A Leading World Financial centre ...
It is impossible to underestimate the
importance of London. With an annual GDP
larger than many small countries, the
City of London is the epicentre of British
financial life and one of the world’s
leading international financial centres.
This square mile located on the eastern
side of central London and referred to
as ‘The City’, boasts an impressive concentration
and variety of banks, insurance companies
and other business services.
In fact, financial and business services
throughout London employ around a third
of the Greater London workforce. Over
the last few years, the British government
has delegated greater responsibility to
the Bank of England whilst the London
Stock Exchange
has floated
itself. However, The City and the stock
market in particular has been suffering
badly in 2002.
Post the September 11 terrorist attacks,
investor confidence seems to have gone
and the stock market has reached a six-year
low, although during 2004 it has been
slowly climbing back. Major companies
seem to be feeling the pinch, which has
a knock-on effect on jobs. Beyond the
financial heart of London, law, computing,
design, media, arts and fashion are all
struggling to avoid the global slump,
with the advertising sector being worst
hit.
One industry that has shown signs of recovery
is the tourism industry, which has fought
back from the double setback of Foot and
Mouth and September 11 to stage a partial
recovery. Although 2001 was one of the
worst years on record for tourism in London,
2002 levels look set to be only slightly
down on those of the years preceding the
outbreak of Foot and Mouth.
The list of companies based in London
is almost endless as almost all major
international companies, financial institutions,
banks and organisations have offices here.
London in the 1980s and 1990s saw a decline
in production and manufacturing jobs and
a growth in the service sector. However,
strengths remain in modern product-based
manufacturing – specialist firms producing
niche products – and high-tech companies.
New light industry parks have sprung up
out of town, although many businesses
(such as computing) still prefer to stay
closer to The City. For the more fashionable
industries, such as media and design,
a West End address is the most sought
after, especially one in Soho. To the
east of the City, the Docklands has come
of age and is now a credible and popular
business location with good public transport
links and modern office complexes.
CWC
Gulf have two offices in the UK.
One located in the heart of London's
Mayfair and an office based in Buckinghamshire,
twenty five minutes west of London
and which is close to both Windsor
and Heathrow airport.
