Interesting facts. On the edge of British coins, the letters D. G. REG. F. D. always appear after the Queen’s name. The letters stand for the Latin words Dei Gratia Regina Fidei Defensor, which means ‘By the Grace of God, Queen, Defender of the Faith’.
The Bank of England is said to be the second oldest central bank. Sweden is believed to have got there first.
I. True or False? Write True if you agree, or False if you don’t.
1. Britain was the first country to enter the Industrial Revolution
2. The seat of Lord Chancellor in the House of Lords is considered a symbol of England’s coal trade and resulting prosperity
3. The economy of the UK is essentially a capitalist economy with little government interference in private enterprise
4. The service sector is the dominant sector of the UK economy nowadays
5. National Insurance is a tax which is taken from pay for the UK’s health and social security system
II. Find the right answer. Write a, b or c.
1. The British currency is the .
a) Euro
b) pound sterling
c) English
2. Prior to decimalization the pound was divided into pence.
a) 100
b) 150
c) 240
3. The Scottish philosopher and political economist is known as the founder of the modern academic discipline of free market economics.
a) John Lock
b) John Meinard Keynes
c) Adam Smith
4. The Bank of England was founded in .
a) 1694
b) 1794
c) 1894
5. In the 19th century Britain became the first economic superpower and was called .
a) ‘the factory of the world’
b) ‘the workshop of the world’
c) ‘the workforce of the world’
6. The Exhibition of Industry of All Nations, now better known as the Great Crystal Palace Exhibition, was officially opened by HRM Queen Victoria on .
a) May 1, 1851
b) May 1, 1870
c) May 1, 1877
7. The East India Company, the world’s first and most enduring transnational corporation, incorporated by royal charter on December 31, .
a) 1600
b) 1602
c) 1616
8. The process of moving state-owned industries into the private sector is one of the defining characteristics of the era.
a) Thatcher
b) Major
c) Blair
9. North Sea oil was discovered in the early .
a) 1930s
b) 1960s
c) 1980s
10. The government organization responsible for taxation is known as .
a) the Inland Revenue
b) the Benefit Agency
c) HM Revenue & Customs
