Is There a Way to Keep the Britain’s Economy
Growing 1 In today’s knowledge economy, nations
survive on the things they do best. Japanese design electronics while Germans
export engineering techniques. The French serve the best food and Americans make
computers. 2 Britain specializes in the gift of talking. The
nation doesn’t manufacture much of anything. But it has lawyers, stylists and
business consultants who earn their living from talk talk and more talk. The
World Foundation think tank says the UK’s four iconic jobs today are not
scientists, engineers, teachers and nurses. Instead, they’re hairdressers,
celebrities, management consultants and managers. But can all this talking keep
the British economy going The British government thinks it can.
3 Although the country’s trade deficit was more than ￡60 billion in 2006,
UK’s largest in the postwar period, officials say the country has nothing .to
worry about. In fact, Britain does have a world class pharmaceutical industry
and it still makes a small sum from selling arms abroad. It also trades
services-accountancy, insurance, banking and advertising. The government
believes Britain is on the cutting edge of the knowledge economy. After all, the
country of Shakespeare and Wordsworth has a literary tradition of which to be
proud. Rock’n’ roll is an English language medium, and there are billions to be
made by their cutting-edge bands. In other words, the creative economy has
plenty of strength to carry the British economy. 4 However,
creative industries account for only about 4 percent of UK’s exports of goods
and services. The industries are finding it bard to make a profit, according to
a report of the National Endowment for Science, Technology and the Arts. The
report shows only 38 percent of British companies were engaged in "innovation
activities", 3 percentage points below the EU average and well below Germany (61
percent)and Sweden(47 percent). 5 In fact, it might be
better to call Britain a "servant" economy-there are at least 4 million people
"in service". The majority of the population are employed by the rich to cook,
clean, and take care of their children. Many graduates are even doing menial
jobs for-which they do not need a degree. Most employment growth has been, and
will continue to be, at the low skill end of the service sector-in shops, bars,
hotels, domestic service and in nursing and care homes. A. The
Best economy of a nation B. "Servant" Economy
C. Strength of the Creative Economy D. Weakness of the Creative
Economy E. Gift of talking F. Export of
Talking Machines Paragraph 1______