It has a GDP of over £565 billion, which is about 17 percent of the UK's total GDP. Overview of United Kingdom. its position in Europe, since Europe has a population and GDP larger than those of the US. [99] It includes the London Underground, London Overground, Docklands Light Railway, London Buses and London River Services. [100] The Thameslink rail network is undergoing a £6bn programme to upgrade and expand the line. The new data better highlight the structural economic stagnation already incorporated in the Outlook and reduce … [78], A growing number of technology companies are based in London, notably in East London Tech City also known as Silicon Roundabout. Over the last 9 last years, the growth rate of London encircles approximately from 0.23% to 1.76%, summing around 20,000 to 150,000 people in the annual population. Many of these are small and medium-sized enterprises.[12]. The Gross Domestic Product (GDP) in the United Kingdom was worth 2827.11 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. [3][41] 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 is moving to Paris in March 2019 following the Brexit referendum of 2016. [7] The London fiscal surplus, £32.5 billion in 2016–17,[8] mostly goes towards funding services in other parts of the UK. [67][68] Many different types of professional service providers are located in the city including the big four accountants and major management consulting firms. It is Europe's biggest construction project with a £15 billion projected cost. ", "EBA seeks more time in London after Brexit", "Relocation of the UK-based EU agencies - Consilium", "The value of Europe's international financial centres to the EU economy", "Triennial Central Bank Survey - Foreign exchange and derivatives market activity in 2004", "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", "Triennial Central Bank Survey: OTC interest rate derivatives turnover in April 2013", "International money market instruments – all issuers By residence of issuer", "Key Facts about the UK as an International Financial Centre report 2015", "LBMA says banks back its plan to change London gold market", "A guide to The London Bullion Market Association", "International debt securities – all issuers All maturities, by residence of issuer", "The City of London as a Global Financial Centre: An historical and comparative perspective", "Brexit: the United-Kingdom and EU financial services", "The Transatlantic Trade & Investment Partnership (TTIP) brochure", London is now the global money-laundering centre for the drug trade, says crime expert, "London property market turned into money laundering safe haven by inadequate supervision, MPs say", "UK draws billions in unrecorded inflows, much from Russia – study", "Private Eye - Official Site - the UK's number one best-selling news and current affairs magazine, edited by Ian Hislop", "UK leading the way as an international centre for legal services and dispute resolution", "Out for justice: Britain must fight for its status as a global legal hub", "London's Place in the UK Economy, 2005-6", "UK film's contribution to UK GDP over £4.6b", "We must build on this golden age for British film", "London Retains Crown in 2015 MasterCard Global Destinations Cities Index", "British Museum tops UK visitor attractions list", London is the HR centre of opportunity in the UK, "UK tech firms smash venture capital funding record", "An evaluation of the international FinTech sector", "JLL announces Europe's retail gateway cities", "Why London must retain its lead as the world's number one retail destination", "London tops world cities spending league", "London Fashion Week: Fashion industry worth £26 billion to UK economy", "Pharmaceutical plant under_threat of closure", "Complete Plant Closure of Aesica Pharmaceuticals Enfield, UK Facility", "The UK is finally catching up with US in biotech investment – venture capital funding more than doubled last year", "The pharmaceutical industry and market in the UK", "London 'best city for foreign property investment opportunities, "London Office Crane Survey – winter 2013", "London housing zones to create 50,000 new homes", "Mayor names London's first Housing Zones", "2012 Olympics transport strategy hailed a success", "The TfL Olympic Legacy: Measuring the Unmeasurable", "The London 2012 Games Transport Legacy: One Year On", "Eurostar launches London-Amsterdam route", "CROSSRAIL LTD OUTLINES PLAN TO COMPLETE THE ELIZABETH LINE", "Crossrail's giant tunnelling machines unveiled", https://tfl.gov.uk/modes/driving/congestion-charge, "London Mayor confirms Ultra-Low Emission Zone will start in 2019", "London Gateway 'super-port' welcomes first vessel", Department for Business, Energy and Industrial Strategy, Glasgow International Financial Services District, https://en.wikipedia.org/w/index.php?title=Economy_of_London&oldid=995450763, Articles with dead external links from April 2019, Articles with permanently dead external links, Articles with dead external links from January 2018, Short description is different from Wikidata, Articles containing potentially dated statements from 2009, All articles containing potentially dated statements, Creative Commons Attribution-ShareAlike License, Finance, broking, insurance, legal, fund managers, banking, Head offices, real estate, private banking, hedge funds, government, Creative industries, finance, design, art, fashion, architecture, media, Accountancy, consultancy, local government. Dezember 2020 23:14 Uhr Frankfurt | 22:14 Uhr London | 17:14 Uhr New York | 07:14 Uhr Tokio London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. [105] 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. [102] 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. [83] The UK's fashion industry, centred on London, contributes tens of billions to the economy. There are a number of proposals for expanding airport capacity for London including expansion of London Heathrow Airport and expansion of Gatwick Airport. London (CNN Business)UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into … [9], London generates approximately 22 per cent of the UK's GDP. We expect growth to be 0.3 per cent in October. Fitch Ratings-London-02 October 2020: New monthly estimates of GDP by Fitch's Economics team for the four largest eurozone economies (EZ4) suggest upside risks to the 3Q20 eurozone growth forecasts published in our September 2020 Global Economic Outlook (GEO). London was named the city with the best real estate investment opportunities for foreign investors in 2014. [110] 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. The UK economy is likely to contract by 11.5 per cent in 2020.”, Dr Hande Küçük, Deputy Director - Macroeconomic Modelling and Forecasting, Please find the full analysis in the document attached, National Institute of Economic and Social Research, 2 Dean Trench Street, Smith Square London, SW1P 3HE United Kingdom, Monthly_GDP_ Tracker_November2020FullDocument.pdf. English being the native language and the dominant international language of business; its past role as the capital of the former. [61][62][63][64][65][66], London is a leading global centre for professional services. The latest comprehensive information for - United Kingdom GDP Growth Rate - including latest news, historical data table, charts and more. Manufacturing suffered dramatic decline from the 1960s on. Over 70% of the FTSE 100 are located within London's metropolitan area, and 75% of Fortune 500 companies have offices in London. The ULEZ charge will be extended to the North and South Circular from October 2021.[106]. [1] 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. Soho is the centre of London's post-production industry. London is the headquarters for four of the world's six largest law firms and is a leading international centre for legal services. 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. London is served by six international airports which are the world's busiest city airport system by passenger traffic. 146–47. 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