Question:

Looking for brief overview of Economy of London

by Guest7  |  7 years, 7 month(s) ago

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Please tell me about economic condition of London, actually I am an under graduate student of economics and I need some information about economy of London for writing my research report, please help me, thanks.

 Tags: brief, Economy, London, Looking, overview

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1 ANSWERS

  1. Julia

     The City of London is the world's major financial centre  as it generates approximately twenty  percent of the UK's GDP while the economy of the London metropolitan area—the largest in Europe—creates round about 30 per cent of the UK's GDP . London is one of the famous financial points of the world and considered as an important location for international finance. The largest industry of London is finance, and its financial exports  give it a position as one of the larger contributor in the UK's balance of payments. Approximately 325,000 people were employed in financial services in London and city has more than 480 overseas banks. Recently 85 percent of the employed population of London is doing jobs in the services industries.

    Because of its important role in the glob of the world, London's economy has been influenced by the late-2000s financial crisis. The City of London calculates that 70,000 jobs in finance will be cut within a year. The City of London is one of a base destination of the Bank of England, London Stock Exchange, and Lloyd's of London insurance market.

    More than half of the UK's top ranking companies and more then hundred of Europe’s largest companies are established in Central London. More than 70 per cent of the FTSE are present within London's metropolitan area, and 75 per cent of Fortune 500 companies have offices in London.

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