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[[File:Greenwich and Canary Wharf (1) - 2022-04-24.jpg|thumb|[[Canary Wharf]], a symbol of [[Big Bang (financial markets)|the financial reforms]] initiated by [[Margaret Thatcher]] in the 1980s]]
The UK was one of the [[Big Three (World War II)|Big Three]] powers (along with the
In the immediate post-war years, the [[Labour Government 1945–1951|Labour government]] under [[Clement Attlee]] initiated a radical programme of reforms, which significantly impacted British society [[Post-war consensus|in the following decades]].<ref>{{Cite book |last=Francis |first=Martin |title=Ideas and policies under Labour, 1945–1951: Building a new Britain |publisher=Manchester University Press |year=1997 |isbn=978-0-7190-4833-3 |pages=225–233}}</ref> Major industries and public utilities were [[Nationalization|nationalised]], a [[welfare state]] was established, and a comprehensive, publicly funded healthcare system, the [[National Health Service]], was created.<ref>{{Cite book |last=Lee |first=Stephen J. |url=https://archive.org/details/aspectsbritishpo00lees |title=Aspects of British political history, 1914–1995 |publisher=Routledge |year=1996 |isbn=978-0-415-13103-2 |location=London; New York |pages=[https://archive.org/details/aspectsbritishpo00lees/page/n183 173]–199 |url-access=limited}}</ref> The rise of nationalism in the colonies coincided with Britain's much-diminished economic position, so that a policy of [[decolonisation]] was unavoidable. Independence was granted to India and Pakistan in 1947.<ref>{{Cite book |last=Larres |first=Klaus |url=https://books.google.com/books?id=7D66_9YOof4C&pg=PA118 |title=A companion to Europe since 1945 |publisher=Wiley-Blackwell |year=2009 |isbn=978-1-4051-0612-2 |location=Chichester |page=118 |access-date=29 September 2020 |archive-date=28 March 2024 |archive-url=https://web.archive.org/web/20240328141350/https://books.google.com/books?id=7D66_9YOof4C&pg=PA118 |url-status=live }}</ref> Over the next three decades, most colonies of the British Empire gained their independence, and many became members of the [[Commonwealth of Nations]].<ref>{{Cite web |date=19 March 2009 |title=Country List |url=http://www.thecommonwealth.org/Templates/System/YearbookHomePage.asp?NodeID=152099&load=countrylist |archive-url=https://web.archive.org/web/20130506071236/http://www.thecommonwealth.org/Templates/System/YearbookHomePage.asp?NodeID=152099&load=countrylist |archive-date=6 May 2013 |access-date=8 March 2015 |publisher=[[Commonwealth Secretariat]]}}</ref>
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The UK has a regulated [[social market economy]].<ref>{{Cite web |date=April 2011 |title=Principles for Economic Regulation |url=http://www.bis.gov.uk/assets/biscore/better-regulation/docs/p/11-795-principles-for-economic-regulation |access-date=1 May 2011 |publisher=Department for Business, Innovation & Skills |url-status=dead |archive-url=https://web.archive.org/web/20110517134052/http://www.bis.gov.uk/assets/biscore/better-regulation/docs/p/11-795-principles-for-economic-regulation |archive-date= 17 May 2011 }}</ref><ref>{{Cite journal |last1=Thane |first1=Pat |year=2019 |title=The Origins of the British Welfare State |journal=The Journal of Interdisciplinary History |volume=50 |issue=3 |pages=427–433 |doi=10.1162/jinh_a_01448 |s2cid=208223636 |doi-access=free}}</ref><ref name="ftms">{{cite web |last1=Griffiths |first1=Alan |last2=Wall |first2=Stuart |date=16 July 2011 |title=Applied Economics |url=http://www.ftms.edu.my/pdf/Download/UndergraduateStudent/BusinessEconomics/BC215001S%20-%20BE%20Key%20Text%20-%20Applied%20Economics.pdf |url-status=dead |archive-url=https://web.archive.org/web/20130620120524/http://www.ftms.edu.my/pdf/Download/UndergraduateStudent/BusinessEconomics/BC215001S%20-%20BE%20Key%20Text%20-%20Applied%20Economics.pdf |archive-date=20 June 2013 |access-date=25 September 2014}}</ref> Based on market [[exchange rate]]s, the UK is the [[List of countries by GDP (nominal)|sixth-largest economy]] in the world and the [[List of sovereign states in Europe by GDP (nominal)|second-largest]] in Europe by nominal GDP. Its currency, the [[pound sterling]], is the fourth most-traded currency in the [[foreign exchange market]] and the world's fourth-largest [[reserve currency]] (after the [[United States dollar]], [[euro]], and [[yen]]).<ref>{{Cite web |title=World Currency Composition of Official Foreign Exchange Reserves |url=https://data.imf.org/regular.aspx?key=41175 |access-date=10 October 2021 |website=IMF Data |language=en |archive-date=12 May 2016 |archive-url=https://web.archive.org/web/20160512202858/https://data.imf.org/regular.aspx?key=41175 |url-status=live }}</ref> Sterling was the 2nd best-performing G10 currency against the dollar in 2023 with a gain of about 5%, with only the [[Swiss franc]] performing better.<ref>{{Cite web |title=Sterling steady but set for 5% rally in 2023 |url=https://www.reuters.com/markets/currencies/sterling-steady-set-5-rally-2023-2023-12-27/|publisher=Reuters}}</ref><ref>{{Cite web |title=Nikkei Asia - Currency |url=https://asia.nikkei.com/Business/Markets/Currencies/Yen-is-worst-performing-G10-currency-for-3rd-straight-year |access-date=23 January 2024 |archive-date=23 January 2024 |archive-url=https://web.archive.org/web/20240123142941/https://asia.nikkei.com/Business/Markets/Currencies/Yen-is-worst-performing-G10-currency-for-3rd-straight-year |url-status=live }}</ref> [[London]] is the world capital for foreign exchange trading, with a global market share of 38.1% in 2022<ref>{{Cite web |title=BIS Triennial Survey of Foreign Exchange and Over-The-Counter Interest Rate Derivatives Markets in April 2022 – UK Data |url=https://www.bankofengland.co.uk/news/2022/october/bis-triennial-survey-of-foreign-exchange-and-over-the-counter-interest-rate-derivatives-markets |date=27 October 2022 |access-date=21 February 2023 |publisher=Bank of England |archive-date=21 February 2023 |archive-url=https://web.archive.org/web/20230221135740/https://www.bankofengland.co.uk/news/2022/october/bis-triennial-survey-of-foreign-exchange-and-over-the-counter-interest-rate-derivatives-markets |url-status=live }}</ref> of the daily $7.5 trillion global turnover.<ref>{{Cite news |title=Global FX trading hits record $7.5 trln a day – BIS survey |date=27 October 2022 |url=https://www.reuters.com/markets/us/global-fx-trading-hits-record-75-trln-day-bis-survey-2022-10-27/ |access-date=21 February 2023 |work=Reuters |last1=Jones |first1=Marc |last2=John |first2=Alun |archive-date=21 February 2023 |archive-url=https://web.archive.org/web/20230221135739/https://www.reuters.com/markets/us/global-fx-trading-hits-record-75-trln-day-bis-survey-2022-10-27/ |url-status=live }}</ref>
[[HM Treasury]], led by the [[Chancellor of the Exchequer]], is responsible for developing and executing the government's [[public finance]] policy and [[economic policy]]. The [[Department for Business and Trade]] is responsible for business, international trade, and enterprise. The [[Bank of England]] is the UK's [[central bank]] and is responsible for issuing notes and coins in the pound sterling. Banks in Scotland and Northern Ireland retain the right to issue their own notes, subject to retaining enough Bank of England notes in reserve to cover their issue. In 2022, the UK became the world's [[List of countries by exports|fourth-largest exporter]] behind only China, the
[[File:Bank-of-England.jpg|thumb|The [[Bank of England]] is the [[central bank]] of the United Kingdom and the model on which most modern central banks have been based.]]
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{{Main|Culture of the United Kingdom}}
The culture of the United Kingdom is influenced by many factors including: the nation's island status; [[History of the United Kingdom|its history]]; and being a [[political union]] of four countries with each preserving elements of distinctive traditions, customs and symbolism. As a result of the [[British Empire]], British influence can be observed in [[English language|the language]], culture and [[Common law|legal systems]] of many of [[List of countries that have gained independence from the United Kingdom|its former colonies]], in particular, the United States, Australia, Canada, New Zealand, and Ireland, a common culture known today as the [[Anglosphere]].<ref>{{Cite book |last=Julian Go |title=Constitutionalism and political reconstruction |date=2007 |publisher=Brill |isbn=978-90-04-15174-1 |editor-last=Arjomand |editor-first=Saïd Amir |pages=92–94 |chapter=A Globalizing Constitutionalism?, Views from the Postcolony, 1945–2000 |chapter-url=https://books.google.com/books?id=kYmmnYKEvE0C&pg=PA94}}</ref>{{Sfn|Ferguson|2004|p=307}} The substantial cultural influence of the United Kingdom has led to it being described as a [[cultural superpower]].<ref name="culture">{{Cite journal|url=http://www.britishpoliticssociety.no/British%20Politics%20Review%2001_2011.pdf |title=The cultural superpower: British cultural projection abroad |archive-url=https://web.archive.org/web/20180916155419/http://www.britishpoliticssociety.no/British%20Politics%20Review%2001_2011.pdf|archive-date=16 September 2018 |url-status=dead |journal=British Politics Review |location=Norway |volume=6 |issue=1 |date=Winter 2011 |issn=1890-4505 |publisher=British Politics Society}}</ref><ref name="sheridan">{{Cite news |last=Sheridan |first=Greg |date=15 May 2010 |title=Cameron has chance to make UK great again |work=The Australian |location=Sydney |url= http://www.theaustralian.com.au/news/opinion/cameron-has-chance-to-make-uk-great-again/story-e6frg6zo-1225866975992 |access-date=20 May 2012}}</ref> A global survey in 2023 ranked the UK 3rd in the 'Most Influential Countries' rankings (behind the
=== Literature ===
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