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The UK economy is made up (in descending order of size) of the economies of England, Scotland, Wales and Northern Ireland. The British started the Industrial Revolution, and, like most industrializing countries at the time, initially concentrated on heavy industries such as shipbuilding, coal mining, steel production, and textiles.

The empire created an overseas market for British products, allowing the United Kingdom to dominate international trade in the 19th century. However, as other nations industrialized, coupled with economic decline after two world wars, the United Kingdom began to lose its competitive advantage and heavy industry declined, by degrees, throughout the 20th century. The British service sector, however, has grown substantially, and now makes up about 73% of GDP. London is a major centre for international business and commerce and is the leader of the three "command centres" for the global economy (along with New York City and Tokyo). In recent years, the UK economy has been managed in accordance with principles of market liberalization and low taxation and regulation.

The service sector of the United Kingdom is dominated by financial services, especially in banking and insurance. London is the world's largest financial centre with the London Stock Exchange, the London International Financial Futures and Options Exchange, and the Lloyd's of London insurance market all based in the City of London. It has the largest concentration of foreign bank branches in the world. In the past decade, a rival financial centre in London has grown in the Docklands area, with HSBC and Barclays Bank relocating their head offices there.

Many multinational companies that are not primarily UK-based have chosen to site their European or rest-of-world headquarters in London: an example is the US financial services firm Citigroup. The Scottish capital, Edinburgh, has one of the large financial centres of Europe.