5.2.2

The UK's Post-Industrial Economy

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What Does the UK's Post-Industrial Economy Look Like?

The UK's post-industrial economy is more focused on the services, finance, information technology, and research industries.

Service industries

Service industries

  • Service industries include shops (retail), cinemas, entertainment venues, experiences (like Flight Club Darts or Junkyard Golf), and personal services (like hairdressers and beauticians).
  • In the UK in 2020, 80% of workers worked in the Services industry.
  • In 2019, 2.9 million people worked in Retail in the UK.
Finance (financial services)

Finance (financial services)

  • London has become a financial services hub and is in the top 3 global financial centres in the world with New York and Hong Kong.
  • Lots of hedge funds, investment banks, and pension funds operate in London, (mainly from Mayfair, Bank, and Canary Wharf).
  • Barclays and HSBC have their headquarters in London and Morgan Stanley, JP Morgan, Credit Suisse, and Citibank all have offices in Canary Wharf.
Research

Research

  • Oxford University, Cambridge University, UCL and Imperial College London are all in the top 10 universities in the world.
  • Great universities and well-trained university graduates create a good environment for R&D (research and development).
  • Lots of UK universities' research budgets are tied to European Union funding.
Science and business parks

Science and business parks

  • Science and business parks are home to lots of research that happens in quaternary industries.
  • Positioning science parks near universities and major towns allows the science parks to attract the best researchers and business people in the same place.
  • Cambridge Science Park is near Cambridge University.
  • Oxford University Sciences Innovation has sold the IP from university 'spin-outs' to investors like Lansdowne Partners.
Information technology

Information technology

  • London is the largest hub for start-ups in Europe. Lots of venture capital funds like Atomico and LocalGlobe operate in London.
  • Businesses like Microsoft, Facebook, and Google have opened new offices in the Shoreditch and Kings Cross areas of London.
Jump to other topics
1

The Challenge of Natural Hazards

1.1

Natural Hazards

1.2

Tectonic Hazards

1.3

Weather Hazards

1.4

Climate Change

2

The Living World

2.1

Ecosystems

2.2

Tropical Rainforests

2.3

Hot Deserts

2.4

Tundra & Polar Environments

3

Physical Landscapes in the UK

3.1

The UK Physical Landscape

3.2

Coastal Landscapes in the UK

3.3

River Landscapes in the UK

3.4

Glacial Landscapes in the UK

4

Urban Issues & Challenges

5

The Changing Economic World

5.1

The Changing Economic World

5.2

Economic Development in the UK

6

The Challenge of Resource Management

6.1

Resource Management

6.2

Food

6.3

Water

6.4

Energy

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