London's Economic Plan and Major Industries
This site offers detailed information on London's major industries and the London Plan for the economic growth of the UK's capital city.
As one of the world's foremost business and financial centres, London is the heart of the UK's economy and of vital importance to the country's financial stability and economic well being.
The City produces 10% of the total national income of Great Britain. Other facts about the City's worth to the country's economy include:
- The London stock exchange is the 4th largest with a market capitalisation topping £2.377tr as of 2011.
- The Bank for International Settlements says that London's daily turnover of foreign exchange is $1.9tr.
- TheCityUK has credited The City with a net premium insurance income of £200bn.
- The London Metal Exchange boasts that 120.3m metal contracts a year are traded in London.
- NYSE Liffe states that 1.293bn contracts a year are traded on London's International Financial Futures Exchange.
- The Investment Management Association notes that £4.1tr in funds are under management in the UK.
- According to TheCityUK London has 95% of the EU emissions trading scheme.
- 18% of cross-border lending - more than in any other country - is arranged in the UK.
- In 2009 the City had 21% of the marine insurance global market, making it the world leader.
- In 2011 London based companies raised a total of about £450m in venture capital investment.
- London employs 45% of solicitors in private practice and is home to 25% of all private practice firms in the UK.
- In 2010 the UK film industry spent £1.1bn, while international investment rose to a record breaking £928.9m with approximately three quarters being concentrated in and around the city of London.
- The Construction Skills Network says that in 2011 the Greater London construction industry directly employed 260,000 people and that there are approximately 677 live or recently completed building projects across the county.
- In 2010 London's office space market was valued at £98.6bn and the City's contribution to the entire UK commercial property market was £488bn.
- London is the world's number one tourist destination attracting around 30 million visitors annually with the revenues generated comprising approximately 10% of the city's gross value added income and employing 13% of London's workforce.
- The retail sector accounts for about 40 percent of all money spent in London and provides roughly 400,000 jobs (just under 10% of all employment in the metropolitan area).
So how does London stay on top and ahead of the game? That's where the Lord Mayor's London Plan comes in. Covering everything from economic development to office space and employment, it is the blueprint for London's growth both now and in the near future.