London instance of financial centre
Geography
Scope
London, also known as Greater London, is one of nine regions of England and the top subdivision covering most of the city's metropolis. The City of London at its core once comprised the whole settlement, but as its urban area grew, the Corporation of London resisted attempts to amalgamate the City with its suburbs, causing "London" to be defined several ways.Forty per cent of Greater London is covered by the London post town, in which 'LONDON' forms part of postal addresses. The London telephone area code (020) covers a larger area, similar in size to Greater London, although some outer districts are excluded and some just outside included. The Greater London boundary has been aligned to the M25 motorway in places.Further urban expansion is now prevented by the Metropolitan Green Belt, although the built-up area extends beyond the boundary in places, producing a separately defined Greater London Urban Area. Beyond this is the vast London commuter belt. Greater London is split for some purposes into Inner London and Outer London, and by the River Thames into North and South, with an informal central London area. The coordinates of the nominal centre of London, traditionally the original Eleanor Cross at Charing Cross near the junction of Trafalgar Square and Whitehall, are about 51°30′26″N 00°07′39″W. Based on the centre of gravity of its map, the geographical centre of London is in the London Borough of Lambeth, 0.1 miles (150 m) to the north-east of Lambeth North tube station.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.The City of London
London's finance industry is based in the City of London and Canary Wharf, the two major business districts in London. London is one of the pre-eminent financial centres of the world as the most important location for international finance. London took over as a major financial centre shortly after 1795 when the Dutch Republic collapsed before the Napoleonic armies. For many bankers established in Amsterdam (e.g. Hope, Baring), this was only time to move to London. Also, London's market-centred system (as opposed to the bank-centred one in Amsterdam) grew more dominant in the 18th century. The London financial elite was strengthened by a strong Jewish community from all over Europe capable of mastering the most sophisticated financial tools of the time. This unique concentration of talents accelerated the transition from the Commercial Revolution to the Industrial Revolution. Writing about capitalism and the utility of diversity in his book on English society, French philosopher Voltaire expounded upon why England at that time was more prosperous in comparison to the country's less religiously tolerant European neighbours:By the mid-19th century, London was the leading financial centre, and at the end of the century over half the world's trade was financed in British currency. Still, as of 2016 London tops the world rankings on the Global Financial Centres Index (GFCI), and it ranked second in A.T. Kearney's 2018 Global Cities Index.London's largest industry is finance, and its financial exports make it a large contributor to the UK's balance of payments. Around 325,000 people were employed in financial services in London until mid-2007. London has over 480 overseas banks, more than any other city in the world. It is also the world's biggest currency trading centre, accounting for some 37 per cent of the $5.1 trillion average daily volume, according to the BIS. Over 85 per cent (3.2 million) of the employed population of greater London works in the services industries. Because of its prominent global role, London's economy had been affected by the financial crisis of 2007–2008. However, by 2010 the city had recovered, put in place new regulatory powers, proceeded to regain lost ground and re-established London's economic dominance. Along with professional services headquarters, the City of London is home to the Bank of England, London Stock Exchange, and Lloyd's of London insurance market.Over half the UK's top 100 listed companies (the FTSE 100) and over 100 of Europe's 500 largest companies have their headquarters in central London. Over 70 per cent of the FTSE 100 are within London's metropolitan area, and 75 per cent of Fortune 500 companies have offices in London. In a 1992 report commissioned by the London Stock Exchange, Sir Adrian Cadbury, chairman of his family's confectionery company Cadbury, produced the Cadbury Report, a code of best practice which served as a basis for reform of corporate governance around the world.
type of example of manifestation of representation of