The UK economy is benefiting disproportionately from globalisation. We are the
world’s fourth largest trading nation and second largest foreign investor. Trade
represents over 40% of our GDP, twice that of the US or Japan. Inward investment
into the UK has created 815,000 jobs to date and accounts for nearly 30% of net
manufacturing output. We are particularly strong in business and financial
services, telecoms and media - sectors that thrive on globalisation.
Improved governance is another potential benefit of globalisation. Better
communications technology, and particularly the Internet, mean governments can
more easily be held to account, allowing greater scrutiny of government spending
by citizens. This also applies to businesses, enabling better oversight of UK
assets overseas. Information technology can also be used to promote innovative
programmes and play a key role in the work of environmental, human rights and
poverty reduction NGO's.