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Gradually falling from its dominance as a world provincial power the United Kingdom retains much of that power through the development of financial and insurance industries. The country works with an economic model that has come to be known as the Anglo-Saxon model , which is based on a free market, liberalism and low taxation. Given the United Kingdoms past industrial history it is a surprising evolution from coal and shipping to services as an economic base. In 2005, the countrys GDP was made up of 73 percent services, such as banking, insurance and tourism.