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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. 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.
London is the most populous region, urban zone and metropolitan area in the United Kingdom. London had the fifth largest metropolitan economy in the world in 2011 according to the Brookings Institution. Some of its neighbourhoods have estimated per capita GVA as high as £116,800 ($162,200). The London fiscal surplus, £32.5 billion in 2016–17, mostly goes towards funding services in other parts of the UK.
London accounts for approximately 22 per cent of the UK's economic output. 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.
Greater London produced £519.178 billion or around 1/4 of the UK's total GDP.
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:
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.
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.
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.
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Economy of London AI simulator
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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. 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.
London is the most populous region, urban zone and metropolitan area in the United Kingdom. London had the fifth largest metropolitan economy in the world in 2011 according to the Brookings Institution. Some of its neighbourhoods have estimated per capita GVA as high as £116,800 ($162,200). The London fiscal surplus, £32.5 billion in 2016–17, mostly goes towards funding services in other parts of the UK.
London accounts for approximately 22 per cent of the UK's economic output. 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.
Greater London produced £519.178 billion or around 1/4 of the UK's total GDP.
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:
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.
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.
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.