Методические указания по изучению английского языка на 3 курсе заочного факультета. Якушева И.В - 42 стр.

                                    Manufacturing
    Britain is today a leading manufacturer and exporter of mechanical and elec-
trical plant and equipment, radio and electronic equipment, motor vehicles and
components, aircraft, aeroengines, chemicals, textiles and many other goods.
Manufacturing accounts for more than 80 per cent of visible exports and about a
quarter of national industries. Over 28 per cent of employers work in manufactur-
ing.
    The main growth industries in recent years have been electronic engineering,
chemicals, instrument engineering, food, drink and tobacco, and paper, printing
and publishing.

                        Finance and Banking in Great Britain
    Public sector finance comprises the transactions of central and local govern-
ment and the public corporations. Expenditure taxes yielded 41 per cent of central
government revenue on current account, income taxes 34 per cent, and national
insurance contributions paid by employers and employers 15 per cent. Local au-
thorities' revenue derives mainly from government grants, loans and rates, a form
of local property tax. Most of the public corporations' borrowing requirement is
met by the Government but they also borrow directly in foreign currencies.
    Taxes on income comprise income tax, corporation tax and petroleum revenue
tax. Taxes on individual incomes are progressive in that, larger incomes bear a
proportionately higher rate of tax. In general, income tax is charged on all income
which has its origin in Britain and on all income arising abroad of people resident
in Britain. Companies pay corporation tax on their profits, whether distributed or
not; investment and other allowances reduce the tax burden considerably so that,
in this respect Britain compares favourably with many of the more traditional tax
havens.
    Taxes on capital comprise capital gains tax, capital transfer tax and develop-
ment land tax.
    Expenditure taxes are largely excise duties on, for example, petrol and diesel
road fuel, tobacco and alcohol, and a value added tax on a wide range of goods
and services.
    The Bank of England, Britain's Central bank, is concerned with foreign ex-
change policies, management of the domestic currency and - as agent for the
Government - the foreign exchange reserves, and supervision of the banking sys-
tem within Britain. The Bank acts as banker to the Government and commercial




                                        42