Trade has been pivotal to the economy, with the value of imports and exports representing almost half of UK’s GDP. Growing industries include catering, leisure-related activities, finance and business support services including software, advertising, as well as the provision of conference facilities. In 1743, golf clubs and balls were sent from Scotland to South Carolina, making it the first shipment of golf equipment, which helped make the sport so popular sport in America.
The Tea Act in 1773 granted the permission to export tea to America and it was introduced help the struggling British East India Company and to reduce the surplus held in London. Slavery represents the history of transatlantic trade and Kitty’s Amelia was the last British ship carrying slaves, which sailed to the port of Liverpool under Captain Hugh Crow in 1807. The slave trade was abolished the same year in the late 19th-century.
From 1941-45 the US exported goods such as ships and munitions through Lend-Lease, but the food was also a major export to Britain. Some of the 50 ships from the US Navy were issued through ‘Lend-Lease’, as well. The UK’s history starts from packing up London Bridge in order to transport it to Arizona and the transatlantic. Thus, when London Bridge had to be replaced because of the modern traffic, entrepreneurs CV Wood and Robert P McCulloch bought the original one for $2.5m. It was thus shipped and rebuilt on the site on April 1968.
The volume of exports and imports has grown steadily, with the help of some principal exports including automobiles electrical equipment, chemicals, and services. Britain is the base for some of the world’s leading art houses. Financial services are a major export, contributing to Britain’s balance.
Government revenues derive from main sources such as income taxes and taxes on the sale of services. The country imports foodstuffs and machinery equipment, which are considered major sources, as well. After World War II the government adopted individual income tax rates among the highest in Europe, however during the last two decades of the 20th century, they dropped, whilst corporate taxes increased.
The government supported liberalization, and such, by the late 1990s, the growth in exports of services and foreign earnings had produced a great balance-of-payments surplus. There is only one US business member of the Royal Warrant Holders Association, which supplies services to the Queen, and it’s the Prince of Wales, based in Louisiana. The most remarkable development has been the growth of service industries, which now provide three-fourths of total employment and reflects the rise in personal incomes, and the elaboration and increasing outsourcing of business services.
In the early 1900s, tobacco magnate James Duke wanted to conquer the market, and British manufacturers banded together as the Imperial Tobacco Company. In 1902, the companies formed a joint venture which is now one of the largest tobacco manufacturers. During the 1980s the government placed limits on the influence of trade and the Labour government retained many of Thatcher’s policies.
However, there are some services, such as public transportation or movie theatres, which have declined, stimulating a demand for services that maintain products.