Local business environments
Out of the four countries, England possesses the largest economy. The country is highly industrialized and is an important producer of chemical products and textiles. An important proportion of the country’s income comes from London. London is one of the largest financial centers, with insurance companies, banks, commodity and future exchanges all concentrated in the city. The financial services sector plays an important role in the economy of England.
The economy of Scotland is western style and open mixed. The industry in Scotland mainly consisted of heavy industry underpinned by shipbuilding, steel industries and coal mining. With many large finance firms based in Scotland, the financial services center of Scotland Edinburgh is the sixth largest financial center of Europe.
Wales now has a post-industrial economy. Earlier Wales had a dominant mining and coal industry but that has changed. The service sector now provides the majority of jobs.
The economy of Northern Ireland is the smallest economy of the four. The economy has benefited from major investments by large multinational corporations in the high-tech industry. These corporations are attracted by subsidies from the government and the skilled workforce in Northern Ireland.