ABSTRACT This study is a qualitative investigation of the role of the United Kingdom‘s protectionist measures in the performance of the British retail sector during the recent financial crisis. The key research objectives addressed include: the description of the British governmental policy towards the retail sector; the description and critical analysis of the performance of UK’s retail sector during the global financial crisis; identification of the link between state policy and retail sector performance during the crisis; identification of the problems and challenges that emerged in the UK retail sector experience as well as the pitfalls in state policy during and after the crisis; int…
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The data are used in an extensive review of literature and as comprehensive resources that informed the analysis and the discussion of the study. While the findings are not definitive, this study's investigation was able to provide suggestive details supporting the positive relationship between the UK protectionist measures and the performance or the survival of the retail sector after the crisis struck British shores. The impact of the financial crisis especially on the future developments and trends in the UK retail sector was also identified. This was based on the expected response on the part of the policy networks and the industry decision makers. Several problems were also cited both on the part of the government and its policies; and, on the side of the retail industry. The study was able to propose possible solutions and modifications to existing policy attitudes towards the retail sector based on t he lessons learned from the financial crisis experience. INTRODUCTION The retail sector is an important component of the United Kingdom’s economy. A prominent part of the industry is the British Petroleum, ranked second in the European continent and the biggest industrial incorporation in the UK. The sector also include the vibrant mechanical engineering and manufacturing sectors, which are both important in the British export output (Hiles, 2010, p.39-46) Then, there is the financial institutions such as investment firms and the banking institutions, which serves one-tent of the global financial requirements. The aggregate turnover of the entire retail sector accounts for a significant portion of the country’s gross domestic product (GDP). The sector ranks fourth in the global trade market. It is a leading player in the European Union and that it is one of the largest industries in the whole of Britain. It is not surprising, hence, when the British government provides it with special protective measures because any instability can result to a crippling effect to the entire economy (HM Treasury, 2009, p.23-25). This is particularly highlighted during the series of financial crises that hit the world in the past decade. For instance, when the 2008 financial crisis that originated in America spilled over across the globe, the British consumption experienced some disturbance. The retail sector was hit as the economy immediately contracted by 0.5 percent (UK Parliament, 2009, p.139). The consumer attitude and purchase behavior showed signs of dampening, which can affect the sector in the next few years or so. In a recent survey by Data Monitor, it was found that 90 percent of the British consumers believe that the country is in recession and that 47 percent reported a worsening of personal financial situation (Market Watch, 2009, p.73). The report found that majority of the consumers is in the process of making changes to their lives and purchasing behavior and that previous purchasing patterns can only be maintained
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Starting from the 70's, oil production not only has reduced imports of petroleum products, but also brought substantial gains in trade. British Petroleum is the largest industrial corporation and the UK ranks second in Europe. Britain provides 10% of world exports of services.
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Their shopping habits have changed, and they have become more cautious about spending on leisure. Fig.1Shopping Values (Credit Crunch and Financial Crisis Effect on Consumer Buying Behaviour 2005). 2. Job uncertainty- Consumers experience a lot of pressure on their job security.
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In specific, a huge number of financial markets are still coping with the effects of financial crisis. Particularly, governments have played a significant role in supporting its financial markets to survive in midst of such financial crisis. In the British economy, retail sector enjoys noteworthy importance due to its contribution in GDP of the country.
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ut UK Retail Banking 4.2 Roles and Impact of the Financial Services Authority (FSA) 4.3 Results of 2010 UK Retail Banking Satisfaction Survey 4.4 Results of 2010 UK and Europe Retail Banking Market Survey 4.5 Results of Web Survey of 1,000 Bank Customers 4.6 Results of Telephone Survey of Barclay Life Customers in the Past 4.7 Results of an Industry Study of Internal Marketing of UK Retail Banks Chapter 5 - Conclusions Chapter 6 - Recommendations 6.1 Limitations of Recommendations 6.2 Room for Further Research References Appendix Abstract This project unveils the global economic situation as well as the UK economic conditions behind the UK Retail Banking industry problems with customer satisf
They have made the society to be increasingly integrated into a single community. The sharing of information and products has greatly affected the standards of living of individuals. Populations that did not have access to quality products previously have had a chance to benefit from the same through the free flows of products across the globe.
obal Financial Crisis on the Automobile Sector in the United Kingdom 22 2.3 The Future of the Automobile Sector in the United Kingdom 26 2.4 Summary of the Literature Review 28 CHAPTER 3: RESEARCH DESIGN AND METHODS 29 3.1 Introduction 29 3.2 Research Philosophy 29 3.3 Research Approach 31 3.3.1 Deductive approach 34 3.3.2 Inductive approach 35 3.4 Research Design and Research Plan 35 3.5 Data Collection Methods 36 3.5.1 Secondary Data Collection 37 3.6 Data analysis and presentation 37 3.7 Limitations of this research 38 3.7.1 Validity 38 3.7.2 Reliability 39 3.7.3 Capacity for Generalisation of Research and its Conclusions 39 3.8 Ethical Considerations 39 3.8.1 Ethical Issues of the Researc
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