London (pronounced “lun-dun”) is the capital city of England and the United Kingdom. It is the highest population city in the UK, standing at over 8.3 million. This accounts for around 13% of the whole UK’s population (63.2 million as of 2012) and is the highest of any city in the European Union.
London is made up of 5 main business districts. Specifically Lambeth & Southwark, Camden & Islington, Canary Wharf, Westminster, and the City. One way to get an idea of their relative importance is to look at their relative amounts of office space: Greater London has more than 3 times the office space compared to the City, and as such, the demand generates some of the highest global real estate prices – with an average of around £20k per square metre. In comparison, Paris is less than half of London, Rome less than a quarter and Berlin less than an eighth as much per square metre.
As one of the world’s top cities, London leads in areas such as tourism & transport, research & development, professional services, media, healthcare, finance, fashion, entertainment, education, commerce, and the arts.
London boasts the most international arrivals of any city in the world and has the busiest airport system given the number of passengers. The Port of London handles over 45 million tonnes of cargo per year making it the 2nd biggest port in the UK.
London has a total of forty three universities making it the highest concentration in any city across in Europe.
London is one of the world’s principal financial centres and has the 5th greatest metropolitan area Gross Domestic Product (GDP) in the world.
London accounts for around 20% of the entire UK’s GDP. The London metropolitan area (Europe’s largest) accounts for around 30% of the entire UK’s GDP. London is one of the world’s principal financial centre and alongside of New York City is the most important international finance location.
London’s finance sector is by far its largest, employing around 325,000 people and includes the London Stock Exchange, Lloyd’s of London insurance and the Bank Of England. Standing at more than 480, London has the most over-seas banks in the world. Greater London’s services industry accounts for around 3.2 million (85%) employment. Following the global economic recession, London’s economy recovered by 2010.
London is headquarters to more than 50% of the UK’s Financial Times Stock Exchange (FTSE) top 100 listed companies, along with more than 20% of Europe’s 500 largest companies. London hosts offices for more than 75% of Fortune 500 listed companies, and 70% of the FTSE 100.
The number of technology companies based in London are rapidly expanding, none more so the in ‘Silicon Roundabout’ East London Tech City area. London has been rated as the European City of the Future for 2014/15.