The currency used in England is the pound sterling (£ ) , or pound , one of the strongest currencies in the world . Cents are known as pence . One of the four major European economies , Britain is a leading center of trade and financial services , with the 5th Highest Gross Domestic Product ( GDP ) close to 2 trillion dollars , second only to the United States , Japan, Germany and China. In the past two decades the government has contained the growth of social welfare programs .

Its agriculture is intensive , highly mechanized , and efficient , even by European standards .

In the past two decades the government has greatly reduced its stake in companies through the privatization process .

while industrial participation continues to lose importance .

England is one of the largest European exporters of manufactured goods , petroleum, chemicals , motor vehicles, aircraft , metals , finished textiles and machinery. Agriculture is one of the most important sectors of the economy , with cereals such as wheat, oats, rye , etc. . The industries also stand out in the British economy . But the service sector , such as banks , insurance , financial services , etc. . , Is one that contributes to most of England's GDP . Many technology companies produce and market their products worldwide . The British economy is one of the strongest in Europe , although it is not fully integrated into the European Common Market .

The service sector , particularly banking , insurance and business , totaled by far the largest portion of PIB.O UK has large reserves of coal, natural gas and oil.