Basic facts and institutions
Name the basic currency and its change
pound sterling and pence
Which English king realised the importance of trade first and spent money on building up a merchant fleet?
Tudor Henry the VII
If agriculture only provides 1 % of the GDP, why is it considered important?
It provides 60% of the country's food needs.
What percentage of the GDP do services provide?
78 %
Who or what is 'The Old Lady of Threadneedle Street'?
the Bank of England
Her Majesty's Treasury is the most important institution to run the economy. Name its leader.
Chancellor of the Exchequer
What was the role of the colonies in building up British economy?
They provided raw materials and provided a market for manufactured goods.
What percentage of the GDP does the industry provide?
20 -21%
London has 2 major centres for finances - name them.
The City; the Canary Wharf area
Are you a forger if you try to pay with a Scottish banknote in England?
No, but it may not be accepted.
If you want to buy shares, you need to go to the ...
Stock Exchange
What natural resources did England have which fuelled the Industrial Revolution?
coal and iron ore to produce steel
What kind of renewable energy sources are used?
Wind, solar, wave and marine; biomass, hydro
Export trade mostly goes to .... (name 2)
the US and the EU
Rolls -Royce produces high-quality cars. What other product of theirs is famous?
aeroplane engines
This institution was found in 1694
The Bank of England
Name the most important traditional fields of industry.
textile production, coal mining, iron and steel production; shipbuilding
What are the most important modern fields of the industry?
aerospace; pharmaceuticals; cars; North Sea oil and gas production;
Overseas trade is mostly carried by ...
sea
Why isn't there a speed limit for cars in the Channel Tunnel?
Because only trains provide the crossing - cars are put into freight train carriages to cross.
The Bank of England has 4 important functions. What are they?
decides on the base interest rate; issues money in England and Wales; manages foreign exchange and the gold reserve
What was the end result of the Industrial Revolution for the country in general?
From a rural country, it became an industrialized nation.
Name five iconic British food, drink, or textile products or companies.
Cadbury; Twinings; Lea & Perrins Worchester sauce; Speedo; Burberry, Reebok, Next,
Why do you think 60% of Londoners voted for staying within the EU?
It's a cosmopolitan city with lots of financial and business support services companies who need easy trading.
Name the 3 areas of the country that voted for remaining in the EU.
London, Scotland; Northern Ireland