Vocabulary list

Unit II

Topic: UK Economy

Grammar: Present Continuous

Communication Skills: Social Contacts (Part I)

SECTION A

VOCABULARY LIST

	1.	parliamentary democracy — парламентская демократия. Система управления, при которой правительство формируется партией, получившей большинство в Парламенте
	2.	constitutional monarchy — конституционная монархия. Монархия, права которой ограничены конституцией
	3.	overseas territory — заморская территория
	4.	overseas market — внешний рынок
	5.	to be at its height — быть в расцвете
	6.	to encompass a quarter of the world’s land surface — занимать одну четвертую территории поверхности Земли
	7.	world’s foremost power — мировая держава
	8.	decline of the empire — закат империи
	9.	to decline by degrees — значительно снижаться
	10.	to hold a permanent seat on the United Nations Security Council — быть постоянным членом Совета Безопасности ООН
	11.	The Great 8 — Большая восьмерка
	12.	The European Union (EU) — Европейский Союз (ЕС)
	13.	The Commonwealth of Nations — Британское Содружество Наций. Межгосударственное объединение Великобритании и большинства бывших английских доминионов, колоний и зависимых территорий
	14.	to focus on the principles of liberalization — сосредоточиться на принципах либерализации
	15.	surplus labour — избыток рабочей силы
	16.	GDP (gross domestic product) — валовый внутренний продукт
	17.	multinational company — многонациональная компания
	18.	UK-based company — компания, зарегистрированная в Великобритании
	19.	to be ranked as the sixth tourist destination — занимать шестое место среди туристических маршрутов
	20.	to account for — зд. приходиться на
	21.	to exercise government involvement — осуществлять государственное вмешательство
	22.	Chancellor of the Exchequer — Министр Финансов (the UK)
	23.	HM (Her Majesty’s) Treasury — Министерство Финансов ее Величества

■ Ex 1. Choose a suitable title for the passage from the list below. Support your point of view.

1. The roles of the government and Parliament in the UK’s Industrial Revolution.

2. The UK’s industrial and economic development.

3. The Parliament — the ultimate legislative authority in the UK.

The United Kingdom of Great Britain and Northern Ireland (also known as the United Kingdom, the UK, or Britain) is a country and sovereign state to the north-west of mainland Europe. It comprises the island of Great Britain, the north-east part of the island of Ireland and many small local islands off the British coast.

The United Kingdom is a parliamentary democracy and a constitutional monarchy comprising four constituent countries — England, Northern Ireland, Scotland and Wales — with the Monarch as head of state, who can only reign with the support of the Parliament. The UK has fourteen overseas territories, all remnants of the British Empire, which at its height encompassed almost a quarter of the world's land surface. The UK uses a parliamentary government based on strong democratic traditions.

Britain was the world's foremost power during the 19th and early 20th century, but the economic cost of two world wars and the decline of its empire in the latter half of the 20th century diminished its leading role and status in global affairs. The UK nevertheless retains major economic, cultural, military and political influence today and is a nuclear power, with the second highest defense spending in the world. It holds a permanent seat on the United Nations Security Council, and is a member of the G8, NATO, the European Union and the Commonwealth of Nations.

London is a major centre for international business and commerce and is the leader of the three "command centres" for the global economy (along with New York City and Tokyo). For over twenty-five years, the British economy has corresponded with what has been described since the 1980s as the Anglo-Saxon model, focusing on the principles of liberalisation, the free market, and low taxation and regulation. The United Kingdom is the fifth largest economy in the world, and the second largest in Europe after Germany.

The British started the Industrial Revolution, and, like most industrialising countries at the time, initially concentrated on heavy industries such as shipbuilding, coal mining, steel production, and textiles. The empire created an overseas market for British products, allowing the United Kingdom to dominate international trade in the 19th century. However, as other nations industrialised and surplus labour from agriculture began to dry up coupled with economic decline after two world wars, the United Kingdom began to lose its economic advantage. As a result, heavy industry declined by degrees, throughout the 20th century. The British service sector, however, has grown substantially, and now makes up about 73% of GDP.

The service sector of the United Kingdom is dominated by financial services, especially in banking and insurance.

Many multinational companies that are not primarily UK-based have chosen to site their European or rest-of-world headquarters in London: an example is the US financial services firm Citigroup. London also has the largest concentration of foreign bank branches.

Tourism is very important to the British economy. With over 27 million tourists a year, the United Kingdom is ranked as the sixth major tourist destination in the world.

The British manufacturing sector, though diminished, is still a significant part of the economy, but only accounted for one-sixth of the national output in 2003. The chemical and pharmaceutical industry is also strong in the UK, with the world's second and sixth largest pharmaceutical firms based in the UK.

The United Kingdom's agriculture sector accounts for only 0.9% of the country's GDP.

The UK has a small coal reserve along with significant natural gas, and oil reserves, although the natural gas and oil reserves are diminishing.

The currency of the UK is the pound sterling, represented by the symbol ₤. At the public referendum in 2005 more than half of the UK were against adopting the Euro, whilst 30% were in favour of the new currency. The UK chose not to join the Euro and British Prime Minister Gordon Brown has ruled out membership for the foreseeable future, saying that the decision not to join had been right for Britain and for Eurоре.

Government involvement throughout the economy is exercised by the Chancellor of the Exchequer who heads HM Treasury, but the Prime Minister, who has vast political power, is First Lord of the Treasury; the Chancellor of the Exchequer is the Second Lord of the Treasury. However since 1997, the Bank of England-headed by the Governor of the Bank of England, has control of the monetary policy.

■ Ex. 2. Answer the following comprehension questions based on the text.

1. What constituent parts is the United Kingdom made up of?

2. In what way did the developments in the 20^th century affect the UK’s status in global affairs?

3. What international organisations does Great Britain hold a seat on?

4. What does the Anglo-Saxon model which the UK has favoured for over twenty-five years imply?

5. How can you account for the decline in heavy industry in the 20^th century?

6. What is the position of the service sector in the scale of the British economy?

7. What other sectors are at the top of the industrial processes?

8. What political question was put to vote at the referendum in 2005? What was the outcome of the voting?

9. Does the government have any tools to control the economy?

■ Ex 3. Say whether the following statements are TRUE or FALSE according to the text.

1. The monarch of Great Britain is rather absolute than constitutional.

2. The wars in the 20^th century had such an impact on Britain that it hasn’t recovered ever since.

3. There are three major centres of the world’s economy, with London dominating the international business and finance.

4. Increasingly, foreign companies seek to place their headquarters in the capital of the UK.

5. The Anglo-Saxon model accepted in the UK proved to be very effective.

6. Unlike most industrialising countries the Industrial Revolution in Great Britain focused on both heavy and service industries.

7. A rapid development of heavy industry during the Industrial Revolution required an overseas market for British products.

8. Surplus labour from agriculture was a barrier to progress at the time of the Industrial Revolution.

9. The British Government is not empowered to influence the country’s economic and financial affairs.

■ Ex 4. Put the following sentences in the right order.

A London is a major centre for international business and commerce and the leader of the three “command centres” for the global economy.

B Many multinational companies that are not primarily UK-based have chosen to site their European or rest-of-world headquarters in London.

С The UK is a parliamentary democracy and a constitutional monarchy comprising four constituent countries with Elizabeth II as head of the state.

D The Government involvement throughout economy is exercised by the Chancellor of the Exchequer who heads Her Magesty’s Treasury.

E The UK chose not to join the Euro and British Prime Minister Gordon Brown has ruled out membership for the foreseeable future.

F The Bank of England, headed by the Governor of the Bank of England, has control of the monetary policy.

G It is a highly developed country with the fifth-largest economy in the world.

H The British started the Industrial Revolution, and, like most industrialising countries at the time, initially concentrated on heavy industries.

I As a result heavy industry declined by degrees throughout the 20^th century.

■ Ex. 5. Be ready to render the passage in the form of a presentation. Structure your presentation according to the classical model.

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