FRIENDLY MAN AND VAN

London is among the world's leading business, financial and cultural centre's and its influence in politics, education, entertainment, media, fashion and the arts contribute to its status as a major global city. London is a major centre for international business and commerce and is one of three "command centers" for the world economy (along with New York City and Tokyo). According to 2005 estimates by the PricewaterhouseCoopers accounting firm, London has the 6th largest city economy in the world after Tokyo, New York City, Los Angeles, Chicago, and Paris. As the world's second largest international banking centre with a 50% share of all European activity and Europe's second largest city economy after Paris, year-by-year London generates approximately 20% of the UK's GDP; while the economy of the London metropolitan area - the second largest in Europe - generates approximately 30% of the UK's GDP.

London's success as a service industry and business centre can be attributed to factors such as English being the native and dominant language of business, close relationship with the U.S. and various countries in Asia. Other factors include English law being the most important and most used contract law in international business and the multi-cultural infrastructure.

 

Government policies such as low taxes, particularly for foreigners (non-UK domiciled residents do not get taxed on their foreign earnings), a business friendly environment, good transport infrastructure and a deregulated economy with little intervention by the government have all contributed to London's economy becoming more service based. Over 85% (3.2 million) of the employed population of Greater London works in service industries. Another half a million employees resident in Greater London work in manufacturing and construction, almost equally divided between both.

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