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The United Kingdom is a leading trading power and financial centre and has one of the leading economies of Western Europe. The largest proportion of the GDP are accounted for by services, in particular banking, insurance and business services, while industry continues to decline in importance. In 2001-2003, GDP growth fell, although output recovered in 2004 to 3.2% growth and fell again in 2005 to 1.7%. In spite of slower growth, the economy is one of the strongest in Europe and unemployment, inflation and interest rates remain low. The relatively good economic climate has complicated the current government’s case for Britain to join the European Economic and Monetary Union (EMU) since the economy has shown to have done well outside the EMU and public opinion polls reflect that the majority of Britons are opposed to the euro.
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