Economy

 Economy: 

• The economy in England is considered a mixed economy because it is both public and private.  Much of the economy comes from service careers.  Tourism, insurance, banking, and business services are big aspects of the booming British economy.  In the past oil, natural gas, and coal reserves were a big part of the economy, however today these businesses are declining.  

•  England is the largest economy in the UK and one of the largest in the world.
• 100 of England's 500 major companies are located in London.
• GDP per capita $35,000
• The Bank of England was founded in 1694 by a Scottish banker.  Today the Bank of England has a monopoly of the issuance of bank notes in England and Wales, however not in other parts of the UK. 

                              The Tower of London

Money:

• The currency in England is the pound sterling.  Every pound and pence is stamped with the Queen's face.
• The exchange rate of pounds to US dollars is: $1= 0.6174 British Pound Sterling
• England is one of the most expensive cities in the world, and this is why tourism is so important to the English economy.