Business Overview
A major international business and commerce center, London is one of the
three "command centers" for the global economy. As a Europe's
largest city economy, London metropolitan area generates large portion of UKs
GDP.
With numerous banks, investment companies, the stock exchange, insurance,
accounting and legal firms along with 75% of Fortune 500 companies in its
lap, Londons largest industry undoubtedly remains finance. Its
financial exports also contribute extensively to the countrys balance
of payments.
The city shifted to a service based economy earlier than any other European
cities. A large array of factors like its close relationship with US and
various countries in Asia, English law being the most used contract law in
international business, well-developed infrastructure, low taxes, business
friendly environment and least government intervention contributes a lot to
the relative success of service industry in London. About 85% of the
employed population of greater London work in the services sector.
Along with professional services, media distribution industry is the second
most competitive sector of London. Most and a lot of media companies and
broadcasters are headquartered in London like BBC. While many national
newspapers are edited around Canary Wharf, Soho is the center of
post-production industry in London.
London though no longer the biggest port in the world but is still among
the biggest ports. This not only makes the city a major cargo-transportation
hub but also makes tourism its core industry. Where London Port handles
million tonnes of cargo each year, on the other hand tourism employ millions
of full-time workers in the city. Not only a popular destination for
tourism, London also remains lively throughout the year due to its endless
events. Whether they are trade exhibitions or cultural shows, London is a
popular host of them all.
Major Business Centers
London Stock Exchange:
Home to some of the best companies in the world, London Stock Exchange is
the heart of global financial markets. The worlds oldest stock
exchange, it is also the worlds leading equity exchanges.
Tracing its history back to more than 300 years starting life in the
coffeehouses of 17th century London, the Exchange today has grown into Citys
most important financial institution.
The Olympia Exhibition Center:
Olympia Exhibition Center is the most popular venue in London for major
public exhibitions. Located down the road from fashionable Kensington, the
center was recently selected as one of Britains Superbrands,
alongside Shell, Samsung, and Rolls Royce.
The facilities at the center are first rate with the most experienced
in-house technical and support staff and this makes the venue as familiar to
shoppers as it is to companies.
Major Commercial Hubs
Canary Wharf:
Canary Wharf is a thriving and vibrant business district with wide range of
shops, restaurants, pubs as well as health care facilities. Leading
international companies enjoy best of infrastructure and other facilities
here.
Home to one of the tallest buildings of UK named One Canada Square
(commonly known as the Canary Wharf Tower or just Canary Wharf), Canary
Wharf includes major banks, law firms as well as major news media and
service firms. It also has many tenants public sector like the Financial
Services Authority and 2012 Olympic Games organizers LOCOG and ODA.
Besides this, the district is also becoming a shopping destination,
especially with the opening of Jubilee Place shopping mall in 2004.
Southwark:
Located southeast of Charing Cross and in common with much of the south
bank of the Thames, Southwark has seen extensive regeneration in the last
few decades.
Till now home to various light industries and factories, the borough now
has become a major business center with many national and international
corporations, professional practices, publishers, shops, restaurants,
galleries and bars.
Southwark is in easy walking distance from the City and the West End and is
generally an area of mixed development because besides containing council
estates and major office developments, it also has high value residential
communities.
Major Manufacturing Zones
The Crayford Industrial Area:
Covering about 20 hectares on land between Crayford town center and Maiden
Lane on the south side of the River Cray, the Crayford Industrial Area
consists of four separate estates.
The Crayford Industrial Estate along with Swaislands Drive area consists of
densely developed older buildings. Whereas other parts of the area also
includes a modern, freestanding factory, the Tower Retail Park and some
other modern industrial units. Further the redevelopment of Acorn Industrial
Park for small industrial units also enhances its importance as an
Industrial area.
The Uxbridge Industrial Estate:
Located to the south of Uxbridge town center, the industrial estate was
developed far back in 1950s. Over the years the estate has proved to be an
important part of the Uxbridge economy providing a good location for the
manufacturing sector. There are around 200 companies in the Area.