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Exercise 6. Match the word with its definition.
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Finance house (company), financial institution, financier, finance, financial year, financial instrument, financial, financial futures, financial capital,
financial intermediary, financial accountant.
1. capital involved in a project loan of money for a particular purpose.
2. organization providing finance for hire-purchase agreements.
3. accountant whose primary responsibility is the management of the
finances of an organization and the preparation of its annual accounts. Financial adviser.
4. the liquid as opposed to physical assets of a company.
5. futures contract in currencies or interest rates.
6. an organization that collects funds from individuals, other
organizations or government agencies and invest these funds or lends them on to borrowers.
7. formal financial document.
8. bank, building, society, finance house, insurance, company, investment trust etc. that holds funds borrowed from lenders in order to make loans to borrowers; sometimes you can call so an organization that sells insurance but is not directly employed by an insurance company.
9. any year connected with finance, e.g. a company's accounting period or a year for which budgets are made up; it is a specific period relating to corporation tax.
10. ratios between particular groups of the assets or liabilities of an
enterprise and corresponding totals of assets or liabilities; or between assets and liabilities and flows like turnover or revenue.
11. person who uses his one money to finance a business deal or venture or who makes arrangements for such a deal.
TEXT 8. GR. BRITAIN ECONOMY. HOW IT ALL STARTED
The end of the 18th century witnessed some of the most profound political changes in British history. These changes included the loss of the American colonies in 1776 after a seven-year war and the revolutions in agriculture and industry.
The Industrial Revolution is the name given to the period beginning in the second half of the 18th century in which industry was transformed from hand-work at home to machine-work in factories. The driving force behind this development was the increase in population and the consequent increase in demand for products. This was only made possible, however, by a series of inventions such as the steam-engine.
The Industrial Revolution in Victorian Britain entered its second stage: new industries were developed, new factories were built, Britain's products were exported all over the world. And it was during Queen Victoria's reign that Britain became known as «the workshop of the world».
Life in the new factories and towns was one terrible hardship. Men, women, and children worked fifteen or sixteen hours a day in dangerous, unhealthy conditions for poor wages and lived in dirty slums. At the same time, the working classes were becoming organized. In the last quarter of the century, there was a massive increase in trade unionism. Parliament was forced to come to terms with the new social conditions. The Reform Act of 1832, which granted the franchise to tenants of land, was followed by other urgently needed social reforms: the creation of the police force; free compulsory education (1870); legal recognition of trade unions.
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World War I was followed by a period of severe hardship. It was a time of great social unrest and mistrust between the various classes. Unemployment was high, wages low and there were numerous strikes, including a General Strike in 1926 by all the unions in an unsuccessful attempt to stop the owners of the coalmines cutting miners' wages.
The Great Depression of the 1930s actually began with the collapse of the American financial markets (the Wall Street crash) in 1929. In Britain unemployment reached huge proportions: over three million people, out of a total workforce of 14 million, were out of work.
World War II had cost Britain more than a quarter of its national wealth. After the war the Labour government, using the planning experience gained during the war, nationalized the railways and the coal, steel, shipbuilding, gas and electricity industries, and extended the social services provided by the state to include such things as insurance against unemployment, sickness and old age, and free medical care for everyone (NHS, National Health Service). This legislation came to be known as the Welfare State.
There then followed a period of economic growth and prosperity. During the 1950s, there was a period of massive growth in the private sector, above all in the newer industries, particularly car and aircraft production, and wages increased by 40%. Most families could now afford a car, fridge, and a television set, and people began to talk of an affluent society. By the start of the 1960s, however, production was beginning to slow, while wages and prices continued to rise.
The main problems faced by the Government were economic, and it adopted the severest measures, including wage freezes and a 14% devaluation of sterling, in an unsuccessful attempt to overcome the difficult economic situation. And it was not until the International Monetary Fund began a rescue operation at the end of 1976 that a dramatic recovery got underway. This recovery was also due to the high levels of oil production reached in the North Sea.
Margaret Thatcher — the Iron Lady, as she was called — was elected Prime Minister in 1979, and the Thatcher «revolution» started and dominated the decade. Budgets throughout the 1980s have reduced income tax, and state-owned facilities such as water and British Gas have been handed over to voters. Britain has enjoyed great possessions of knowledge, wealth, and communications. Mrs Thatcher once said she wanted Britain to make a return to Victorian values. In many respects, the country has. Most significant is Mrs Thatcher's creation of a new breed of Briton. Using the driving forces of greed and selfishness, Mrs Thatcher appealed to many voters for the simple reason that they wanted more money in their pockets, more home ownership, more of everything. And after a decade of Thatcherism people have really become better off.
Notes and Commentary
Victorian Britain — Великобритания времен королевы Виктории Queen Victoria — королева Виктория (1819—1901); правила Великобританией с 1837 г. по 1901 г.
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General Strike — Всеобщая забастовка 3—13 мая 1926 г.; была организована для поддержки шахтеров
the Great Depression — «великая депрессия», наступившая после биржевого краха на Уолл Стрит в Нью-Йорке; кризис, охвативший США в тридцатые годы прошлого столетия
the Wall Street crash — биржевый крах на Уолл Стрит в Нью-Йорке
the Labour government — правительство, образованное после победы на
выборах партии лейбористов — одной из двух крупнейших партий Великобритании
the National Health Service (NHS) — Государственная служба здравохранения Великобритании
the Welfare State — ряд мер, принятых лейбористским правительством (1945—1951) и обеспечивших социальную защиту всех слоев населения (пенсии, пособия по безработице и болезни, бесплатное образование, бесплатную медицинскую помощь и т.д.)
the International Monetary Fund — Международный валютный фонд Margaret Thatcher (the Iron Lady) — Маргарет Тэтчер (род. 1925), лидер консервативной (Conservative) партии Великобритании (1976—1990), первая женщина — премьер-министр (1979—1990)
EXERCISES
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