The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurmore..ance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, the CAMERON government in 2010 initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. The Bank of England periodically coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).
Note made possible through a donation by Richard Sutherland
10 Pounds
PNL
10-Shillings Wales's Banknote Pick#: PNL Date: 1969 view full details
Wales 1969 10 Shillings (Deg Swllt).
Menai Straits Bridge at top.
Prince of Wales' feathers emblem at top left.
A lamb at bottom left.
2 Pence duty stamp at right. - Scan donated by Aidan Work
10-Shillings Wales's Banknote Pick#: PNL Date: 1969 view full details
A painting of a castle & dockside scene. - Scan donated by Aidan Work
Wales 1969 1 Pound (Un Bunt).
Menai Straits Bridge at top.
Prince of Wales' feathers emblem at top left.
A sheep at bottom left.
2 Pence duty stamp at right. - Scan donated by Aidan Work
A painting of a castle & dockside scene. - Scan donated by Aidan Work
1 Pound
PNL
1969
5-Shillings Wales's Banknote Pick#: PNL Date: 1969 view full details
Wales 1969 5 Shillings (Bum Swllt).
Specimen & error.
Menai Straits Bridge.
A snorting bull's head at right.
Prince of Wales' feathers emblem at top left.
2 Pence duty stamp at left. - Scan donated by Aidan Work
5-Shillings Wales's Banknote Pick#: PNL Date: 1969 view full details
'5' in central panel.
'5' in each corner.
Printed off-centre on the back. - Scan donated by Aidan Work
Wales 1970 10 Pounds (Ddeg Punt).
Cardiff Castle scene.
A Red Dragon at top right.
A 2 Pence duty stamp at right.
A black sheep at bottom left. - Scan donated by Aidan Work
