During the past, in the U.K, the revenues from slavery and the slave trade filtered back into the Great Britain economy in indirect ways, the insurance companies, bankers, and financial institutions all participating as active traders for investment. The British manufacturing industry, according to historians, received the extra spur of a large foreign trading basin that stimulated investors to increase productivity and bring in new knowledge and skills such as economies of scale, large-scale production to meet this extra demand.
International Trade is capable of having an impact on growth and growth can make it probable for countries to decrease inflation, unemployment and poverty, and additional troubles which the economies are facing. In fact, these are some of the major problems of every economy. The quick effects are based on a country’s existing economic policies, but the ultimate effects depend on the correct changes in the policies and strategies. Now the U.K has bilateral trade agreements with almost every country of the world which can help it to implement existing expansion plans and to generate chances for more and more striving goals. To safeguard the possible gains from trade for development so, the retort to trade agreements have to be reinforced by corresponding procedures.
The implication about the impact of trade liberalization on poverty can be strained. Though, this possibly may be traced to workings of changes additional to trade developments.
Hypothetically, the impacts of trade liberalization on poverty are vague. It also has an effect on the balance of payments such as balance of payments on the current account, balance of payment on capital account, and balance of payment for official financing and this result as an effect on exchange rates. The United Kingdom has three accounts for the Balance of Payments.