A ring of 18 railway stations provides train links to cities, towns and villages around the country as well international services to Paris, Brussels and Amsterdam via the high-speed Eurostar. London handled 36.7% of global currency transactions in 2009[update] – an average daily turnover of US$1.85 trillion – with more US dollars traded in London than New York, and more Euros traded than in every other city in Europe combined. It will run on 118 km (73 mi) of track with a branch to Heathrow Airport. It has a GDP of over £565 billion, which is about 17 percent of the UK's total GDP. Area 243,610 SQ.KM. Dezember 2020 23:14 Uhr Frankfurt | 22:14 Uhr London | 17:14 Uhr New York | 07:14 Uhr Tokio Wednesday 25 November 2020 3:01 pm OBR: 'No-deal' Brexit to wipe 2 per cent off GDP - with finance worst hit . GDP had, according to our monthly estimates, already recovered to a long way above the 2Q20 average by June … China NBS. London is the headquarters for four of the world's six largest law firms and is a leading international centre for legal services. a business friendly environment (e.g. [75] Within the UK, London is home to the ten most-visited tourist attractions. [46][47][48][49][50] London is the leading centre for international bank lending,[51] derivatives markets,[52] money markets,[53] international insurance,[54] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[55] and issuance of international debt securities. Decentralisation would benefit everyone, says Jack Brown, research manager at Centre for London [91] Food and drink manufacture remain in places, for example baking at Warburtons in Brimsdown, biscuits at United Biscuits in Harlesden, brewing at Fuller's Brewery in Chiswick, manufacture of coffee and chocolate by Nestlé in Hayes in West London, and refining of sugar and syrup by Tate & Lyle in Silvertown. London Gateway, the UK's newest container port, opened in 2013. Mayfair and St. James's are historically and currently the most expensive areas – approximately £146 per sq ft per annum. Many of these are small and medium-sized enterprises.[12]. [84], 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. [73][74], Tourism is one of London's prime industries. 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. 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Monthly estimates suggest that growth in September itself was 1.1 per cent, meaning that GDP at the end of the quarter was still 8.2 per cent below its pre-pandemic February level. Following the introduction of COVID-19 containment measures across the world, real gross domestic product (GDP) in the G20 area fell by 3.4% in the first quarter of 2020. In 2014, the government identified 20 new housing zones across London,[97] 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.[98]. [76] Tourism employed the equivalent of 350,000 full-time workers in London in 2003,[77] whilst annual expenditure by tourists is around £15bn. [80], London is a major retail centre,[81][82] and in 2010 had the highest non-food retail sales of any city in the world, with a total spend of around £64.2 billion. Aktuelle Nachrichten aus Nordrhein-Westfalen. [99] It includes the London Underground, London Overground, Docklands Light Railway, London Buses and London River Services. [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. relatively low taxes for corporations and non-domiciled foreign individuals; good transport infrastructure particularly its aviation industry; This page was last edited on 21 December 2020, at 02:52. [93], A multibillion-pound 10-year construction programme has begun in Nine Elms on the South Bank of the river Thames in central London. The ONS said quarterly GDP growth has been between 0.2% and 0.3% in 2019 on average, continuing the slowing that has been experienced over the previous five years. [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. Remove London from the UK’s economy and the nation would fold. [9], London generates approximately 22 per cent of the UK's GDP. [35], London's largest industry remains finance, it is the largest financial exporter in the world which makes a significant contribution to the UK's balance of payments. [83] The UK's fashion industry, centred on London, contributes tens of billions to the economy. 15 April 2020. 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. LONDON - The U.K. economy grew 2.1% in August on a monthly basis, as the country's gradual recovery from the coronavirus crisis continued, albeit at a slightly slower pace. The GDP value of the United Kingdom represents 2.33 percent of the world economy. The new data better highlight the structural economic stagnation already incorporated in the Outlook and reduce … Retrieved 15 April 2020. The city thrives in trade and commerce and has a vibrant culture seeped in commerce. [32], The London Stock Exchange is the most international stock exchange and the largest in Europe. 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