External Business Environment Assignment Example | Topics and Well Written Essays - 3500 words

External Business Environment - Assignment Example The industries dominating the UK economy include the service sector, the automotive sector, and the pharmaceutical industry. The service sector, in particular, contributes more than three-quarters of the country’s GDP, with the booming services within the industry being the financial and aerospace. Being the first county to adopt industrialization, the country boasts of one of the largest globalized economies of the world, and the city of London plays an instrumental role as the business hub for this economic giant. The UK is part of the G8, which is a group of some of the leading economies in the world in terms of economic strength and power. The UK has an elaborate tax system that promotes both internal and foreign investments within the country. So far, the UK boats of being the leader in the following industries across the world, owing to its policies and attractive strategies geared at enticing investors within the country. One, London City is the Hub of financial services in the world, owing to the elaborate banking system adopted by the country, and evidenced by some of the leading multination banking corporations in the world such as the Barclays Bank, and the Standard Chartered Bank. Second, is the Barclays Premier League, adopted after the main sponsor, Barclays Bank, which is the most followed football league in the entire globe. The UK always comes up with economic policies that promote business activities and investments within the country. The hospitality industry plays a major role in the UK economy as it contributes almost 25% of the GDP of the country, comprising of companies such as clubs, hotels, restaurants, leisure outlets and holiday resorts. The Intercontinental Hotels and Resorts is one of the major hotel groups in the UK, with an international disposition of its chains of hotels and resorts across various countries and cities of the world. As such, as a leading hotel group in the United Kingdom, the economic policies set by the government affect its operations adversely, either positively or negatively.  Ã‚