production is now in decline and the UK has been a net importer of oil since 2005.<ref name=eiaoil/> As of 2010 the UK has around 3.1 billion barrels of proven crude oil reserves, the largest of any EU member state.<ref name=eiaoil/> In 2009, the UK was the 13th largest producer of natural gas in the world and the largest producer in the EU.<ref name=eiagas>{{cite web|url=http://www.eia.doe.gov/emeu/cabs/United_Kingdom/NaturalGas.html |title=United Kingdom – Natural Gas |publisher=US Energy Information Administration |access-date=4 November 2010 |url-status=dead|archive-url=https://web.archive.org/web/20100918011149/http://www.eia.doe.gov/emeu/cabs/United_Kingdom/NaturalGas.html |archive-date=18 September 2010 }}</ref> Production is now in decline and the UK has been a net importer of natural gas since 2004.<ref name=eiagas/> In 2009 the UK produced 19.7 million tons of coal and consumed 60.2 million tons.<ref name=eiaoverview/> In 2005 it had proven recoverable coal reserves of 171 million tons.<ref name=eiaoverview/> It has been estimated that identified onshore areas have the potential to produce between 7 billion tonnes and 16 billion tonnes of coal through [[Underground coal gasification|underground coal gasification (UCG)]].<ref name="Coal 2">{{cite web|title=Coal Reserves in the United Kingdom |author=The Coal Authority |url=http://www.coal.gov.uk/media//860AD/Response%20to%20Energy%20Review%20-%20Appendix%202.pdf |access-date=23 September 2008 |publisher=The Coal Authority |year=2007 |work=Response to Energy Review |url-status=dead|archive-url=https://web.archive.org/web/20080910154814/http://www.coal.gov.uk/media//860AD/Response%20to%20Energy%20Review%20-%20Appendix%202.pdf |archive-date=10 September 2008 }}</ref> Based on current UK coal consumption, these volumes represent reserves that could last the UK between 200 and 400 years.<ref name="Coal 3">{{cite news|title=England Expert predicts 'coal revolution'|url=http://news.bbc.co.uk/1/hi/england/7046981.stm|access-date=23 September 2008|work=BBC News|date=16 October 2007}}</ref> The UK is home to a number of large energy companies, including two of the six oil and gas "[[supermajor]]s" – [[BP]] and [[Shell plc]].<ref>{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/energy/6424030/Let-the-battle-begin-over-black-gold.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/newsbysector/energy/6424030/Let-the-battle-begin-over-black-gold.html |archive-date=11 January 2022 |url-access=subscription |url-status=live|title=Let the battle begin over black gold|access-date=26 November 2010|work=The Daily Telegraph| date=24 October 2009|location=London|first=Rowena|last=Mason}}{{cbignore}}</ref><ref>{{cite news|url=https://www.bloomberg.com/news/2010-11-25/rba-s-stevens-says-inflation-unlikely-to-fall-much-further.html|title=RBA Says Currency Containing Prices, Rate Level 'Appropriate' in Near Term|access-date=26 November 2010|publisher=Bloomberg L.P.| date=26 November 2010|first=Michael|last=Heath}}</ref> The UK is also rich in a number of natural resources, including coal, tin, limestone, iron ore, salt, clay, chalk, gypsum, lead and silica. ===Service industries=== The [[service sector]] is the dominant sector of the UK economy, and it accounted for 82% of GDP in 2023.<ref name="SN02787" /> ====Creative industries==== The [[creative industries]] accounted for 7% of gross value added (GVA) in 2005 and grew at an average of 6% per annum between 1997 and 2005.<ref>{{cite web|date=9 March 2007 |url=http://www.culture.gov.uk/reference_library/media_releases/2132.aspx |title=From the Margins to the Mainstream – Government unveils new action plan for the creative industries |publisher=DCMS |access-date=9 March 2007 |url-status=dead|archive-url=https://web.archive.org/web/20081204131529/http://www.culture.gov.uk/reference_library/media_releases/2132.aspx |archive-date=4 December 2008 }}</ref> Key areas include London and the [[North West of England]], which are the two largest creative industry clusters in Europe.<ref>{{Cite news |title=MediaCityUK – Talent Pool |url=http://www.mediacityuk.co.uk/about-us/talent-pool |work=MediaCityUK |access-date=11 October 2011 |archive-url=https://web.archive.org/web/20110925201145/http://www.mediacityuk.co.uk/about-us/talent-pool |archive-date=25 September 2011 |url-status=dead }}</ref> According to the British Fashion Council, the fashion industry's contribution to the UK economy in 2014 is £26 billion, up from £21 billion in 2009.<ref name="LFW: Fashion industry worth 26 billion pound to UK economy">{{cite web | url=http://www.fashionunited.co.uk/fashion-news/fashion/lfw-fashion-industry-worth-26-billion-pound-to-uk-economy-2014021720108 | title=LFW: Fashion industry worth 26 billion pound to UK economy | publisher=FashionUnited Group | date=17 February 2014 | access-date=17 February 2014}}</ref> The UK is home to the world's largest advertising company, [[WPP plc|WPP]]. ====Education, health and social work==== {{Main|Education in the United Kingdom|Healthcare in the United Kingdom}} [[File:Queen Elizabeth Hospital Birmingham, Edgbaston, Birmingham, England-7March2011.jpg|thumb|The [[Queen Elizabeth Hospital Birmingham]] is a university hospital affiliated with the [[University of Birmingham]]. It has the largest single-floor [[critical care unit]] in the world.]] According to The Blue Book 2013 the education sector added a gross value of £84.6 billion in 2011 whilst human health and social work activities added £104.0 billion in 2011.<ref name="ons.gov.uk"/> In the UK the majority of the healthcare sector consists of the state funded and operated [[National Health Service]] (NHS), which accounts for over 80% of all healthcare spending in the UK and has a workforce of around 1.7 million, making it the largest employer in Europe, and putting it amongst the largest employers in the world.<ref>{{cite news| url=https://www.bbc.co.uk/news/magazine-17429786 | work=BBC News | title=Which is the world's biggest employer? | date=20 March 2012}}</ref><ref>{{cite news|url=https://www.theguardian.com/society/2000/nov/19/socialcare.policy|title=Labour gets into bed with private medicine|access-date=11 November 2010|work=The Guardian| date=19 November 2000|location=London}}</ref><ref>{{cite news|url=http://uk.reuters.com/article/idUKL0268287920080703|archive-url=https://web.archive.org/web/20201027221245/https://uk.reuters.com/article/idUKL0268287920080703|url-status=dead|archive-date=27 October 2020|title=At 60, the NHS needs reality check|access-date=11 November 2010|work=Reuters| date=3 July 2008}}</ref> The NHS operates independently in each of the four [[Countries of the United Kingdom|constituent countries]] of the UK. The [[NHS in England]] is by far the largest of the four parts and had a turnover of £92.5 billion in 2008.<ref name="budget2008correction">{{cite web|author=HM Treasury |title=Budget 2008, Corrections to Table C11 |date=24 March 2008 |url=http://www.hm-treasury.gov.uk/d/bud08_corrections.pdf |access-date=27 December 2008 |page=1 |url-status=dead|archive-url=https://web.archive.org/web/20090225001228/http://www.hm-treasury.gov.uk/d/bud08_corrections.pdf |archive-date=25 February 2009 }}</ref> In 2007/08 higher education institutions in the UK had a total income of £23 billion and employed a total of 169,995 staff.<ref name=uukfacts>{{cite web|url=http://www.universitiesuk.ac.uk/Publications/Documents/Facts09.pdf |title=Higher education in facts and figures – Summer 2009 |access-date=29 January 2011 |publisher=Universities UK |url-status=dead|archive-url=https://web.archive.org/web/20100215010603/https://www.universitiesuk.ac.uk/Publications/Documents/Facts09.pdf |archive-date=15 February 2010 }}</ref> In 2007/08 there were 2,306,000 higher education students in the UK (1,922,180 in England, 210,180 in Scotland, 125,540 in Wales and 48,200 in Northern Ireland).<ref name=uukfacts/> ====Financial and business services==== {{main|Financial services in the United Kingdom}} {{see also|Banking in the United Kingdom|Legal services in the United Kingdom}} The [[Financial services industry of the United Kingdom|UK financial services industry]] added gross value of £116.4 billion to the UK economy in 2011.<ref name="ons.gov.uk"/> The UK's exports of financial and business services make a significant positive contribution towards the country's [[balance of payments]]. [[File:Paternoster Square, London EC2 - geograph.org.uk - 2162659.jpg|thumb|[[Paternoster Square]], home of the London Stock Exchange]] London is a major centre for [[international business]] and commerce and is one of the three "command centres" of the global economy (alongside [[New York City]] and [[Tokyo]]).<ref>{{Cite book|author=Sassen, Saskia|title=The Global City: New York, London, Tokyo|year=2001|publisher=Princeton University Press|edition=2nd|author-link=Saskia Sassen}}</ref> There are over 500 banks with offices in London, and it is the leading international centre for banking, insurance, [[Eurobond (international)|Eurobond]]s, transactions in foreign currencies and [[International Petroleum Exchange|energy futures]]. London's financial services industry is primarily based in the [[City of London]] and [[Canary Wharf]]. The City houses the [[London Stock Exchange]], the [[London Metal Exchange]], [[Lloyd's of London]], and the Bank of England. Canary Wharf began development in the 1980s and is now home to major financial institutions such as [[Barclays Bank]], [[Citigroup]] and [[HSBC]], as well as the UK [[Financial Services Authority]].<ref>[https://web.archive.org/web/20080407040203/http://www.forbes.com/lists/2008/18/biz_2000global08_The-Global-2000_Rank.html "Special Report – The Global 2000"] ''Forbes'', 2 April 2008</ref><ref>[http://www.hsbc.com/1/2/newsroom/news/news-archive-2008/hsbc-tops-forbes-2000-list-of-world-s-largest-companies "HSBC tops Forbes 2000 list of world's largest companies,"] HSBC website, 4 April 2008 {{webarchive |url=https://web.archive.org/web/20130113200650/http://www.hsbc.com/1/2/newsroom/news/news-archive-2008/hsbc-tops-forbes-2000-list-of-world-s-largest-companies |date=13 January 2013 }}</ref> 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.<ref>{{cite news|url=http://www.efinancialnews.com/story/2007-07-23/uk-law-firms-reap-rich-rewards-while-americans-strengthen-london-teams-1|title=UK law firms reap rich rewards while Americans strengthen London teams|access-date=11 August 2010|publisher=Financial News| date=23 July 2007}}</ref> Several other major UK cities have large financial sectors and related services. [[Edinburgh]] has one of the largest financial centres in Europe<ref>{{cite web|url=https://publications.parliament.uk/pa/cm200203/cmhansrd/vo030430/halltext/30430h05.htm#30430h05_spnew0|title=Financial Services Industry|first=Mark|last=Lazarowicz (Labour MP)|date=30 April 2003|publisher=United Kingdom Parliament|access-date=17 October 2008}}</ref> and is home to the headquarters of [[Lloyds Banking Group]], [[NatWest Group]] and [[Standard Life]]. [[Leeds]] is the UK's largest centre for business and financial services outside London,<ref>{{cite news |url=http://www.yorkshireeveningpost.co.uk/news/We39re-leading-the-way-in.2034867.jp |title=Leeds leading the way |newspaper=Yorkshire Evening Post |access-date=25 January 2009 |archive-url=https://web.archive.org/web/20090501062758/http://www.yorkshireeveningpost.co.uk/news/We39re-leading-the-way-in.2034867.jp |archive-date=1 May 2009 |url-status=dead }}</ref><ref name="Leeds Financial Facts and Figures">{{cite web |url=http://www.leedsfinancialservices.org.uk/ |title=Leeds Financial Facts and Figures |publisher=leedsfinancialservices.org.uk |access-date=25 January 2009 |url-status=dead|archive-url=https://web.archive.org/web/20090130014241/http://leedsfinancialservices.org.uk/ |archive-date=30 January 2009 }}</ref><ref name="fdimagazine1">{{cite web|url=http://www.fdimagazine.com/news/fullstory.php/aid/2512/Northern_star.html |title=Northern Star |work=FDI Magazine |access-date=25 January 2009 |url-status=dead|archive-url=https://web.archive.org/web/20090101004224/http://www.fdimagazine.com/news/fullstory.php/aid/2512/Northern_star.html |archive-date=1 January 2009 }}</ref> and the largest centre for legal services in the UK after London.<ref>{{cite news|url=http://www.ft.com/cms/s/77eaffe6-ef2a-11dc-8a17-0000779fd2ac.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/77eaffe6-ef2a-11dc-8a17-0000779fd2ac.html |archive-date=10 December 2022 |url-access=subscription |title=Leeds Services |newspaper=Financial Times |access-date=25 January 2009}}</ref><ref>{{cite web |url=http://www.lawgazette.co.uk/features/ltbgtyorkshire-gritltbgt |title=Leeds Legal Review |publisher=Law Gazette |access-date=25 January 2009 |url-status=dead|archive-url=https://web.archive.org/web/20090430144958/http://www.lawgazette.co.uk/features/ltbgtyorkshire-gritltbgt |archive-date=30 April 2009 }}</ref><ref>{{cite web |url=http://www.legalweek.com/Articles/1146376/Live+the+Leeds+lifestyle.html |title=Live the Leeds Lifestyle |work=Legal Week Magazine |access-date=25 January 2009 |url-status=dead|archive-url=https://web.archive.org/web/20090429220223/http://www.legalweek.com/Articles/1146376/Live+the+Leeds+lifestyle.html |archive-date=29 April 2009 }}</ref> According to a series of research papers and reports published in the mid-2010s, Britain's financial firms provide sophisticated methods to [[Money laundering|launder]] billions of pounds annually, including money from the proceeds of [[corruption]] around the world as well as the world's [[Illegal drug trade|drug trade]], thus making the city a global hub for illicit finance.<ref>[http://www.ft.com/cms/s/2/1d805534-1185-11e6-839f-2922947098f0.html Dark money: London's dirty secret] The Financial Times, 11 May 2016.</ref><ref>[https://www.independent.co.uk/news/uk/crime/london-is-now-the-global-money-laundering-centre-for-the-drug-trade-says-crime-expert-10366262.html London is now the global money-laundering centre for the drug trade, says crime expert] The Independent, 4 July 2015.</ref><ref>[http://aa.com.tr/en/analysis-news/cameron-s-corrupt-countries-slip-puts-spotlight-on-uk/571749 Cameron's corrupt countries slip puts spotlight on UK] Anadolu Agency, 13 May 2016.</ref><ref>{{cite web|url=http://russialist.org/russian-money-infects-london/|title=Russian money infects London|date=31 March 2015}}</ref> According to a Deutsche Bank study published in March 2015, Britain was attracting circa one billion pounds of capital inflows a month not recorded by official statistics, up to 40 per cent probably originating from [[Russia]], which implies misreporting by financial institutions, sophisticated tax avoidance, and the UK's "safe-haven" reputation.<ref>{{cite news|url=https://www.reuters.com/article/markets-capital-flows-deutsche-idUKL5N0WC31520150310|title=UK draws billions in unrecorded inflows, much from Russia – study|work=Reuters|date=10 March 2015}}</ref> ====Hotels and restaurants==== The Blue Book 2013 reports that this industry added gross value of £36.6 billion to the UK economy in 2011.<ref name="ons.gov.uk"/> [[InterContinental Hotels Group]] (IHG), headquartered in Denham, Buckinghamshire, is currently the world's largest hotelier, owning and operating hotel brands such as [[InterContinental]], [[Holiday Inn]] and [[Crowne Plaza]]. ==== Informal ==== A study in 2014 found that sex work and associated services added over £5 billion to the economy each year.<ref>{{Cite news|title = 'Chip and sin' cash boom for crooks|last = Davenport|first = Justin|date = 9 October 2015|work = London Evening Standard|page = 1}}</ref> ====Public administration and defence==== The Blue Book 2013 reports that this sector added gross value of £70.4 billion to the UK economy in 2011.<ref name="ons.gov.uk"/> ====Real estate and renting activities==== {{Main|Real estate in the United Kingdom}} [[File:Trafford Centre (12777554715).jpg|thumb|The [[Trafford Centre]] shopping complex in [[Manchester]] was sold for £1.6 billion in 2011 in the largest property sale in British history.<ref name="largest">{{Cite news |title=Capital Shopping Centres seals £1.6bn Trafford Centre deal despite Simon Property Group's concerns |last=Ruddick |first=Graham |quote=Capital Shopping Centres has sealed the UK's largest ever property transaction after 80pc of shareholders backed its £1.6bn acquisition of the Trafford Centre. |url=https://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/8284524/Capital-Shopping-Centres-seals-1.6bn-Trafford-Centre-deal-despite-Simon-Property-Groups-concerns.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/8284524/Capital-Shopping-Centres-seals-1.6bn-Trafford-Centre-deal-despite-Simon-Property-Groups-concerns.html |archive-date=11 January 2022 |url-access=subscription |url-status=live |newspaper=The Telegraph |date=27 January 2011 |access-date=15 September 2011 |location=London}}{{cbignore}}</ref>]] Notable real estate companies in the United Kingdom include [[British Land]], [[Landsec]] and the [[Peel Group]]. The UK property market boomed for the seven years up to 2008, and in some areas property trebled in value over that period. The increase in property prices had a number of causes: low interest rates, credit growth, economic growth, rapid growth in buy-to-let [[buy-to-let|property investment]], foreign property investment in London and [[planning restrictions]] on the supply of new housing. In England and Wales between 1997 and 2016, average house prices increased by 259%, while earnings increased by 68%. An average home cost 3.6 times annual earnings in 1997 compared to 7.6 in 2016.<ref>{{cite web|url=https://www.ons.gov.uk/peoplepopulationandcommunity/housing/bulletins/housingaffordabilityinenglandandwales/1997to2016|title=Housing affordability in England and Wales: 1997 to 2016|date=17 March 2017|access-date=14 June 2017|first=Nigel|last=Henretty|website=ONS}}</ref> Rent has nearly doubled as a share of GDP since 1985, and is now larger than the manufacturing sector. In 2014, rent and [[imputed rent]] – an estimate of how much home-owners would pay if they rented their home – accounted for 12.3% of GDP.<ref>{{cite web|url=http://www.neweconomics.org/press/entry/gdp-boosted-by-158bn-of-phantom-rent-nef-research-reveals|title=GDP boosted by £158bn of 'phantom rent'|publisher=New Economics Foundation|access-date=7 April 2016|archive-url=https://web.archive.org/web/20160420012102/http://www.neweconomics.org/press/entry/gdp-boosted-by-158bn-of-phantom-rent-nef-research-reveals|archive-date=20 April 2016|url-status=dead}}</ref> ====Tourism==== {{Main|Tourism in the United Kingdom}} [[File:British Museum Dome.jpg|thumb|The [[British Museum]] received 6.2 million visitors in 2019.<ref>{{cite web|url=https://www.visitbritain.org/annual-survey-visits-visitor-attractions-latest-results|website=Visit Britain|title=Annual Survey of Visits to Visitor Attractions: Latest results|date=22 November 2016|accessdate=22 April 2021}}</ref>]] With over 40 million visits in 2019, inbound tourism contributed £28.5 billion to the British economy, although just over half of that money was spent in London,<ref>{{cite web|url=https://www.visitbritain.org/2019-snapshot|title=Inbound tourism performance – 2019 snapshot|website=VisitBritain|date=28 April 2015|accessdate=22 April 2021|archive-date=21 April 2021|archive-url=https://web.archive.org/web/20210421011830/https://www.visitbritain.org/2019-snapshot|url-status=dead}}</ref> which was the third most visited city in the world (21.7 million), behind second-placed Bangkok and first-placed Hong Kong.<ref>{{cite web|url=https://go.euromonitor.com/white-paper-travel-2019-100-cities.html|title=Top 100 City Destinations: 2019 Edition|website=Euromonitor International|accessdate=22 April 2021}}</ref> The UK's 10 most significant inbound tourism markets in 2023:'''<ref>{{cite web |title=Travel trends – Office for National Statistics |url=https://www.ons.gov.uk/peoplepopulationandcommunity/leisureandtourism/articles/traveltrends/2023 |access-date=15 April 2024 |website=www.ons.gov.uk}}</ref>'''<ref>{{Cite web |title=Inbound markets |url=https://www.visitbritain.org/research-insights/inbound-markets |access-date=16 April 2025 |website=Visit Britain}}</ref> {| class="wikitable" |- !Rank !Market !Spend !Visitors |- | align="right" | 1 |United States |£6.3 billion |5,122,000 |- | align="right" | 2 |Germany |£1.8 billion |2,957,000 |- | align=right| 3 |France |£1.6 billion |3,172,000 |- | align="right" | 4 |Australia |£1.6 billion |1,169,000 |- | align="right" | 5 |Ireland |£1.2 billion |2,889,000 |- | align="right" | 6 |Spain |£1.1 billion |2,210,000 |- | align="right" | 7 |Netherlands |£1.1 billion |1,960,000 |- | align="right" | 8 |Italy |£973 million |1,696,000 |- | align="right" | 9 |Canada |£970 million |1,003,000 |- | align="right" | 10 |United Arab Emirates |£914 million |477,000 |} ===== Effects of the COVID-19 pandemic ===== The travel restrictions and lockdowns necessitated by the pandemic negatively affected the entire hospitality/tourism section in 2020 with a 76% reduction in "inbound tourism" to the UK that year according to [[VisitBritain]]. The January 2021 forecast for the year indicated an estimate that visits from other nations would be up "21% on 2020 but only 29% of the 2019 level". Some increase was expected during 2021, slowly at first; the tourism authority concluded that the number of visits was not expected to come "even close to normal levels".<ref>{{cite web|url=https://www.visitbritain.org/2021-tourism-forecast|title=2021 tourism forecast |date=20 April 2015 |access-date=8 April 2021|quote=From mid-March to mid-July, COVID-19 triggered a near-total shutdown in international tourism ... there was an increase in visitor numbers from this low point, although they remained very low, and dipped again towards the end of the year.}}</ref> The same VisitBritain report also discussed the effects of the pandemic on domestic travel within the UK in 2020, citing a significant reduction in spending, for an estimated decline of 62% over the previous year. As of January 2021, the forecast for the year suggested that spending would increase by 79% over the previous year and that "the value of spending will be back to 84% of 2019 levels" by the end of 2021.<ref>{{cite web|url=https://www.visitbritain.org/2021-tourism-forecast|title=2021 tourism forecast |date=20 April 2015 |access-date=8 April 2021|quote=forecast assumes a slow recovery in early 2021 before a step change in the spring ... followed by a gradual recovery throughout the rest of the year and beyond.}}</ref> Some of the "COVID-19 restrictions" on domestic travel were to be loosened on 12 April 2021 and the UK planned to begin relaxing some restrictions on travel from other nations in mid May.<ref>{{cite web|url=https://www.visitbritain.org/covid-19-new-coronavirus-latest-information-and-advice-businesses-1 |title=COVID-19 (new coronavirus) – latest information and advice for businesses |date=4 November 2020 |access-date=8 April 2021|quote=whether non-essential international travel can resume on 17 May, or whether we will need to wait longer before lifting the outbound travel restriction.}}</ref> The latter plan became less certain as of 8 April 2021 when sources in the European Union stated on that a "third wave of the pandemic [was sweeping] the continent"; the [[Lineage B.1.1.7|B117 variant]] was of particular concern.<ref>{{cite web|url=https://www.dw.com/en/european-travel-restrictions-nonessential-travel-curbed/a-56350272 |title=European travel restrictions: Nonessential travel curbed |website=[[Deutsche Welle]] |access-date=8 April 2021|quote=Amid the coronavirus pandemic, many countries worldwide continue to restrict entry and most travel remains discouraged.}}</ref> Two days earlier, PM [[Boris Johnson]] had made it clear that "We don't want to see the virus being reimported into this country from abroad".<ref>{{cite news|url=https://www.abc.net.au/news/2021-04-06/boris-johnson-uk-travel-reopening-coronavirus-covid-19/100050006 |title=Boris Johnson refuses to set hard date for Britain to reopen for international travel |newspaper=ABC News |date=5 April 2021 |access-date=8 April 2021|quote=Amid the coronavirus pandemic, many countries worldwide continue to restrict entry and most travel remains discouraged.|last1=Whalan |first1=Roscoe }}</ref> All travel restrictions ended on 18 March 2022.<ref>{{Cite news |date=18 March 2022 |title=Covid travel restrictions have ended in the UK |language=en-GB |work=BBC News |url=https://www.bbc.com/news/uk-60789979 |access-date=9 December 2023}}</ref> ====Transport, storage and communication==== {{Main|Telecommunications in the United Kingdom|Transport in the United Kingdom}} [[File:An LNER Azuma train at Burnmouth, geograph 6350005 by Walter Baxter.jpg|thumb|The East Coast Main Line (ECML) is a 393-mile long (632 km) high-speed line between its southern terminus at [[London King's Cross station]] and [[Edinburgh Waverley]] via [[Peterborough railway station|Peterborough]], [[Doncaster railway station|Doncaster]], [[York railway station|York]], [[Darlington railway station|Darlington]], [[Durham railway station|Durham]] and [[Newcastle railway station|Newcastle]].]] The transport and storage industry added a gross value of £59.2 billion to the UK economy in 2011 and the telecommunication industry added a gross value of £25.1 billion in the same year.<ref name="ons.gov.uk"/> The UK has a total road network of {{convert|246700|mi|0}} with {{convert|31400|mi|0}} of major roads, including {{convert|2300|mi|0}} of motorway.<ref>{{cite web|url=https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/722478/road-lengths-in-great-britain-2017.pdf|title=Road Lengths in Great Britain 2017|date=5 July 2018|publisher=Department of Transport}}</ref> The railway infrastructure, in Great Britain, is owned by [[Network Rail]] which has {{convert|19291|mi|0}} of railway lines, of which {{convert|9866|mi}} is open for traffic.<ref>{{cite web|url=http://orr.gov.uk/__data/assets/pdf_file/0006/39417/rail-infrastructure-assets-environmental-2017-18.pdf|title=Rail infrastructure, assets and environmental 2017–18 Annual Statistical Release|date= 18 October 2018|publisher=[[Office of Rail and Road]]|website= [[gov.uk]]}}</ref> There are a further {{convert|206.5|mi}} of track in [[Northern Ireland]], owned and operated by [[Northern Ireland Railways]].<ref>{{cite web|url=https://www.translink.co.uk/Documents/Corporate/publications/network%20statement/Translink%20Network%20Statement%20March%202016.pdf|title=Northern Ireland Railways Network Statement 2019|date=30 March 2018|publisher=[[Northern Ireland Railways]]|website=www.translink.co.uk|access-date=12 January 2019|archive-url=https://web.archive.org/web/20170820121840/https://www.translink.co.uk/Documents/Corporate/publications/network%20statement/Translink%20Network%20Statement%20March%202016.pdf|archive-date=20 August 2017|url-status=dead}}</ref> The government is to spend £56 billion on a new high-speed railway line, [[HS2]], with the first phase from London to [[Birmingham]] costing £27 billion.<ref>{{cite news |url=https://www.bbc.co.uk/news/uk-46586603 |title=HS2: MPs had 'enormously wrong' cost estimate, says whistleblower |work=BBC News |date=17 December 2018}}</ref> [[Crossrail]] (later branded the [[Elizabeth line]]), which was completed and officially opened in 2022, is Europe's largest infrastructure project with a £15 billion projected cost.<ref>{{cite news |url=https://www.bbc.co.uk/news/uk-england-london-45970956 |work=BBC News |title= Crossrail: London 'to bear cost' of delayed line opening |date=24 October 2018}}</ref> [[National Highways]] is the [[government-owned company]] responsible for trunk roads and motorways in England apart from the privately owned and operated [[M6 Toll]].<ref>{{cite web |url=http://www.m6toll.co.uk/faqs/default.asp?mainmenuid=6 |title=M6Toll Frequently asked questions |publisher=M6toll.co.uk |access-date=5 September 2012 |url-status=dead|archive-url=https://web.archive.org/web/20130113225031/http://www.m6toll.co.uk/faqs/default.asp?mainmenuid=6 |archive-date=13 January 2013 }}</ref><ref>{{cite web|title=Tackling congestion on our roads |url=http://www.dft.gov.uk/pgr/roads/introtoroads/roadcongestion/ |archive-url=http://webarchive.nationalarchives.gov.uk/20100513053607/http://www.dft.gov.uk/pgr/roads/introtoroads/roadcongestion/ |url-status=dead|archive-date=13 May 2010 |publisher=Department for Transport }}</ref> In the year from February 2017 to January 2018, UK airports handled a total of 284.8 million passengers.<ref name=caastats>{{cite web|url=https://www.caa.co.uk/uploadedFiles/CAA/Content/Standard_Content/Data_and_analysis/Datasets/Airport_stats/Airport_data_2018_01/Table_01_Size_of_UK_Airports.pdf|title=Size of Reporting Airports February 2017 – January 2018|access-date=12 January 2019|publisher=civil Aviation Authority}}</ref> In that period the three largest airports were [[London Heathrow Airport]] (78.0 million passengers), [[Gatwick Airport]] (45.6 million passengers) and [[Manchester Airport]] (27.8 million passengers).<ref name=caastats/> Heathrow, located {{convert|14 + 1/2|mi}} west of the capital,<ref>{{Google maps|url=https://www.google.com/maps/place/Heathrow+Airport/@51.4700223,-0.4564842,17z|title=London Heathrow Airport}}</ref> has the most international passenger traffic of any airport in the world.<ref name="bbc1">{{cite news|url=https://www.independent.co.uk/travel/news-and-advice/airports-worlds-busiest-international-passengers-dubai-heathrow-hong-kong-amsterdam-paris-a8194911.html|title=The 10 busiest airports in the world|newspaper=[[The Independent]]|access-date=12 January 2019| date=5 February 2018}}</ref> It is the hub for the UK flag carrier [[British Airways]] and [[Virgin Atlantic]].<ref>{{cite news |title=BMI being taken over by Lufthansa |url=http://news.bbc.co.uk/2/hi/7697261.stm |access-date=29 June 2011|work=BBC News |date=29 October 2008}}</ref> London's six commercial airports form the world's largest city airport system measured by passenger traffic with 171 million passengers in 2017.<ref>{{cite web|url=https://www.anna.aero/2018/08/23/london-airports-handling-44-million-more-passengers-then-2010/|title=London's airports handle 44 million more passengers than in 2010; four of the top five airlines don't serve Heathrow|publisher= Airline Network News & Analysis|date= 23 August 2018}}</ref> ====Wholesale and retail trade==== This sector includes the motor trade, auto repairs, personal and household goods industries. The Blue Book 2013 reports that this sector added gross value of £151.8 billion to the UK economy in 2011.<ref name="ons.gov.uk"/> As of 2016, high-street retail spending accounted for about 33% of consumer spending and 20% of GDP. Because 75% of goods bought in the United Kingdom are made overseas, the sector only accounts for 5.7% of gross [[value added]] to the British economy.<ref>{{cite news|url=https://www.telegraph.co.uk/business/2016/06/16/why-britains-shopping-spree-will-come-at-a-cost |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/business/2016/06/16/why-britains-shopping-spree-will-come-at-a-cost |archive-date=11 January 2022 |url-access=subscription |url-status=live|title=Why Britain's shopping spree will come at a cost|first=Allister|last=Heath|date=16 June 2016|access-date=18 June 2016|work=The Telegraph}}{{cbignore}}</ref> Online sales account for 22% of retail spending in the UK, third highest in the world after China and South Korea, and double that of the United States.<ref>{{cite news|url=https://www.ft.com/content/4e5e1022-8df3-11e9-a1c1-51bf8f989972 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/4e5e1022-8df3-11e9-a1c1-51bf8f989972 |archive-date=10 December 2022 |url-access=subscription|title=Death of the high street weighs on landlords round the world|first=Judith|last=Evans|website=Financial Times|date=22 June 2019|access-date=22 June 2019}}</ref> The UK grocery market is dominated by four companies: [[Tesco]] (26.9% market share), [[Sainsbury's]] (14.8%), [[Asda]] (14.3%) and [[Morrisons]] (8.8%) in March 2023, these supermarkets are known as the "Big Four". However discount supermarkets such as [[Aldi]] and [[Lidl]] have grown in popularity, with Aldi's market share now worth 9.9%.<ref name="Kantar">{{cite web |title=Great Britain: Grocery Market Share (12 weeks ending) |url=https://www.kantarworldpanel.com/global/grocery-market-share/great-britain |publisher=Kantar Worldpanel |access-date=28 March 2023}}</ref><ref>{{cite news |title='Big four no more': where now for UK grocers as Aldi overtakes Morrisons? |url=https://www.theguardian.com/business/2022/sep/17/big-four-uk-grocers-aldi-morrisons-cost-of-living-crisis |work=The Guardian |date=17 September 2022}}</ref> 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. Outside of London, [[Manchester]] and [[Birmingham]] are also major retail destinations, the UK is also home to many large out of town shopping centres like [[Meadowhall Shopping Centre|Meadowhall]], away from the main high streets in town and city centres. Whilst the big international names dominate most towns and cities have streets or areas with many often quirky independent businesses.<ref>{{cite news|url=http://uk.reuters.com/article/uk-retail-major-cities-idUKLNE71G00420110217|archive-url=https://web.archive.org/web/20160101055730/http://uk.reuters.com/article/uk-retail-major-cities-idUKLNE71G00420110217|url-status=dead|archive-date=1 January 2016|title=London tops world cities spending league|access-date=14 May 2011|work=Reuters|date=17 February 2011|first=Mark|last=Potter}}</ref> The UK-based Tesco is the fourth-largest retailer in Europe measured by turnover (after [[Schwarz Gruppe|Swartz]], [[Aldi]], and [[Carrefour]] in 2019).<ref>{{Cite web|title=Europe: turnover of the top 15 retailers 2019|url=https://www.statista.com/statistics/642417/retail-turnover-top-retailers-europe/|access-date=4 December 2020|website=Statista|language=en}}</ref>
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