Wikipedia

Economy of London

The economy of London is dominated by service industries, particularly financial services and associated professional services, which have strong links with the economy in other parts of the United Kingdom (UK) and internationally.[7] In addition to being the capital city of the United Kingdom, London is one of the world's leading financial centres for international business and commerce and is one of the "command centres" for the global economy.[8][9][10]

Economy of London
London is the largest urban economy in Europe[1] and, alongside New York, the city in the world most integrated with the global economy.[2]
Statistics
Population8,866,180 (2022)[3]
GDP£562.2 billion (2022)[4]
GDP per capita
£63,407 (2022)[4]
Labour force
4,726,000 / 74.4% in employment (Jan–Mar 2024)[a][5]
Labour force by occupation
List
  • 33.2% Professional
  • 16.9% Associate professional
  • 13.1% Managers, directors and senior officials
  • 8.9% Administrative and secretarial
  • 6.6% Elementary occupations
  • 6.5% Caring, leisure and other service
  • 6.0% Skilled trades
  • 5.5% Sales and customer service
  • 3.2% Process plant and machine operatives
  • (Jan–Dec 2023)[b][5]
Unemployment228,000 / 4.6% (Jan–Mar 2024)[c][5]
Average gross salary
£796.30 per week (2023)[d][5]
External
Exports£190.0 billion (2021)[e][6]
Export goods
£37.8 billion (2021)[f][6]
Imports£138.5 billion (2021)[e][6]
Import goods
£62.6 billion (2021)[f][6]

London is the most populous region, urban zone and metropolitan area in the United Kingdom.[11] London had the fifth largest metropolitan economy in the world in 2011 according to the Brookings Institution.[12] Some of its neighbourhoods have estimated per capita GVA as high as £116,800 ($162,200).[13] The London fiscal surplus, £32.5 billion in 2016–17,[14] mostly goes towards funding services in other parts of the UK.[15]

London generates approximately 22 per cent of the UK's GDP.[16][17] 841,000 private sector businesses were based in London at the start of 2013, more than in any other region or country in the UK. 18 per cent are in the professional, scientific and technical activities sector while 15 per cent are in the construction sector. Many of these are small and medium-sized enterprises.[18]

GDP

edit

Greater London produced £519.178 billion or around 1/4 of the UK's total GDP.[19]

GVA by borough

edit
Borough GVA (bil. £)[19]
Camden and City of London 133.952
Westminster 89.449
Tower Hamlets 36.556
Haringey and Islington 30.020
Lewisham and Southwark 25.581
Hounslow and Richmond upon Thames 21.972
Hackney and Newham 18.845
Harrow and Hillingdon 17.370
Merton and Kingston upon Thames 14.969
Lambeth 14.853
Bexley and Greenwich 12.008
Croydon 10.676
Barking & Dagenham and Havering 10.284
Redbridge and Waltham Forest 9.875
Barnet 9.633
Ealing 8.984
Brent 8.967
Enfield 7.886
Bromley 7.493

Service industries

edit

London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. A number of factors contribute to London's success as a service industry and business centre:

  • English being the native language and the dominant international language of business;
  • its past role as the capital of the former British Empire;[20][21]
  • its position in Europe, since Europe has a population larger than that of the US,[22] and a central time zone that allows London to act as a bridge between US and Asian markets;[23]
  • the Special Relationship between the United Kingdom and United States,[24] and the United Kingdom's close relationships with many countries in Asia, Africa and the Middle East, particularly those in the Commonwealth of Nations;[25]
  • English contract law being the most important and most used contract law in international business;[26]
  • a business friendly environment (for example, relatively low taxes for corporations and non-domiciled foreign individuals;[27][28] and, in the City of London, the local government is not elected by the resident population but instead by resident businesses – the City of London is a business democracy);[29][30]
  • good transport infrastructure particularly its aviation industry;[31][32]
  • a high quality of life.[33][34][35]

Currently, over 85% (3.2 million) of the employed population of Greater London works in the service industries. Another half a million employees resident in Greater London work in manufacturing and construction, almost equally divided between the two.[36]

Business districts

edit
See also: Infrastructure in London

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 26,721,000 m2 of office space in 2001.

Business district Office space (m2) Business concentration
The City 7,740,000 Finance, broking, insurance, legal, fund managers, banking
Westminster 5,780,000 Head offices, real estate, private banking, hedge funds, government
Camden & Islington 2,294,000 Creative industries, finance, design, art, fashion, architecture, media
Canary Wharf 2,120,000 Banking, media, legal
Lambeth & Southwark 1,780,000 Accountancy, consultancy, local government
 
Waterside, the headquarters of British Airways in the Borough of Hillingdon

A useful guide to the distribution of wealth across London is the cost of renting office space. Mayfair and St. James's are historically and currently the most expensive areas – approximately £146 per sq ft per annum. The least expensive commercial districts are Waterloo & Southwark and East London Tech City, a new, but growing hub of start up technology companies, also known as Silicon Roundabout – approximately £65 per sq ft per annum.[37]

Domestic and international corporate headquarters

edit

The London Stock Exchange is the most international stock exchange and the largest in Europe.[38][39] More than half of the London Stock Exchange top 100 listed companies (the FTSE 100) and over 100 of Europe's 500 largest companies are headquartered in central London. Over 70% of the FTSE 100 are located within London's metropolitan area, and 75% of Fortune 500 companies have offices in London. According to research by Deloitte, "London has the most internationally diverse executive community in the world, attracting business leaders from 95 nationalities and with alumni working in 134 countries".[40]

Financial services

edit

London's largest industry remains finance. It is the largest financial exporter in the world, and makes a significant contribution to the UK's balance of payments.[41][42] In the 2017 Global Financial Centres Index, London was ranked as having the most competitive financial center in the world.[43] However, in the 2018 ranking, London had lost that title to New York City. In the same ranking for 2020, London came second after New York City (with cities such as Shanghai, Tokyo, Hong Kong, Singapore, Beijing, San Francisco, Shenzhen and Zurich in the top 10).[44] The City of London is home to exchanges, banks, brokers, investment managers, pension funds, hedge funds,[45] private equity firms, insurance companies and reinsurance markets. London is notable as a centre of international finance where foreign participants in financial markets come to deal with one another.[9][46] It is also home to the Bank of England, the second oldest central bank in the world, and the European Banking Authority, although the latter was moving to Paris in March 2019 following the Brexit referendum of 2016.[47][48] Other key institutions are Lloyd's of London for insurance and the Baltic Exchange for shipping.[49][50]

A second financial district has developed at Canary Wharf to the east of the City, which includes the global headquarters of two of the world's largest banks, HSBC and Barclays, the rest-of-the-world headquarters of Citigroup and the headquarters of the global news service Reuters. London handled 36.7% of global currency transactions in 2009 – an average daily turnover of US$1.85 trillion – with more US dollars traded in London than in New York, and more Euros traded than in every other city in Europe combined.[51][52][53][54][55] London is the leading centre for international bank lending,[56] derivatives markets,[57] money markets,[58] international insurance,[59] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[60] and issuance of international debt securities.[61][62][63]

Financial services in London benefited from the UK's membership of the European Union (EU),[64] although there were concerns following the decision of the United Kingdom to leave the EU. However, Britain’s exit from the EU in early 2021 (Brexit) only marginally weakened London's position as an international financial center (IFC).[65]

The combination of lax regulation and London's financial institutions providing sophisticated methods to launder proceeds from criminal activity around the world, including those from the drug trade, makes the City a global hub for illicit finance and London a safe haven for the world's malfeasants, according to research papers and reports published in the mid-2010s.[66][67][68][69][70][71]

 
BT Centre, the headquarters of BT Group, in the City of London

Professional services

edit
See also: Legal services in the United Kingdom

London is a leading global centre for professional services.[72][73] Many different types of professional service providers are located in the city including the big four accountants and major management consulting firms. London is the headquarters for four of the world's six largest law firms and is a leading international centre for legal services.[74][75][76]

Media

edit
Main article: Media in London

Media companies are concentrated in London, and the media distribution industry is London's second most competitive sector.[77] The BBC is a key employer, and other broadcasters also have headquarters around the city. Many national newspapers are edited in London: historically in Fleet Street in the City, but now dispersed across the capital. Soho is the centre of London's post-production industry. Hollywood's links with the United Kingdom are centred on London, and contribute billions to the economy.[78][79]

Tourism

edit
Main article: Tourism in London

Tourism is one of London's prime industries. London is the most visited city in the world by international tourists with 18.8 million international visitors forecast in 2015[out of date], ahead of Bangkok (18.2 million) and Paris (16.1 million).[80] Within the UK, London is home to the ten most-visited tourist attractions.[81] Tourism employed the equivalent of 350,000 full-time workers in London in 2003[out of date],[82] whilst annual expenditure by tourists is around £15bn.[83]

Technology

edit

A growing number of technology companies are based in London, notably in East London Tech City, also known as Silicon Roundabout. Investment in London's technology sector was $2.28 billion in 2015[out of date], 69 per cent higher than the $1.3 billion raised in 2014. Since 2010, London-based technology companies have collectively raised $5.2 billion of venture capital funding.[out of date][84] A report by Ernst & Young highlighted the importance of London to the UK's FinTech industry in terms of availability of expertise and demand for services.[85] London has also been named as the fastest growing technology hub in Europe, having over 100 unique tech companies with a value of $1 billion or more.[86][87]

Retail

edit

London is a major retail centre,[88][89] and in 2010[out of date] had the highest non-food retail sales of any city in the world, with a total spend of around £64.2 billion.[90] The UK's fashion industry, centred on London, contributes tens of billions to the economy.[91]

Manufacturing and construction

edit
See also: Manufacturing in the United Kingdom and Construction industry of the United Kingdom

For the 19th and much of the 20th centuries London was a major manufacturing centre (see Manufacturing in London), with over 1.5 million industrial workers in 1960. Manufacturing suffered dramatic decline from the 1960s on.[92] Entire industries have been lost including shipbuilding (which ended in 1912 after hundreds of years with the closure of the Thames Ironworks and Shipbuilding Company), consumer electronics, aircraft manufacture and most of the vehicle construction industry. This trend continues, with the loss of the pharmaceutical manufacturing sites of Aesica (formerly Merck Sharp and Dohme) at Ponders End in 2011,[93][94] and Sanofi-Aventis (originally May & Baker) at Dagenham by 2013.[95] Pharmaceutical and biotechnology companies in the United Kingdom have a strong presence in London, including the world headquarters of GlaxoSmithKline.[96][97]

Manufacturing

edit

In 2016, over 100,000 people were employed in London’s manufacturing sector.[98] Most worked, and continue to work, in medium or small-sized businesses such as Charlie Bigham's ready-meal factory in Park Royal, Fox Umbrellas in Croydon or Kashket & Partners (military uniform tailors in the Lea Valley). However, almost certainly the largest manufacturer still operating in London is Ford UK, whose diesel engine manufacturing plant and vehicle operations hub in Dagenham employs around 2,000. [99] Another household name is Brompton Bicycle Ltd who employs several hundred in Greenford, Ealing. There is also still some large-scale food and drink manufacturing. Examples include Coca-Cola's factory in Edmonton, Warburtons bakery in Enfield, United Biscuits' factory in Harlesden, Fuller's Brewery in Chiswick, Nestlé's factory in Hayes (coffee and chocolate) and Tate & Lyle's refinery in Silvertown (sugar and syrup).

Construction

edit

London was named the city with the best real estate investment opportunities for foreign investors in 2014.[100] Office development was at a four-year high in 2013 with 9.7 million sq ft across 71 schemes under construction.[101]

A multibillion-pound 10-year construction programme has begun in Nine Elms on the South Bank of the river Thames in central London. This will develop the area from a semi-derelict, light industrial zone into a modern residential and business district. The programme includes regeneration of Battersea Power Station, construction of new embassies for the United States and the Netherlands, and regeneration of New Covent Garden Market which is the largest fresh produce market in the UK. Transport improvement plans include two new Northern line tube stations, riverbus piers, new bus services and a network of cycle lanes and footpaths. A new bridge across the river Thames will link Nine Elms to Pimlico on the opposite bank. Around 25,000 permanent jobs will be created once the new buildings are occupied and around 16,000 new homes.[102][103][104]

Other large construction projects include Kings Cross Central and Paddington Waterside. In 2014, the government identified 20 new housing zones across London,[105] and in February 2015 the development of the first nine zones was approved, which will create 28,000 new homes by 2025 from £260m of investment.[106]

Education

edit
Main article: Education in London

London is a leading global educational centre, with one of the largest populations of overseas students of any city in the world.[107][108][109] The federal University of London has over 120,000 students, making it the largest contact teaching university in the United Kingdom and one of the largest universities in Europe. It comprises 19 colleges and 12 institutes.[110] The largest and most well-known University of London colleges include University College London, King's College London, Birkbeck, Queen Mary, the London School of Economics and Political Science, Royal Holloway, Goldsmiths, City, and the Institute of Education.

Imperial College London, King's College London, LSE and UCL are leading centres of research and stand alongside MIT, Berkeley, Princeton, Yale and other US universities in terms of international reputation.[111]

Most of the leading learned societies of the world are based in London. The Royal Institution is a historic and important repository and proponent of the acquisition of scientific knowledge through research and study. London is Europe's leading centre for arts education.[112]

Transport

edit
Main article: Transport in London

Transportation contributes to both the service and construction sectors of the London economy.

Public transport

edit

London has an integrated public transport system operated by Transport for London under a single electronic ticketing system, the Oyster card. The city's network successfully provided transport for the 2012 Summer Olympics.[113] It includes the London Underground, London Overground, Docklands Light Railway, London Buses and London River Services. A ring of 18 main-line railway stations provides train links to cities, towns and villages around the country as well as international services to Paris, Brussels and Amsterdam via the high-speed Eurostar.[114]

Crossrail is a railway line running east to west through London and into the surrounding countryside, which opened in 2022. It runs on 118 km (73 mi) of track with a branch to Heathrow Airport.[115] The main feature of the project is construction of 42 km (26 mi) of new tunnels connecting stations in central London including a branch to Canary Wharf in east London. It was Europe's biggest construction project with a £15 billion projected cost.[116][117] An additional line, Crossrail 2, has been proposed.

Roads

edit

Most of the streets of central London were laid out before cars were invented, and London's road network is often congested. There is a £16/day congestion charge in Central London.[118] The Ultra Low Emission Zone (ULEZ) adds an extra charge of £12.50/day for vehicles which do not meet Euro 4 standards for petrol and Euro 6 for diesel (which corresponds to vehicles made before 2007 and 2015 respectively). The ULEZ charge will be extended to the North and South Circular from October 2021.[out of date][119]

Airports

edit

London is served by six international airports which are the world's busiest city airport system by passenger traffic. These are Heathrow, Gatwick, Stansted, Luton, London City, and Southend.

There are a number of proposals for expanding airport capacity for London including expansion of London Heathrow Airport and expansion of Gatwick Airport. The principal argument in favour of airport expansion is to support economic growth in the UK by providing an international hub for air-transport links to fast-growing developing countries around the world.[120] The Heathrow proposal expects to create 120,000 new jobs across the UK and bring economic benefits of more than £100 billion.[121] It also anticipates boosting exports as a result of the expansion.[122]

Ports

edit

Once the largest port in the world, the Port of London is today the second-largest in the United Kingdom, handling 48 million tonnes of cargo each year.[123] The port is not located in one area – it stretches along the tidal Thames, including central London, with many individual wharfs, docks, terminals and facilities built incrementally over the centuries. As with many similar historic European ports the bulk of activities has steadily moved downstream towards the open sea, as ships have grown larger and other city uses take up land closer to the city's centre. Today, much of the Port of London cargo passes through the Port of Tilbury, outside the boundary of Greater London.

London Gateway, the UK's newest container port, opened in 2013. The £1.5bn facility at Thurrock, Essex, is 20 miles (32 km) down the River Thames from London. It is expected[out of date] to be able to handle 3.5 million containers a year. The development is forecast to create 27,000 jobs in London and the South East and contribute £2.4bn a year to its economy.[124]

See also

edit

Notes

edit
  1. ^ In employment and aged 16 or over (quantity) or aged 16–64 (percent)
  2. ^ Percent is a proportion of all persons in employment aged 16 and over
  3. ^ Unemployed aged 16 and over. Percent is a proportion of economically active.
  4. ^ Median gross weekly pay for full time employees resident in London
  5. ^ a b Goods and services
  6. ^ a b Excluding services

References

edit
  1. ^ Florida, Richard (16 March 2017). "The Economic Power of Cities Compared to Nations". Bloomberg. Retrieved 22 February 2024.
  2. ^ "The World According to GaWC 2020". GaWC. Loughborough University. 21 August 2020. Retrieved 3 June 2023.
  3. ^ "Mid-Year Population Estimates, UK, June 2022". Office for National Statistics. 26 March 2024. Retrieved 3 May 2024.
  4. ^ a b "Regional gross domestic product: all ITL regions". Office for National Statistics. 24 April 2024. Retrieved 15 May 2024.
  5. ^ a b c d "Labour Market Profile - London". Nomis. Office for National Statistics. Retrieved 22 May 2024.
  6. ^ a b c d Tuck, Helen (28 June 2023). "International trade in UK nations, regions and cities: 2021". Office for National Statistics. Retrieved 24 December 2023.
  7. ^ "Key Facts about UK Financial and Related Professional Services 2016". TheCityUK. 7 March 2016. Retrieved 11 October 2016.
  8. ^ Sassen, Saskia (2001). The Global City: New York, London, Tokyo (2nd ed.). Princeton University Press.
  9. ^ a b Roberts, Richard (2008). The City: A Guide to London's Global Financial Centre. Economist. p. 2. ASIN 1861978588.
  10. ^ "London tops Colliers Cities of Influence index". GFM Ltd. 15 February 2017. Retrieved 20 February 2017; "Global Power City Index 2016". Institute for Urban Strategies, The Mori Memorial Foundation. 18 October 2016. Retrieved 20 February 2017; "Global Financial Centres Index 20" (PDF). Z/Yen and China Development Institute. 26 September 2016. Archived from the original (PDF) on 28 September 2017. Retrieved 11 October 2016; "Cities of Opportunity 7" (PDF). PwC. 7 September 2016. Retrieved 7 September 2016; "European attractiveness survey 2016 – European cities". EY. 24 May 2016. Archived from the original on 22 February 2017. Retrieved 20 February 2017; "London is the soft power and high skills capital of the world". Deloitte. 2 March 2016. Archived from the original on 4 March 2016. Retrieved 2 March 2016.
  11. ^ According to the European Statistical Agency, London is the largest Larger Urban Zone which uses conurbations and areas of high population as its definition. A ranking of population within municipal boundaries places London first. However, the University of Avignon in France claims that Paris is first and London second when including the whole urban area and hinterland, that is the outlying cities as well
  12. ^ "Global city GDP 2011". Brookings Institution. Archived from the original on 5 June 2013. Retrieved 13 May 2013.
  13. ^ "This pocket of London is the richest place in Europe... by far". CNNMoney. 26 February 2016. Retrieved 5 March 2018.
  14. ^ "Fiscal Transfers". Scotfact. Retrieved 29 April 2020.
  15. ^ Clark, Greg (2014). The Making of a World City: London 1991 to 2021. John Wiley & Sons. p. 160. ISBN 978-1-118-60972-9.
  16. ^ "ONS Regional GVA 2013". Office for National Statistics. Retrieved 7 January 2014.
  17. ^ "London's competitive place in the UK and global economies". City of London. 20 January 2011. Archived from the original on 27 April 2015. Retrieved 24 May 2015.
  18. ^ "Business Population Estimates 2013" (PDF). Department for Business, Innovation & Skills. 23 October 2013. Retrieved 16 November 2013.
  19. ^ a b "Regional gross value added (balanced) per head and income components". www.ons.gov.uk.
  20. ^ Professor Kenneth Morgan (17 February 2012). "Symbiosis: Trade and the British Empire". BBC. Retrieved 13 December 2014.
  21. ^ "Global Trade and Empire". The British Library. Archived from the original on 14 December 2014. Retrieved 14 December 2014.
  22. ^ "The Economic Benefits to the UK of EU Membership". European Movement. Archived from the original on 29 June 2015. Retrieved 2 October 2014. By being a Member State of the European Union the United Kingdom is part of the world's largest single market – an economic zone larger than that of the United States and Japan combined with a total GDP of around £11 trillion. This single market of 500 million people provides a relatively level playing for British business to trade in. This enables not just free trade in terms of the absence of customs duties or tariffs but a common set of rules so that business does not have to comply with 27 different sets of regulations.
  23. ^ "London Wants to Tap Chinese Currency Market". The New York Times Deal Book. 16 January 2012. Retrieved 13 December 2014.
  24. ^ "Press Conference by Kerry, British Foreign Secretary Hague". United Kingdom Foreign and Commonwealth Office, London: U.S. Department of State. 9 September 2013. Retrieved 8 December 2013. John Kerry: We are not only each other's largest investors in each of our countries, one to the other, but the fact is that every day almost one million people go to work in America for British companies that are in the United States, just as more than one million people go to work here in Great Britain for American companies that are here. So we are enormously tied together, obviously. And we are committed to making both the US–UK and the US–EU relationships even stronger drivers of our prosperity.
  25. ^ "UK bilateral trade relations: business opportunities". Department for Business, Innovation & Skills. 20 September 2012. Retrieved 13 December 2014.
  26. ^ "English Common Law is the most widespread legal system in the world" (PDF). Sweet & Maxwell. November 2008. Retrieved 16 December 2013.
  27. ^ "London's Low Taxes Lure Foreign Companies as Banks Retrench". Bloomberg. Retrieved 22 December 2013.
  28. ^ "KPMG's Annual Tax Competitiveness Survey 2013". KPMG. 6 September 2018. Retrieved 22 December 2013.
  29. ^ "UK leads the way for business cost competitiveness in the mature markets". KPMG. 6 September 2018. Retrieved 22 December 2013.
  30. ^ "The UK is the seventh most competitive economy in the world". CityAM. 27 September 2016. Retrieved 9 October 2016.
  31. ^ "'World class' rating for London's transport". Passenger Transport. 27 March 2013. Archived from the original on 30 July 2020. Retrieved 14 December 2014; "Transport". Greater London Authority. 13 April 2015. Archived from the original on 26 November 2015. Retrieved 14 December 2014.
  32. ^ "TfL's contactless future for the London commuter". Financial Times. 23 November 2015. Retrieved 2 February 2016; "150 facts for 150 years of the London Tube". The Independent. 9 January 2013. Retrieved 2 February 2016.
  33. ^ "London is best but not streets ahead of Paris: The winning formula is a free and flexible labour market, a broadly non-corrupt government, good infrastructure and a rich cultural life". London Evening Standard. 7 October 2014. Retrieved 7 October 2014. A survey yesterday showed that London is where most people in the world want to work, beating Paris and New York...Quality of life is decisive.; "London 'is most desirable global city to move to for work'". The Telegraph. 6 October 2014. Retrieved 25 May 2015; "Decoding Global Talent". BCG. 6 October 2014. Retrieved 25 May 2015.
  34. ^ "There was no need for Osborne to dance so quickly to HSBC's tune". London Evening Standard. 16 February 2016. Retrieved 2 March 2016. Global bankers may love London's domicile laws, property market and voluntary tax regime but the subconscious factor remains lifestyle.; "HSBC decides to remain headquartered in the UK". HSBC. 14 February 2016. Retrieved 2 March 2016.
  35. ^ "Bankers' love of London complicates Brexit relocation plans". Reuters. 11 October 2016. Archived from the original on 11 October 2016. Retrieved 11 October 2016; "City spouses block Brexodus". POLITICO. 24 April 2018. Retrieved 25 April 2018.
  36. ^ "The Development of London's Economy". London's Economic Plan and Major Industries. Archived from the original on 4 March 2016. Retrieved 3 March 2016.
  37. ^ "Office Rent London: Our Definitive Rental Guide – Updated for 2015 Q1". FindaLondonOffice. 23 April 2015. Retrieved 2 May 2015.
  38. ^ "Key Facts about the UK as an International Financial Centre 2014" (PDF). TheCityUK. 3 July 2014. p. 4. Archived from the original (PDF) on 10 May 2017. Retrieved 9 October 2016.
  39. ^ "Top 10 Stock Exchanges in the world". World Stock Exchanges. 2011. Retrieved 24 May 2015.
  40. ^ "London is the soft power and high skills capital of the world". Deloitte. 2 March 2016. Archived from the original on 4 March 2016. Retrieved 2 March 2016.
  41. ^ "UK trade surplus in financial services highest ever". TheCityUK. 21 July 2015. Archived from the original on 8 September 2015. Retrieved 5 June 2015.
  42. ^ "Financial Services Archived 15 July 2006 at the UK Government Web Archive", UK Trade & Investment, 11 May 2006. Retrieved 3 June 2006.
  43. ^ "The Global Financial Centres Index 21" (PDF). Long Finance. March 2017. Archived from the original (PDF) on 11 June 2017.
  44. ^ "The Global Financial Centres Index 28" (PDF). Long Finance. September 2020. Retrieved 26 September 2020.
  45. ^ "Hedge Funds Boost Leverage and Assets in FCA Survey". Bloomberg. 2 June 2015. Retrieved 4 June 2015.
  46. ^ "Why, in the era of Wall Street hegemony, do close to half of global financial transactions still flow through territories linked to Britain?". New Left Project. 17 August 2012. Archived from the original on 14 December 2014. Retrieved 14 December 2014.{{cite web}}: CS1 maint: unfit URL (link)
  47. ^ "EBA seeks more time in London after Brexit". Financial News. 8 January 2018. Retrieved 5 April 2018.
  48. ^ "Relocation of the UK-based EU agencies – Consilium". www.consilium.europa.eu. Retrieved 16 April 2018.
  49. ^ Clark, David (2003). Urban world/global city. Routledge. pp. 174–176. ISBN 978-0415320979; Shubik, Martin (1999). The theory of money and financial institutions. MIT Press. p. 8. ISBN 978-0262693110.
  50. ^ "The value of Europe's international financial centres to the EU economy". 6 July 2011. p. 6. Archived from the original on 25 May 2015. Retrieved 23 May 2015.
  51. ^ "Research and statistics FAQ". The City of London. Archived from the original on 26 September 2011. Retrieved 23 February 2012.
  52. ^ "Triennial Central Bank Survey – Foreign exchange and derivatives market activity in 2004" (PDF). Bank for International Settlements. March 2005. Retrieved 5 March 2018.
  53. ^ "Key facts Archived 4 June 2012 at archive.today", Corporation of London. Retrieved 19 June 2006.
  54. ^ European Central Bank (July 2017) "The international role of the euro". European Central Bank. p. 28.
  55. ^ Chatsworth Communications (April 6, 2016) "London's leading position as a USD 2.2 trillion hub for FX trading would be harmed by a Brexit, according to poll of currency market professionals" Archived 22 September 2018 at the Wayback Machine. Chatsworth Communications.
  56. ^ "External loans and deposits of banks" (PDF). Bank for International Settlements. April 2015. Retrieved 23 May 2015.
  57. ^ "Triennial Central Bank Survey: OTC interest rate derivatives turnover in April 2013" (PDF). Bank for International Settlements. September 2013. p. 11. Retrieved 20 May 2015.
  58. ^ "International money market instruments – all issuers By residence of issuer" (PDF). Bank for International Settlements. March 2015. Retrieved 23 May 2015.
  59. ^ "Key Facts about the UK as an International Financial Centre report 2015" (PDF). TheCityUK. 21 July 2015. p. 3. Retrieved 9 October 2016.[permanent dead link‍]
  60. ^ "LBMA says banks back its plan to change London gold market". Financial Times. 18 August 2016. Retrieved 9 October 2016; "A guide to The London Bullion Market Association" (PDF). London Bullion Market Association. May 2015. Retrieved 9 October 2016; "London Metal Exchange". The London Metal Exchange. Retrieved 9 October 2016.
  61. ^ "International debt securities – all issuers All maturities, by residence of issuer" (PDF). Bank for International Settlements. March 2015. Retrieved 23 May 2015.
  62. ^ Professor Ranald Michie, Durham University (July 2012). "The City of London as a Global Financial Centre: An historical and comparative perspective". Archived from the original on 7 July 2015. Retrieved 23 May 2015.
  63. ^ "London Is Eating New York's Lunch". The New York Times Magazine. 29 February 2012. Retrieved 24 May 2015.
  64. ^ "Brexit: the United-Kingdom and EU financial services" (PDF). Economic Governance Support Unit of the European Parliament. 9 December 2016. p. 1. Retrieved 2 March 2018.
  65. ^ "London as a Financial Center Since Brexit: Evidence from the 2022 BIS Triennial Survey | Global Development Policy Center". www.bu.edu.
  66. ^ Dark money: London’s dirty secret Financial Times, 11 May 2016.
  67. ^ London is now the global money-laundering centre for the drug trade, says crime expert The Independent, 4 July 2015.
  68. ^ "London property market turned into money laundering safe haven by inadequate supervision, MPs say". The Independent. 15 July 2016.
  69. ^ "UK draws billions in unrecorded inflows, much from Russia – study". Reuters. Reuters. 10 March 2015. Archived from the original on 26 August 2016.
  70. ^ "Russian money infects London". 31 March 2015.
  71. ^ "Private Eye – Official Site – the UK's number one best-selling news and current affairs magazine, edited by Ian Hislop". www.private-eye.co.uk.
  72. ^ "The Global Financial Centres Index 17" (PDF). Long Finance. March 2015. p. 32. Archived from the original (PDF) on 14 April 2015. Retrieved 5 June 2015.
  73. ^ "Key Facts about the UK as an International Financial Centre 2014" (PDF). TheCityUK. 3 July 2014. p. 5. Archived from the original (PDF) on 10 May 2017. Retrieved 9 October 2016.
  74. ^ "The Global 100: Most Revenue 2009". American Lawyer. Retrieved 13 August 2010.
  75. ^ "UK leading the way as an international centre for legal services and dispute resolution". The City UK. 30 January 2014. Archived from the original on 11 July 2015. Retrieved 5 June 2015.
  76. ^ Whitbread, Jasmine (8 May 2019). "Out for justice: Britain must fight for its status as a global legal hub". www.cityam.com. Retrieved 10 May 2019.
  77. ^ "London's Place in the UK Economy, 2005-6" (PDF). Archived from the original (PDF) on 25 May 2006. Retrieved 6 November 2006. (960 KiB), p19, Oxford Economic Forecasting on behalf of the Corporation of London. Published November 2005. Retrieved 19 June 2006.
  78. ^ "UK film's contribution to UK GDP over £4.6b". BFI. 24 April 2014. Retrieved 14 December 2014.
  79. ^ "We must build on this golden age for British film". London Evening Standard. 18 March 2014. Retrieved 14 December 2014.
  80. ^ "London Retains Crown in 2015 MasterCard Global Destinations Cities Index". Mastercard. 3 June 2015. Archived from the original on 5 April 2016. Retrieved 2 March 2016.
  81. ^ "British Museum tops UK visitor attractions list". BBC. 7 March 2016. Retrieved 7 March 2016.
  82. ^ "London is the HR centre of opportunity in the UK Archived 25 March 2006 at the Wayback Machine", PersonnelToday.com, 15 February 2005. Retrieved 3 June 2006.
  83. ^ "The Importance of Tourism in London Archived 28 June 2007 at the Wayback Machine", Visit London. Retrieved 3 June 2006.
  84. ^ "UK tech firms smash venture capital funding record". London & Partners. 6 January 2016. Retrieved 2 February 2016.
  85. ^ "An evaluation of the international FinTech sector" (PDF). EY. 24 February 2016. Retrieved 25 February 2016.
  86. ^ "London Has Officially Become the Technology Capital of Europe". BrainStation. 21 July 2021. Retrieved 10 July 2023.
  87. ^ Willems, Michiel (20 June 2021). "Unicorn nest: UK hits milestone of 100 $1bn tech companies, more than rest of Europe combined". CityAM. Retrieved 17 September 2023.
  88. ^ "JLL announces Europe's retail gateway cities". JLL Research. 26 November 2014. Retrieved 2 February 2016.
  89. ^ "Why London must retain its lead as the world's number one retail destination". City A.M. 17 July 2015. Retrieved 2 February 2016.
  90. ^ Potter, Mark (17 February 2011). "London tops world cities spending league". Reuters. Archived from the original on 1 January 2016. Retrieved 14 May 2011.
  91. ^ "London Fashion Week: Fashion industry worth £26 billion to UK economy". The Telegraph. 14 February 2014. Retrieved 14 December 2014.
  92. ^ "Deindustrialisation 1960 to 1980". Exploring 20th century London. Museum of London. Retrieved 22 February 2011.
  93. ^ "Pharmaceutical plant under_threat of closure". Enfield Independent. 2 September 2010. Retrieved 7 April 2011.
  94. ^ "Complete Plant Closure of Aesica Pharmaceuticals Enfield, UK Facility". PRWeb. 22 March 2011. Archived from the original on 14 October 2012. Retrieved 7 April 2011.
  95. ^ "Sanofi pulls out of Dagenham". InPharm. Archived from the original on 25 July 2011. Retrieved 7 April 2011.
  96. ^ "The UK is finally catching up with US in biotech investment – venture capital funding more than doubled last year". CityAM. 9 July 2015. Retrieved 10 July 2015. Big push for London
  97. ^ "The pharmaceutical industry and market in the UK". The Association of the British Pharmaceutical Industry. Archived from the original on 14 December 2014. Retrieved 14 December 2014.
  98. ^ ‘Manufacturing in London’, London Assembly Economy Committee letter to the Mayor of London, February 2016
  99. ^ "Worldwide Locations". Ford USA corporate site. Retrieved 9 September 2024.
  100. ^ "London 'best city for foreign property investment opportunities'". The Telegraph. 6 January 2014. Retrieved 14 December 2014.
  101. ^ "London Office Crane Survey – winter 2013" (Press release). Deloitte Real Estate. 5 November 2013. Archived from the original on 9 November 2013. Retrieved 7 November 2013.
  102. ^ "NineElms Future". Wandsworth Council. Spring 2010. Archived from the original on 22 August 2010. Retrieved 8 September 2013.
  103. ^ "Nine Elms on the South Bank". Wandsworth Council. Archived from the original on 26 August 2013. Retrieved 8 September 2013.
  104. ^ "Nine Elms London".
  105. ^ "London housing zones to create 50,000 new homes". HM Treasury and Department for Communities and Local Government. 13 June 2014. Retrieved 21 February 2015.
  106. ^ "Mayor names London's first Housing Zones". Greater London Authority. 20 January 2015. Archived from the original on 21 February 2015. Retrieved 21 February 2015.
  107. ^ "London remains best city in the world to study in new rankings". The Guardian. 28 July 2021. ISSN 0261-3077. Retrieved 30 December 2023.
  108. ^ "London welcomes record international students in decade as UK becomes most popular overseas study destination". London and Partners News. Retrieved 30 December 2023.
  109. ^ Science, London School of Economics and Political. "A student city". London School of Economics and Political Science. Retrieved 30 December 2023.
  110. ^ "University of London Colleges and Institutes". Archived from the original on 22 May 2011. Retrieved 19 February 2008.
  111. ^ "Search". Times Higher Education (THE). 28 February 2024.
  112. ^ "UK leads the world for creative education as UAL is named in global top two". UAL. 27 February 2019.
  113. ^ "2012 Olympics transport strategy hailed a success". BBC. 13 August 2012. Retrieved 11 August 2013; "The TfL Olympic Legacy: Measuring the Unmeasurable". 29 July 2013. Retrieved 11 August 2013; "The London 2012 Games Transport Legacy: One Year On". Transport for London. 19 July 2013. Retrieved 11 August 2013; "TfL Olympic Legacy". 9 November 2012. Retrieved 11 August 2013.
  114. ^ "Eurostar launches London-Amsterdam route". BBC News. 9 February 2018. Retrieved 5 March 2018.
  115. ^ "Crossrail Regional Map". Crossrail Ltd. Archived from the original on 24 October 2010. Retrieved 8 September 2013.
  116. ^ "Crossrail's giant tunnelling machines unveiled". BBC News. 2 January 2012.
  117. ^ Leftly, Mark (29 August 2010). "Crossrail delayed to save £1bn". The Independent on Sunday. London.
  118. ^ "Congestion Charge (Official)".
  119. ^ "London Mayor confirms Ultra-Low Emission Zone will start in 2019". www.fleetnews.co.uk.
  120. ^ "The global race". Your Heathrow. Archived from the original on 13 October 2014. Retrieved 8 October 2014.
  121. ^ "New UK jobs". Your Heathrow. Archived from the original on 13 October 2014. Retrieved 8 October 2014.
  122. ^ "Boosting exports". Your Heathrow. Archived from the original on 13 October 2014. Retrieved 8 October 2014.
  123. ^ "Provisional Port Statistics 2010" (PDF). Department for Transport. Archived from the original (PDF) on 30 August 2011. Retrieved 5 September 2011.
  124. ^ "London Gateway 'super-port' welcomes first vessel". BBC. 7 November 2013. Retrieved 7 November 2013.
edit
Retrieved from "https://en.wikipedia.org/w/index.php?title=Economy_of_London&oldid=1247061338"