London instance of city
Status
Within London, both the City of London and the City of Westminster have city status and both the City of London and the remainder of Greater London are counties for the purposes of lieutenancies. The area of Greater London includes areas that are part of the historic counties of Middlesex, Kent, Surrey, Essex and Hertfordshire. London's status as the capital of England, and later the United Kingdom, has never been granted or confirmed by statute or in written form.Its status as a capital was established by constitutional convention, which means its status as de facto capital is a part of the UK's uncodified constitution. The capital of England was moved to London from Winchester as the Palace of Westminster developed in the 12th and 13th centuries to become the permanent location of the royal court, and thus the political capital of the nation. More recently, Greater London has been defined as a region of England and in this context is known as London.Economy
London's gross regional product in 2019 was £503 billion, around a quarter of UK GDP. London has five major business districts: the city, Westminster, Canary Wharf, Camden & Islington and Lambeth & Southwark. One way to get an idea of their relative importance is to look at relative amounts of office space: Greater London had 27 million m2 of office space in 2001, and the City contains the most space, with 8 million m2 of office space. London has some of the highest real estate prices in the world. London is the world's most expensive office market according to world property journal (2015) report. As of 2015 the residential property in London is worth $2.2 trillion – the same value as that of Brazil's annual GDP. The city has the highest property prices of any European city according to the Office for National Statistics and the European Office of Statistics. On average the price per square metre in central London is €24,252 (April 2014). This is higher than the property prices in other G8 European capital cities; Berlin €3,306, Rome €6,188 and Paris €11,229. As of June 2022, based on the cost of living in the city and the strength of the local currency, London is the 4th most expensive city in the world, behind Hong Kong, New York and Geneva.
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