How is the UK economy changing?
The UK's economy has not changed as much as the population structure or the ethnic composition since 2001:
Between 2001 and 2015 there has been a decline in The primary sector involves extracting raw materials, rearing animals and growing crops. and manufacturing industries and an increase in services.
Decline in primary and secondary industries
This decline is also known as The decline of manufacturing within a country., and has been happening since the 1980s. One reason for this deindustrialisation is the increase in food imports, mechanisation of farming and the consequent decline in agricultural activity in the UK. In addition, raw materials such as coal are in abundance and are more affordable overseas, and are therefore imported, reducing these primary industries in the UK. The increase in competition from A country that has some aspects of a developed country but does not meet the required standards to be an advanced country. (particularly China) and cheaper transportation costs has caused manufacturing, such as textiles to be outsourced. This has caused A type of industry where raw materials are made into something. Often called 'manufacturing'. industries in the UK to close.
Growth in services
There has been a rise in the importance of the service industries - particularly the The section of employment that is knowledge-based, eg ICT and research. sector, also known as knowledge-based industries (KBI). This is as a result of the growth of financial services based in London as well as the development of new KBI jobs such as web design.