ABSTRACT
Historically, the British economy has been conditioned by agricultural and industrial revolutions; the growth and later reduction of manufacturing industry; the expansion of service industries; government policies and intervention; and a decline from the late nineteenth century relative to other competitor countries. It experienced both recession and growth throughout the twentieth century, but developed successfully from 1994 with low inflation, unemployment and interest rates. However, there were again signs of weakness in 2001 due to a domestic and global economic downturn.
