The British economy has the world’s fifth largest GDP ($2.8 trillion USD) which is surpassed only by the United States, China, Japan and Germany.
Having one of the world’s largest economies has given the UK membership in the prestigious G-7 countries with the most developed economies (i.e., Canada, France, Germany, Italy, Japan, UK and USA), as well as the Organization for Economic Cooperation and Development (OECD), World Trade Organization (WTO), International Monetary Fund (IMF) and the World Bank.
Not only is the UK ranked as the #5 top exporter in the world, but it is also the fifth largest importer as well.
The general prosperity of the United Kingdom is reflected in the wealth of the British people.
For example, the average salary for an adult working in the UK is £31,461 British Pounds (which is approximately $44,642 USD) per year.
Despite the economic and other disruptions caused by the global pandemic, the UK has maintained one of the lowest unemployment rates in the world (currently only 4.3 percent).
In fact, the Office of National Statistics (ONS) reported in November 2021 that there are a record 1.3 million UK job openings advertised, but not enough workers available to fill them all.
Approximately 80.2% of UK GDP comes from the services sector, about 19.2% is from industry, and only 0.6% comes from agriculture.
Similarly, around 79.7% of the labor force works in the services sector; 18.8% are employed in industry; and just 1.5% work in agriculture.
The UK’s top export partners are #1 the European Union (48.8%), #2 USA (18.6%), #3 China (3.6%) and #4 Switzerland (3.1%).
The UK’s top import partners are #1 the European Union (51.2%), #2 USA (10.9%), #3 China (6.8%), and #4 Turkey (5.2%).
The top British exports to other countries include: vehicles, aircraft parts, gas turbines, crude oil, gold, platinum, pharmaceuticals, auto parts, phones, computers, engines, medical instruments, gasoline, beauty products, diamonds, aircraft, yachts, and machinery.
There is a high demand for skilled foreign workers in the UK, particularly in the business, construction, education, engineering, entertainment, fashion, film and television, finance, healthcare, mathematics, science and technology sectors.
The Skilled Worker Visa and Global Talent Visa are two UK immigration programs created specifically to bring skilled foreign workers to the United Kingdom.
During 2020, around 125,000 skilled immigrants and their families were able to immigrate to the United Kingdom through these or other UK immigration programs.
In general, after living in the United Kingdom as a legal resident for five years and satisfying other criteria, an immigrant can apply for Indefinite Leave to Remain (ILR) in the UK, also known as permanent settlement.
To learn more about UK Visa Programs, click here!
According to UK Office of National Statistics (ONS), the average yearly salaries in 2020 for various jobs in the United Kingdom were as follows (shown in British Pounds and US Dollars):
Accountant (£41,900/$58,210), Architect (£42,930/$59,609), Bank Manager (£53,365/$74,206), Civil Engineer (£43,663/$60,792), Crane Operator (£40,317/$56,097), Cyber Security Manager (£62,070/$86,322), Data Scientist (£53,158/$73,932), Dentist (£66,603/$92,632), Electrical Engineer (£50,866/$70,762), Elementary/Primary School Teacher (£36,737/$51,052), Financial Manager (£67,114/$93,370), General Practitioner/Physician (£81,720/$93,370), Human Resources Manager (£49,359/$68,569), IT Project Manager (£49,311/$68,605), Marketing & Sales Director (£80,759/$112,365), Mechanical Engineer (£42,782/$59,520), Nurse (£33,920/$47,150), Occupational Therapist (£32,525/$45,222), Optometrist (£52,321/$72,753), Paramedic (£43,180/$60,043), Pharmacist (£43,723/$60,813), Physiotherapist (£33,442/$46,506), Pipefitter (£37,656/$52,362), Plumber (£32,356/$44,992), Power Plant Operator (£34,755/$48,328), Psychologist (£42,937/$59,715), Purchasing Manager (£48,047/$53,458), Secondary/High School Teacher (£40,881/$56,846), Social Worker (£36,306/$50,485), Software Developer (£44,055/$61,275), Speech and Language Therapist (£30,343/$42,193), Surveyor (£37,832/$52,607), Telecommunications Engineer (£34,410/$47,848), University Professor/Lecturer (£51,224/$71,214), Urban and Regional Planner (£42,000/$58,402), Veterinarian (£39,839/$55,397), Web Designer (£31,632/$43,985), and Welder (£28,496/$39,625).
Please note that these are average salaries for different jobs in the UK; the GBP/USD exchange rate could affect the US Dollar amounts shown; and a person might earn more or less than the average salary, depending on their occupation, education, years of experience, where the job is located, and other factors.
The cost of living in the UK will depend on several factors, such as where you live in the United Kingdom, the size of your family and housing needs, etc.
According to the Numbeo.com website, which compares the cost of living in locations around the world, the monthly costs for a single person living in the UK (excluding rent) is generally about £651 British Pounds per month, while a family of four would normally need (excluding rent) around £2,268 British Pounds each month to live in the United Kingdom.
The Numbeo.com website also reports that rent for a 1 bedroom apartment (“flat”) in the UK generally costs approximately £748 British Pounds per month in the City Centre or around £618 British Pounds monthly outside of the City Centre; while the rent for a 3-bedroom apartment generally costs about £1,225 British Pounds inside the City Centre or approximately £980 British Pounds monthly outside of the City Centre.
Of course, the cost of living in the UK will vary by location and will tend to be more expensive in the larger cities and less expensive in smaller cities and towns.
For example, it is generally more expensive to live in London than outside of the national capital.
Similarly, the cost of housing is usually more expensive in the City Centre than it is outside of the City Centre.
Below, are some examples of the cost of living in the UK for various cities, based on the Numbeo.com data (please note that this is general information and subject to change).
London (England) – A single person living in London can expect to have monthly costs (excluding rent) of about £863 British Pounds, while a family of four might have monthly costs (excluding rent) of around £3,059 British Pounds. Additionally, rent for a 1-bedroom apartment in London’s City Centre is approximately £1,678 British Pounds per month or about £1,270 British Pounds monthly outside of the City Centre; while the monthly rent for a 3-bedroom apartment inside London’s City Centre is around £3,254 British Pounds or about £2,155 British Pounds outside of the City Centre.
Birmingham (England) – An individual living in Birmingham might have monthly costs (excluding rent) of about £631, while a family of four might require around £2,199 British Pounds (excluding rent). The rent for a 1-bedroom apartment in Birmingham’s City Centre is approximately £744 British Pounds per month or about £569 British Pounds outside of the City Centre; while rent for a 3-bedroom apartment inside Birmingham’s City Centre is around £1,364 British Pounds per month or about £901 British Pounds monthly outside of the City Centre.
Manchester (England) – The monthly costs (excluding rent) for a single person living in Manchester is around £700 British Pounds, while the monthly costs (excluding rent) for a family of four living in Manchester is about £2,459 British Pounds. In regards to housing, the cost of rent for a 1-bedroom apartment in Manchester’s City Centre is approximately £863 British Pounds per month or around £581 British Pounds outside of the City Centre; while rent for a 3-bedroom apartment inside Manchester’s City Centre is about £1,475 British Pounds per month or around £959 British Pounds monthly outside of the City Centre.
Leeds (England) – An individual living in Leeds will have monthly costs (excluding rent) of about £645 British Pounds, whereas a family of four living in Leeds might expect monthly costs (excluding rent) of around £2,255 British Pounds. The cost of rent for a 1-bedroom apartment in the City Centre of Leeds is approximately £744 British Pounds per month or around £521 British Pounds monthly outside of the City Centre. Rent for a 3-bedroom apartment in the City Centre of Leeds is about £1,293 British Pounds each month or around £866 outside of the City Centre.
Glasgow (Scotland) – A person living in Scotland’s largest city of Glasgow may have monthly costs (excluding rent) of approximately £616 British Pounds, compared to a family of four living in Glasgow which might have monthly costs (excluding rent) of around £2,187 British Pounds. Living in a 1-bedroom apartment located in Glasgow’s City Centre will cost about £691 British Pounds monthly or approximately £485 British Pounds per month outside of the City Centre; whereas the monthly rent for a 3-bedroom apartment in Glasgow’s City Centre costs about £1,214 British Pounds or around £832 British Pounds outside of the City Centre.
Liverpool (England) – An individual living in Liverpool could expect to have monthly costs (excluding rent) of around £650 British Pounds, while a family of four living in Liverpool might have monthly costs (excluding rent) of about £2,286. In terms of housing, renting a 1-bedroom apartment in Liverpool’s City Centre will cost approximately £653 British Pounds per month or around £507 British Pounds monthly if outside of the City Centre.
Sheffield (England) – Someone living in Sheffield could have monthly expenses (excluding rent) of approximately £623 British Pounds, compared with a family of four that might have monthly costs around £2,154 British Pounds. An individual renting a 1-bedroom apartment in Sheffield’s City Centre may pay rent of about £631 British Pounds per month, but only pay around £498 British Pounds if living outside of the City Centre. By comparison, the monthly rent for a 3-bedroom apartment in Sheffield’s City Centre costs approximately £1,130 British Pounds, but outside of the City Centre the rent is about £731 British Pounds.
Belfast (Northern Ireland) – A person living in Belfast might have monthly costs (excluding rent) of around £596 British Pounds, while a family of four living in Belfast may have monthly expenses (excluding rent) of about £2,159 British Pounds. The rent for a 1-bedroom apartment in Belfast’s City Centre is approximately £612 British Pounds per month or around £473 British Pounds outside of the City Centre. The cost of monthly rent for a 3-bedroom apartment inside of Belfast’s City Centre is around £1,228 British Pounds, however, outside of the City Centre the rent only costs about £723 British Pounds per month.
Cardiff (Wales) – One person living in Cardiff will have estimated monthly expenses (excluding rent) of around £646 British Pounds, compared with a family of four that might have monthly expenses (excluding rent) of about £2,151 British Pounds. Renting a 1-bedroom apartment in Cardiff’s City Centre costs about £697 British Pounds per month or around £519 British Pounds monthly if outside of the City Centre. This is compared to the monthly rent for a 3-bedroom apartment located in Cardiff’s City Centre which costs approximately £1,141 British Pounds or about £857 British Pounds outside of the City Centre.
Reading (England) – An individual living in Reading could have monthly costs (excluding rent) of about £716 British Pounds, whereas a family of four might have monthly expenses (excluding rent) of around £2,511 British Pounds. A 1-bedroom apartment in Reading will rent for approximately £942 British Pounds per month in the City Centre or about £837 British Pounds monthly outside of the City Centre. If you need more space, a 3-bedroom apartment in the City Centre of Reading will cost around £1,657 British Pounds each month, while the cost of renting a 3-bedroom apartment outside of the City Centre is approximately £1,328 British Pounds per month.
Edinburgh (Scotland) – Someone living in Edinburgh will need an estimated £673 British Pounds for monthly expenses (excluding rent), while a family of four might require £2,370 British Pounds per month for expenses (excluding rent). Renting a 1-bedroom apartment in the City Centre of Edinburgh generally costs £823 British Pounds per month, but the rent outside of the City Centre is only about £658 British Pounds each month. A 3-bedroom apartment in the City Centre of Edinburgh rents for around £1,542 British Pounds per month, however, a 3-bedroom apartment outside of the City Centre has a monthly rent of about £1,174 British Pounds.
Bristol (England) – One person living in Bristol could expect to pay approximately £667 British Pounds monthly for expenses (excluding rent), while a family of four may have about £2,313 British Pounds in monthly expenses (excluding rent). The monthly rent for a 1-bedroom apartment in Bristol’s City Centre costs around £926 British Pounds, but outside of the City Centre the rent is around £755 British Pounds per month. Renting a 3-bedroom apartment in the City Centre of Bristol will generally cost about £1,606 British Pounds each month, while the monthly rent will only be around £1,261 outside of the City Centre.
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