Introduction to Culture and Society Week 6_Business in the U.K.

A. Discussion
1. What are the basic advantages and disadvantages to Britain of joining the European Monetary
Union?
The advantages of Britain joining the European Monetary Union may include easier trade,
increased economic stability, and facilitation of travel and business within the Eurozone.
Disadvantages might involve loss of control over monetary policy, potential impact on national
sovereignty, and economic constraints imposed by Eurozone regulations.
2. In the mid-1980s almost 90 percent of the British workforce said they were satisfied with
their work situation. Ten years later a survey suggested that over 60 percent would happily give up
their job if they could afford to do so. Can you suggest any possible reasons for these contrasting
statistics?
The contrasting statistics regarding job satisfaction in Britain over the years could be
attributed to factors such as changes in economic conditions, job security, wage levels, work-life
balance, advancement opportunities, and overall job quality.
3. “British economy is partly controlled by the government and partly left to market force.” Compare
this to the situation in Vietnam.
In Britain, the economy is a mix of government intervention and market forces, while
Vietnam's economy tends to have a stronger government presence in controlling and regulating
economic activities, with less reliance on market mechanisms.
4. Are class divisions in British society real or imagined?
Class divisions in British society can be considered both real and perceived. While there are
measurable differences in income, education, and opportunities among various social classes,
perceptions of social class can also play a role in shaping individual and collective identities and
experiences.
B. Fill in the table with the following events
1. A new Labor government fully nationalized the Bank of England, civil aviation, telephone
networks, railways, gas, electricity, and the coal, iron and steel industries, affecting 2.3
million workers.
2. The Great Recession ended (2009)
3. Tony Blair ran on a platform of New Labor which was characterized largely by the
continuation of neo-liberal economic policies, but also supporting a strong welfare state,
a combination of socialist and capitalist policies, being dubbed 'Third Way'.
4. Black Wednesday (1992)
5. The collapse of Northern Rock
6. Brexit (2020)

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Introduction to Culture and Society Week 6_Business in the U.K.

7. The forming a new government of Margaret Thatcher’s Conservative Party marked a new
period of neo-liberal economics.
8. The UK recorded weaker growth than many other European nations due to oil crisis,
stock market crash and the secondary banking crisis.
Time Events
1945-1979 18

1979-1997 74

1997-2009 532

2009-2020 6

C. Quick check
1. When people talk about “the City of London” or “the Square Mile”, what aspect of London are
they referring to?
A. Banking and finance B. Industry
C. Shopping D. Restaurant

2. Which of the following is NOT true about the trend of economic system in the U.K. from 1980?
A. The government let the “market forces” rule.
B. The government restrict the freedom to busioness as little as possible.
C. The government turned the state-owned companies into companies owned by individual
shareholders.
D. The government nationalized a large number of companies.

3. True or False:
a. The English bank notes have 5 denominations of 100, 50, 20, 10 and 5 False (no 100)
b. The pound is made up of 100 pence. True

4. Find the word or phrase in Chapter 15 which is used to mean or describe:

a. the tax added to something you buy: VAT (value-added tax)
b. the system whereby income tax is deducted from your pay before you get it: PAYE (Paid as you
earn)

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Introduction to Culture and Society Week 6_Business in the U.K.

c. the system of money used in Britain until 1971: LSD (pound, shillings and pence)
d. the process of turning state-owned companies into companies owned by individual members of
the public privatization
e. public organizations whose job is to monitor and regulate the behavior of certain companies (e.g.
utility companies and telecommunications companies) Watchdog Organization