London is the financial, commercial, administrative and political center of Great Britain and a major industrial city. With around 86% of the workforce, the service sector is the most important economic sector. Together with New York, London is the world’s leading financial metropolis; A large number of foreign banks, among them the most important in the world, illustrate the still outstanding position as an international financial center (London Stock Exchange). The position of London in the insurance sector is also outstanding, especially in insurance for maritime facilities, ships and aircraft (Lloyd’s). Banking, finance and insurance, along with business services, is one of the fastest growing industries in London. The spatial center of banking, insurance and stock exchange is the City of London, the Square Mile (2.9 km 2Area only slightly larger than a square mile). In the neighboring City of Westminster to the west, the »Westend«, in addition to the government functions with parliament, the headquarters of national and international corporations as well as offices of the advertising, film and television industries are concentrated. London is also an important convention city. With (2017) 79.9 million overnight stays and over 19 million visitors, London is one of the most popular city travel destinations in the world.
The development of the diverse, consumer-oriented industry was favored above all by the large sales market, the sustained population growth and the concentration of political and economic functions. At the height of its development, London industry employed 1.4 million people (1961); H. about 16% of all industrial workers in Great Britain. Since then, the number of jobs has fallen to less than 500,000 as a result of company closings, mergers and relocations to the surrounding area, especially to the New Towns.
According to thereligionfaqs, London has two industrial zones of different ages and structures. The older, Victorian industrial belt surrounds the city north of the Thames. As a legacy of the 19th century, it has a specific industrial structure, characterized by small and medium-sized companies in the clothing, furniture, printing and precision engineering industries as well as special branches of mechanical engineering. To the east, along the 19th century docks, there were port-oriented branches of industry. This industrial zone has been particularly hard hit by closings in recent decades. The once important printing works for London newspapers on Fleet Street have now been relocated to new business parks, including in the Docklands redevelopment area. – The »outer industrial zone« developed particularly in the 20th century in the outer districts. In connection with the improvement of the transport infrastructure, large new industrial areas were created, especially in the north, e.g. B. Royal Park, and around Wembley, in which mainly modern industry settled: special machine, vehicle, aircraft and instrument construction, electrotechnical, electronic, chemical and pharmaceutical industries. A large petrochemical industrial complex was built at the Thames estuary after the Second World War. Aircraft and instrument construction, electrotechnical, electronic, chemical and pharmaceutical industries. A large petrochemical industrial complex was built at the Thames estuary after the Second World War. Aircraft and instrument construction, electrotechnical, electronic, chemical and pharmaceutical industries. A large petrochemical industrial complex was built at the Thames estuary after the Second World War.
The decline of industry is attributed to the outdated structures, the lack of development opportunities, especially in inner-city locations, as well as the deliberate planning deconcentration since the 1950s. The closure of the technically obsolete docks east of Tower Bridge downstream from the River Thames between 1967 and 1981 led to the loss of 20,000 jobs. During the 1980s and 1990s, the Docklands formed the largest inner-city redevelopment area in Great Britain with 2,226 hectares. Numerous jobs were created through extensive renovation measures and the relocation of companies, often an effect of relocations from other inner-city locations. Additional measures include the creation of a 170 hectare production zone on the Isle of Dogs. The Docklands have been connected to the city via a light railway since 1987; Its expansion has significantly improved the hitherto inadequate connection and made the Docklands more attractive for the service sector. In the east of the redevelopment area, the City Airport was built for short-haul air traffic in Europe. The revitalization strategy of London’s Docklands was exemplary for urban development policy across the country.
London Stock Exchange
London Stock Exchange, central exchange for British government bonds and stocks and the most important European stock exchange. The London Stock Exchange dates back to informal meetings of securities dealers in coffee houses in the late 17th century. In the 18th century there were approaches to organized stock exchange trading. The Stock Exchange was founded in 1773, which in 1801 became a stock corporation with its own stock exchange building and rules under the nameLondon Stock Exchange plc (abbreviation LSE) established. The LSE is one of the largest and most important stock exchanges in the world and is not subject to any state supervision. A distinction is made between three markets for stock trading: normal stock exchange trading on the basis of strict admission requirements (listed market); Stock market for companies that do not yet meet the strict requirements (Unlisted securities market; since 1980); Market for shares in very young companies (Third Market; since 1987). Exchange trading on the trading floor has been practically replaced by the electronic trading system Stock Exchange Electronic Trading Service (abbreviation SETS) since 1997. Traders can be registered as ordinary exchange members (brokers, dealers) or as market makers.
In addition to the traditional stock exchange, there has been a futures exchange since 1982, the London International Financial Futures and Options Exchange (LIFFE). It is the first and largest European exchange for financial futures (futures) and, since its merger with the London Traded Options Market (1992), the third largest exchange in the world. Standardized futures contracts are traded, whereby the purchase and sale are either binding (financial futures contracts) or it is left to the buyer to forego fulfillment on the agreed date (financial options contracts). Other important exchanges are the London Agricultural Futures Market for agricultural products (e.g. meat futures) and the London Meat Futures Exchange (Abbreviation LMFE) for futures on live pork and pork, the London Futures and Options Exchange (abbreviation FOX) for futures and options on coffee, sugar and cocoa, the London Metal Exchange (abbreviation LME) for metal futures contracts and the London Gold Market and the London Silver Market for precious metals.