London is a major centre for international business and commerce and is one of three "command centres" for the world economy, with New York City and Tokyo. London has over 480 overseas banks, more than any other city in the world.
London generates approximately 20% of the UKs GDP (or $446 billion in 2005); while the economy of the London metropolitan area—the second largest in Europe. London is one of the pre-eminent financial centres of the world. Londons largest industry is finance, and its financial exports make it a large contributor to the UKs balance of payments. Around 325,000 people were employed in financial services in London until mid-2007. Due to its prominent global role, Londons economy has been affected by the global financial crisis of 2008–2009. The City of London estimates that 70,000 jobs in finance will be cut within a year.
More than half of the UKs top 100 listed companies and over 100 of Europes 500 largest companies are headquartered in central London. The City of London is home to the Bank of England, London Stock Exchange, and Lloyds of London insurance market The BBC is a significant employer, while other broadcasters also have headquarters around the city. Tourism is one of Londons prime industries London attracts 27 million overnight-stay visitors every year
The administration of London is formed of two tiers—a city-wide, strategic tier and a local tier. City- wide administration is coordinated by the Greater London Authority, while local administration is carried out by 33 smaller authorities. The Greater London Authority (GLA)consists of two elected parts; the Mayor of London, who has executive powers, and the London Assembly
English being the native language and the dominant international language of business its former position as the capital of the British Empire its close relationship with the US and various countries in Asia its location in a central time zone that allows it to act as a bridge between US and Asian markets English law being the most important and most used contract law in international business relatively low taxes, particularly for foreigners - non- UK domiciled residents do not get taxed on their foreign earnings a business friendly environment (e.g. in the City of London the local government is not elected by the resident population but instead by business - the City of London is a business democracy) good transport infrastructure particularly its aviation industry a deregulated economy with little intervention by the government
London is one of three "command centres" for the world economy, with New York City and Tokyo.
The London Underground, oldest and largest metro system in the world, known as the The Tube, because of the shape of the tunnels
London has five major business districts: the City, Westminster, Canary Wharf, Camden & Islington and Lambeth & Southwark
The London Eye or Millennium Wheel of the city is the tallest Ferris wheel in Europe
There are five international airports in London, with the Heathrow airport being the busiest airport in the world.