Thursday, 14 March 2013

Employment in London-The economy of London

About 20% of the United Kingdom’s gross domestic product (GDP), is generated in London; which was estimated at $446 billion in 2005; while the economy of the London metropolitan area (The largest in Europe), generates approximately 30% of the United Kingdom’s GDP, which was estimated at $669 billion in 2005. London is one of the leading financial centres in the world; the other one being New York in the USA.

London's largest industry is finance, and its financial exports make it a large contributor to the UK's balance of payments. Around 325,000 people were employed in financial services in London until mid-2007. London has over 480 overseas banks, more than any other city in the world. Over 85% (3.2 million) of the employed population of greater London works in the services industries. Due to its prominent global role, London's economy has been affected by the Late 2000s financial crisis. London is home to the Bank of England, London Stock Exchange and the Lloyd’s of London insurance market.

Over half of the UK's top 100 listed companies (the FTSE 100) and over 100 of Europe's 500 largest companies have their headquarters in central London. Over 70 per cent of the FTSE 100 are located within London's metropolitan area, and 75 per cent of Fortune 500 companies have offices in London.
Canary Wharf is a major business and financial centre; and is home to some of the UK’s tallest buildings.
Along with professional services, media companies are concentrated in London; and the media distribution industry is London's second most competitive sector. The BBC is a significant employer, while other broadcasters also have headquarters around the City. Many national newspapers are edited in this city. London is a major retail centre and in 2010, had the highest non-food retail sales of any city in the world, with a total flow of around £64.2 billion.  The Port of London is the second-largest in the United Kingdom, handling 45 million tons of cargo each year.

London has five major 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: Greater London had 27 million m2 of office space in 2001, and the City contains the most space, with 8 million m2 of office space. London has some of the highest real estate prices in the world.

Are you considering visiting London and the U.K.? Then contact the London official visitor agency-Visit London and Partners at: 08701 566 366     

You can also contact the City of London Information Centre: Opposite St Paul's Cathedral:
City of London, Guildhall, PO Box 270, London, EC2P 2EJ
Telephone: 020 7606 3030

They can offer you credible, pursuable and realistic information and advice on the following fronts: Cheap flights to London, hotels in London, cheap hotels in London, boutique hotels in London, bed and breakfast in London, guest houses in London, holiday apartments in London, timeshare accommodation in London, youth hostels in London, transportation in London, bus tours in London, river tours in London, coach tours of the U.K., entertainment in London, tourist attractions in London etc.

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