The Great Financial Capital of Europe

London, the capital of England and the United Kingdom, is one of the oldest, largest, and most populous cities in the world. It is also one of the world's most important centres of politics, media, literature, education, culture, art, science, and many more aspects of today's modern society.

But aside from that, London is a global city and is one of the "command centres" for the global economy aside from New York and Tokyo. It is an extremely large financial centre for international business and commerce. In fact, the city generates approximately 30 percent of the nation's gross domestic product (GDP), or 435 billion pounds!

London started its phenomenal growth after World War II, earlier than other European cities, shifting from a production-based economy to a service-oriented one. It utilised its former position as the capital of the British Empire, close relationship with the United States and some Asian countries, business friendly environment, low taxes, strategic location, and good transport infrastructure to the fullest to firmly establish its position as a global city.

London's main industry has always been finance; its financial exports making the city a primary contributor to the United Kingdom's balance of payments. Many international banks, brokers, insurers, legal businesses, media companies, and accounting firms make have made London their headquarters. In fact, more than half of the UK's top 100 companies and over 100 of Europe's largest companies are located in London. The city has an average daily turnover of 489 billion pounds, which is 31 percent of all global currency transactions!

Finally, due to London's global significance and wonderful sights, tourism is also one of its prime industries. The city attracts 27 million tourists per year, generating an income of 15 billion pounds annually.

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