Economy of United Kingdom, British Economy Unraveled

United Kingdom is the 5th largest economy in the world by GDP despite being the 78th biggest up of England, Scotland, Wales and Northern Ireland, UK is often described as one of the most globalized economies in the world. If the world has to thank this region for one thing, that would be what’s termed as the “Industrial Revolution”. From 1759 to 1839, the ‘Industrial Revolution’ shifted humans from hand production to machines. But, early 20th century, Germany and United States began to dare Britain’s economic lead. After the end of World War II in 1945, British Empire was again among the victorious Allies. But their lead as an economic leader had diminished. Following the end of World War II, despite witnessing a somewhat prosperous growth in the 1950s and 1960s, the UK recorded weaker growth compared to other European countries. Lack of innovation, overseas competition, low-cost manufacturing by other countries, trade unionism, the welfare state, and the decline of the British empire were all