从制造业到服务业的重大转变使得经济随着全球化和技术进步的步伐迅速发展（BIS，2012）。制造业发生重大变化，经历低工资竞争和技术适应，导致全球产品价格下滑，但服务上涨。自1978年以来，制造业劳动力大幅下降约60％，但总产出却随着时间的推移而增加。根据ONS（国家统计局）的统计，英国在2012年的制造业就业岗位只有8％，而1978年为25％。虽然制造业的份额仅在2013年则从1948年的36％下降到10％，但总产出或生产水平连续上涨2.8％（ONS，2014年）。服务业增长几乎翻了一番，在英国提供最大的就业机会（Michael and Banks，2014）。
A significant shift from manufacturing to services has made the economy to grow rapidly with the pace of globalization and technological advances (BIS, 2012). Significant changes in manufacturing, experiencing low-wage competition and technology adaptation have resulted in fall in global prices of product but in services it went up. Since 1978, there has been a significant fall in workforce of about 60% in manufacturing sector, however total output has increased over the time. According to ONS (Office for National Statistics), UK jobs in manufacturing in 2012 is just 8% as compared to 25 % in 1978. Though share of manufacturing sector has fallen to 10 % only in 2013 from 36% in 1948, but total output or production level has grown continuously by 2.8% (ONS, 2014). It is almost double from the growth in service sector which provides maximum employment in the UK (Michael and Banks, 2014).
Development of Inflation over years
For any economy, inflation is very important indicator of economic growth as it represents changes or stability in the price of goods or services. Inflation directly gets affected with central bank’s decisions towards monetary policies, fiscal policies or any other policies. For any central bank, it is important to keep the inflation rate closer to the rate targeting for stability. In order to calculate inflation, Consumer Prices Index (CPI) is used by central banks considering the prices of specific items where consumer spending are higher on energy, food and clothing etc (World Bank, 2013).