Gross Domestic Product (GDP) figures are estimated (using a variety of means) for independent nations, and used to measure and compare aggregate (total) wealth between countries.

Since England is not an independent state, but constitutes one of the four major nations of the UK (along with Scotland, Wales, and Northern Ireland), there are fewer internationally comparable figures available.

Various inflationary pressures, perhaps due to an influx of New World gold and a rising population, set the stage for social upheaval, with the gap between the rich and poor widening.

This was a period of significant change for the majority of the rural population, with manorial lords beginning the process of enclosure of village lands that previously had been open to everyone.

The original Royal Charter of 1694, granted by King William and Queen Mary, explained that the Bank was founded to ‘promote the public Good and Benefit of our People’.

In the high culture important innovations included the development of a mass market for music, increased scientific research, and an expansion of publishing.

Its industrialists were major innovators in machinery such as steam engines (for pumps, factories, railway locomotives and steamships), textile equipment, and tool-making.

[58] English merchants, shippers and bankers developed overwhelming advantage over those of other nations allowing the country to dominate international trade in the 19th century.

London has been named as the fastest growing technology hub in Europe, with England having over 100 unique tech companies with a value of $1 billion or more.

[73] A report by EY highlighted the importance of London to the UK's FinTech industry in terms of availability of expertise and demand for services.

[99][100] Manchester is the largest financial and professional services sector outside London and is the mid tier private equity capital of Europe.

[110] English companies with a major presence in the industry include BAE Systems and Rolls-Royce (the world's second-largest aircraft engine maker).

[111] European aerospace companies active in England and the UK include Airbus, whose commercial aircraft, space, helicopter and defence divisions employ over 13,500 people.

[116][117] England remains a key player in the aerospace, defence, pharmaceutical and chemical industries, and English companies worldwide continue to have a role in the sector through foreign investment.

[120] England is home to Hornsea 2, the largest offshore wind farm in the world, situated in waters roughly 89 kilometres off the coast of Yorkshire.

However, the opportunity for the customer to browse merchandise, touch and feel products began to be available, with retail innovations from the late 17th and early 18th centuries.

[134] Accordingly, from the 17th century, the term "High Street" gradually assumed a narrower meaning and came to describe thoroughfares with significant retail in large villages and towns.

Because 75% of goods bought in the United Kingdom are made overseas, the sector only accounts for 5.7% of gross value added to the British economy.

[138] Online sales account for 22% of retail spending in the UK, third highest in the world after China and South Korea, and double that of the United States.

England has a rich history in areas such as architecture, tradition, art and sport and is home to over 1,600 museums, most free of charge to visit.

Light rail and tram travel also continued to grow, to the highest level (0.3 million journeys) since comparable records began in 1983.

During the age of steam locomotion, the economy in England strove to develop reliable technology for powering high-speed rail services between major cities.

[154] Since 2019 construction has been ongoing on a major new purpose-built high-speed rail line, High Speed 2 (HS2) which will link London with Birmingham at 224 mph (360 km/h) and reduce journey times to Scotland.

T Levels are apprenticeship based qualifications in England developed in collaboration with employers and businesses so that the content meets the needs of industry and prepares students for the labour market.

[195][196] The UK publishing sector, including books, directories and databases, journals, magazines and business media, newspapers and news agencies, has a combined turnover of around £20 billion and employs around 167,000 people.

[211] Typical industry areas include digital and creative, financial, legal and business services, biotechnology, advanced manufacturing, environmental technologies, tourism, global sports brands, media and real estate.

[216] Public administration, education and health are combined, the single largest employment sector within Liverpool's economy, accounting for approximately 40% of all jobs in the city.

Birmingham is an important manufacturing and engineering centre, employing over 100,000 people in the industry and contributing billions of pounds to England's economy.

Research at the University of Birmingham, both theoretical and practical has contributed to the success of the city and the West Midlands region and had worldwide impact for more than a century.

Newcastle played a major role during the 19th-century Industrial Revolution, and was a leading centre for coal mining, shipbuilding, engineering, munitions and manufacturing.