Chambre de Commerce - Fiche d'information pays Dernière mise à jour: 07.02.2017
The United Kingdom has historically played a leading role in developing parliamentary democracy and in advancing literature and science. At its zenith in the 19th century, the British Empire stretched over one-fourth of the earth's surface. The first half of the 20th century saw the UK's strength seriously depleted in two world wars and the Irish republic withdraw from the union. The second half witnessed the dismantling of the Empire and the UK rebuilding itself into a modern and prosperous European nation. As one of five permanent members of the UN Security Council, a founding member of NATO, and of the Commonwealth, the UK pursues a global approach to foreign policy. The UK is also an active member of the EU, although it chose to remain outside the Economic and Monetary Union. The Scottish Parliament, the National Assembly for Wales, and the Northern Ireland Assembly were established in 1999. The latter was suspended until May 2007 due to wrangling over the peace process, but devolution was fully completed in March 2010.
The UK was an active member of the EU from 1973 to 2016, although it chose to remain outside the Economic and Monetary Union. However, frustrated by a remote bureaucracy in Brussels and massive migration into the country, UK citizens on 23 June 2016 narrowly voted to leave the EU. The so-called “Brexit” will take years to carry out but could be the signal for referenda in other EU countries where skepticism of EU membership benefits is strong.
Growth has slowed, and is projected to be 1¾ per cent in 2016. Uncertainty about the outcome of the end-June 2016 referendum, which could lead to an exit of the United Kingdom from the European Union (Brexit), has undermined growth. This projection assumes that the United Kingdom remains in the European Union, in which case growth is projected to pick up in the second half of 2016 and then stabilise in 2017. The unemployment rate has fallen to around 5%. The current account deficit has reached 7% of GDP, the highest level on record, increasing vulnerabilities.
Fiscal consolidation is planned to continue, but its pace will ease to below 1% of GDP per year over the projection horizon, which is appropriate given a weaker economic outlook. Capacity pressures have abated and should remain contained, but the recent exchange rate depreciation will push up prices. This projection assumes interest rate normalisation will start in early 2017.
Productivity has been exceptionally weak since 2007, and reviving it is essential to sustain growth and living standards. Fiscal decentralisation and greater infrastructure investment would support capital stock accumulation and better use of resources. Better matching of skills to jobs and higher skill levels would also lift productivity. Financial conditions have improved for businesses, but as markets tighten more rapid exit of non-viable businesses would make room for new, more innovative businesses.
Source: OECD - Economic Forecast
Source: IMF Statistics - United Kingdom
Le Luxembourg et le pays
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 24.05.1967 (Memorial 1968, A, p. 107 )
- Effective as of 07.03.1968 (Memorial 1968, A, p. 590)
- Exchange of Letters dated 07/03/1968 (Memorial 1968, A, p. 589 and ff.)
- Amendment to the Convention from 18.07.1978 (Memorial 1980, A, p. 382 )
- Effective as of 05.21.1980 (Memorial 1980, A, p. 904)
- Second Amendment to the Convention from 28.1.1983 (1983 Memorial,
A, p. 2226 )
- Effective as of 19.03.1984 (Memorial 1984, A, p. 366)
- Third Amendment to the Convention and Exchange of letters from 02.07.2009
- Act from 31.3.2010 (Memorial 2010, A, no. 51, p. 830 et )
- Effective as of 15.4.2010 (Memorial 2010, A, no. 97, p. 1797)
Air Services agreement
- Exchange of Notes from 24/27.5.1948
- Effective as of 27.5.1948
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in United Kindom
Embassy of the Grand Duchy of Luxembourg in United Kingdom
Mr. Patrick ENGELBERG
27, Wilton Crescent
GB-London SWIX 8SD
Tel: +44 20 7235 69 61/62/63
Fax: +44 20 7235 97 34
Honorary Consul of Luxembourg to Scotland:
Mr John HILLIEREdinburgh Quay
Edinburgh EH3 9QG
Tel. +44 131 270 3001
Honorary Consul of Luxembourg to Ireland:
Mr Noel KIERANSSuite 30
The Mall Beacon
Tel: +353 1 29 34 980
Fax: +353 1 29 34 972
Country risk as defined by Office du Ducroire for United Kingdom
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Other Useful Links:
- CIA World Factbook on United Kingdom
- Doing Business in the UK
- Le Royaume-Uni sur le site de l'AWEX
- Das ist Großbritannien
- Présentation du Royaume-Uni par trésor
La Chambre de Commerce et le pays
Evénements à venir
- 11.04.2016 - 12.04.2016