London generates about 20 per cent of the UK’s GDP (or $446 billion in 2005), while the economy in the London metropolitan area – the biggest in Europe -generates about 30 per cent of the UK’s GDP. London is one of the pre-eminent monetary centres of the world and vies with New York City because the most significant place for international finance.
London’s biggest industry is finance, and its financial exports make it a large contributor towards the UK’s balance of payments. Around 325,000 individuals were employed in financial services in London till mid-2007. London has more than 480 overseas banks, greater than any other city within the globe. At present, more than 85% (three.2 million) from the employed population of greater London performs in the services industries. Resulting from its prominent international function, London’s economic climate has been impacted by the Late-2000s economic crisis. The City of London estimates that 70,000 jobs in finance will likely be cut within a year. The City of London is home for the Bank of England, London Stock Exchange, and Lloyd””s of London insurance marketplace.
More than half of the UK’s prime 100 listed companies (the FTSE 100) and over 100 of Europe’s 500 biggest corporations have their headquarters in central London. More than 70 per cent of your FTSE 100 are situated inside London””s metropolitan area, and 75 per cent of Fortune 500 organizations have offices in London.
In addition to expert services, media firms are concentrated in London and also the media distribution market is London””s second most competitive sector. The BBC is actually a considerable employer, though other broadcasters also have headquarters around the City. Several national newspapers are edited in London. London is often a important retail centre and in 2010 had the highest non-food retail sales of any city within the globe, with a total invest of about £64.2 billion. The Port of London would be the second-largest inside the United Kingdom, handling 45 million tonnes of cargo every year.
London has 5 big business districts: the City, Westminster, Canary Wharf, Camden & Islington and Lambeth & Southwark. One way to get an idea of their relative importance is to look at relative amounts of office space: Higher London had 27 million m2 of office space in 2001, along with the City contains essentially the most space, with 8 million m2 of office space. London has some of the highest real estate prices within the planet.
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