London, City of trading
Updated: Aug 8, 2018
London – a global city: A very small number of cities are truly ‘global’ centres of political, economic, commercial and infrastructure networks, acting as international hubs and drivers of the world economy and attracting labour and businesses from international pools. I n terms of economic significance and international connectivity, London ranks alongside cities like Tokyo and New York as a global city, and this impacts on the rest of the UK economy. The strength of London benefit the U. K as a whole and policy interventions should support the capital’s growth
London is the only true global city in Europe. I t is home to the world’s leading financial services centre, Europe’s fastest growing technology hub, and has a high number of internationally ranked universities. it is also the economic engine of Britain, accounting for 22. 7 per cent of the UK’s economic output and a third of its growth. London contributes an estimated 21 per cent of all UK tax, is home to a quarter of the UK’s start-ups and employs more people than all three devolved nations combined. Companies headquartered in London account for more than 20 per cent of jobs in other UK cities and we import around £405 billion of goods and services from businesses across the UK every year.
Although London is always thought of as an international city, the scale of the increase in its international population over the last two decades provides just one of many indicators of how much more international it has become. The overseas born population has risen from 1 5% (or 1 . 1 million) in 1 971 , to 22% (1 . 45 million) in 1 991 and to 38% (3. 1 9 million) now. This percentage of 38% now puts London on a par with other international cities such as New York, Los Angeles, Singapore, Hong Kong and Sydney, among others.