How is the UK economy changing?

The UK's economy has not changed as much as the population structure or the ethnic composition since 2001:

Economic structure 2001: 1.2% Primary, 23.8% Manufacturing, 75% Services. Economic structure 2015: 0.7% Primary, 20.5% Manufacturing, 78.9% Services.Changes in economic structure in the UK, between 2001 and 2015

Between 2001 and 2015 there has been a decline in primary and manufacturing industries and an increase in services.

Decline in primary and secondary industries

This decline is also known as deindustrialisation, and has been happening since the 1980s. One reason for this deindustrialisation is the increase in food imports, mechanisation of farming and the consequent decline in agricultural activity in the UK. In addition, raw materials such as coal are in abundance and are more affordable overseas, and are therefore imported, reducing these primary industries in the UK. The increase in competition from emerging and developing countries (EDCs) (particularly China) and cheaper transportation costs has caused manufacturing, such as textiles to be outsourced. This has caused secondary industries in the UK to close.

Growth in services

There has been a rise in the importance of the service industries - particularly the quaternary sector, also known as knowledge-based industries (KBI). This is as a result of the growth of financial services based in London as well as the development of new KBI jobs such as web design.