Post-industrial economy

A post-industrial economy is one where secondary industry has declined. This happened during the 1970s in the UK leading to wide-spread closure of factories. High levels of unemployment were seen in the UK during the 1980s as a result. The tertiary and  quaternary sectors started to develop and become the main part of the UK economy.  These two sectors now account for 88% of jobs in the UK.

The Big Bang – The Impact of IT and Financial Deregulation on the UK Economy

Before 1986 stock market trading was heavily regulated by the government. In 1986 the government of the then Prime Minister Margaret Thatcher abolished many of these rules.

At the same time stock market trading went from people literal shouting at each other in “open-outcry” share auctions to being done on computer screens. This meant shares could be traded more easily and the financial sector  (banking and finance) boomed. This event was known as “The Big Bang”.

Homework Task:

Find out how important the financial services are to the UK economy.  Give facts and figures to support your findings.

For example you could find out how many people are employed in the sector or how much it contributes to GDP.

Due: Wednesday 29th March 2017
Wikepedia article
Guardian Article on U.K. Tax
BBC
The Telegraph