FILE PHOTO: Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. 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]. London produced £487 billion ($624B) or around 1/4 of UK GDP in 2018,[13] while the economy of the London metropolitan area — the largest in Europe—generates around 1/3 of the UK's GDP or almost $1.0 trillion. Accordingly, our forecast for 2020 stand at –11.3 percent. [103][104] An additional line, Crossrail 2, has been proposed. Around 25,000 permanent jobs will be created once the new buildings are occupied and around 16,000 new homes. [79] A report by EY highlighted the importance of London to the UK's FinTech industry in terms of availability of expertise and demand for services. [9], London generates approximately 22 per cent of the UK's GDP. [92] Office development was at a four-year high in 2013 with 9.7 million sq ft across 71 schemes under construction. UK forecasts show 11.3% GDP contraction in 2020, rebound in 2021. [33][34] 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. Stefan Boscia. 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. Taking a glance to the previous 9 years of London’s population development, there had been many variations in the numerical figures. GDP forecast to contract by 2.2 per cent in Q4, “Today’s ONS data suggest that the recovery from the first phase of the pandemic was already slowing by the end of the third quarter, with output remaining 8.2 per cent below pre-pandemic levels in September. The GDP value of Germany represents 3.17 percent of the world economy. [6] Some of its neighbourhoods have estimated per capita GVA as high as £116,800 ($162,200). By Reuters Staff. LONDON BRIEFING: 1960s Revisited As UK Government Debt Exceeds GDP; LONDON BRIEFING: 1960s Revisited As UK Government Debt Exceeds GDP . [32], The London Stock Exchange is the most international stock exchange and the largest in Europe. London has five major business districts: the City, Westminster, Canary Wharf, Camden & Islington and Lambeth & Southwark. Latest ONS estimates published this morning show that the UK economy grew by15 ½ per cent in the third quarter of 2020, as the economy recovered from the first phase of the Covid-19 pandemic and resultant public health measures. Overview of United Kingdom. Mittwoch, 23. [60], 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 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. The new data better highlight the structural economic stagnation already incorporated in the Outlook and reduce … This consistently causes a serious incr… Transportation contributes to both the service and construction sectors of the London economy. 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. GDP had, according to our monthly estimates, already recovered to a long way above the 2Q20 average by June … its position in Europe, since Europe has a population and GDP larger than those of the US. In 2016, the UK was the tenth-largest exporter of goods in the world, exporting goods to 160 countries worldwide. Due to the advance and enhancing facilities and opportunities of education, health and other profiting fields, a large number of people immigrate to London every year. Our expectations for the fourth quarter and beyond will depend on the stringency and duration of ongoing lockdowns; local and national .”, Dr Kemar Whyte, Senior Economist - Macroeconomic Modelling and Forecasting, “We expect the second lockdown to bring a large monthly contraction in November to be followed by a quick rebound in December provided that the lockdown succeeds in getting infection rates under control without the need for a further extension. 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". Archived from the original on 30 March 2020. [78], A growing number of technology companies are based in London, notably in East London Tech City also known as Silicon Roundabout. 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. That is, if the fourth quarter of 2020 and the first quarter of 2021 both show GDP contraction, then that is a second recession after just one quarter of growth. [93], A multibillion-pound 10-year construction programme has begun in Nine Elms on the South Bank of the river Thames in central London. [67][68] Many different types of professional service providers are located in the city including the big four accountants and major management consulting firms. [111], Domestic and international corporate headquarters, Chatsworth Communications (April 6, 2016), Hollywood's links with the United Kingdom, Construction industry of the United Kingdom, Thames Ironworks and Shipbuilding Company, Pharmaceutical and biotechnology companies in the United Kingdom, world's busiest city airport system by passenger traffic, "Key Facts about UK Financial and Related Professional Services 2016", "London tops Colliers Cities of Influence index", "European attractiveness survey 2016 – European cities", "London is the soft power and high skills capital of the world", "This pocket of London is the richest place in Europe... by far", "London's competitive place in the UK and global economies", https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/regionaleconomicactivitybygrossdomesticproductuk/1998to2018/pdf, "Symbiosis: Trade and the British Empire", "The Economic Benefits to the UK of EU Membership", "London Wants to Tap Chinese Currency Market", "Press Conference by Kerry, British Foreign Secretary Hague", "UK bilateral trade relations: business opportunities", "UK – Commonwealth trade statistics – Commons Library Standard Note", "English Common Law is the most widespread legal system in the world", "London's Low Taxes Lure Foreign Companies as Banks Retrench", "KPMG's Annual Tax Competitiveness Survey 2013", "UK leads the way for business cost competitiveness in the mature markets", "The UK is the seventh most competitive economy in the world", "TfL's contactless future for the London commuter", "150 facts for 150 years of the London Tube", "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 'is most desirable global city to move to for work, "There was no need for Osborne to dance so quickly to HSBC's tune", "HSBC decides to remain headquartered in the UK", "Bankers' love of London complicates Brexit relocation plans", "Office Rent London: Our Definitive Rental Guide – Updated for 2015 Q1", "Key Facts about the UK as an International Financial Centre 2014", "UK trade surplus in financial services highest ever", "Hedge Funds Boost Leverage and Assets in FCA Survey", "Why, in the era of Wall Street hegemony, do close to half of global financial transactions still flow through territories linked to Britain? The £1.5bn facility at Thurrock, Essex, is 20 miles (32 km) down the River Thames from London. The UK is expected to fall to the seventh-largest economy by 2023 with a GDP of $3.27 trillion. 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. [72] The BBC is a key employer, other broadcasters also have headquarters around the city. Investment in London's technology sector was $2.28 billion in 2015, 69 per cent higher than the $1.3 billion raised in 2014. A substantial industrial plant remaining in operation is Ford Dagenham, the largest diesel engine manufacturing site in the world. [73][74], Tourism is one of London's prime industries. [42][43] Other key institutions are Lloyd's of London for insurance, the Baltic Exchange for shipping. London has an integrated public transport system operated by Transport for London under a single electronic ticketing system, the Oyster card. 15 April 2020. [39] The City of London is home to exchanges, banks, brokers, investment managers, pension funds, hedge funds,[40] private equity firms, insurance companies and reinsurance markets. 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. Latest ONS estimates published this morning show that the UK economy grew by15 ½ per cent in the third quarter of 2020, as the economy recovered from the first phase of the Covid-19 pandemic and resultant public health measures. [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. It has a GDP of over £565 billion, which is about 17 percent of the UK's total GDP. Dezember 2020 23:14 Uhr Frankfurt | 22:14 Uhr London | 17:14 Uhr New York | 07:14 Uhr Tokio 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. These are Heathrow, Gatwick, Stansted, Luton, London City, and Southend. Manufacturing suffered dramatic decline from the 1960s on. It is expected to be able to handle 3.5 million containers a year. GDP forecast to contract by 2.2 per cent in Q4 Main points. London's housing stock is worth as much as Brazil's annual GDP, estate agents Savills reported in January 2015. English being the native language and the dominant international language of business; its past role as the capital of the former. A useful guide to the distribution of wealth across London is the cost of renting office space. This trend continues, with the loss of the pharmaceutical manufacturing sites of Aesica (formerly Merck Sharp and Dohme) at Ponders End in 2011,[86][87] and Sanofi-Aventis (originally May & Baker) at Dagenham by 2013. [107] The Heathrow proposal expects to create 120,000 new jobs across the UK and bring economic benefits of more than £100 billion. [83] The UK's fashion industry, centred on London, contributes tens of billions to the economy. Population 66,488,991. The development is forecast to create 27,000 jobs in London and the South East and contribute £2.4bn a year to its economy. Gross domestic product (GDP) in the G20 area rebounded by 8.1% in the third quarter of 2020 following the unprecedented falls in the first half of the year due to … [5] London had the fifth largest metropolitan economy in the world in 2011 according to the Brookings Institution. 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. [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. There is a £16/day congestion charge in Central London. 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. [44][45], 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. 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. [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. 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. 146–47. Crossrail, originally planned to open in 2018 but delayed until late 2020 or 2021,[101] will be a new railway line running east to west through London and into the surrounding countryside. 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). [88] Pharmaceutical and biotechnology companies in the United Kingdom still have a presence in London, including the world headquarters of GlaxoSmithKline.[89][90]. London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. [10][11] 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. [85] 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. 1 Min Read. 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. Remaining in operation is Ford Dagenham, the largest diesel engine manufacturing site in the world 's six law. Than other European cities, particularly following the Second world War in operation Ford... 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