London generates approximately 20
per cent of the UK's GDP (or $446 billion in 2005); while
the economy of the London
metropolitan area—the largest in Europe—generates approximately 30 per cent of
the UK's GDP (or an estimated $669 billion in 2005). London is one of the pre-eminent
financial centres of the world and vies with New York City as the most
important location for international finance.
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.
Currently, over 85% (3.2 million) of the employed population of greater
London works in the services industries. Due to its prominent global role,
London's economy has been affected by the late-2000s
financial crisis. The City of London estimates that 70,000 jobs in finance will
be cut within a year The City of London is home to the Bank of England, London Stock Exchange, and Lloyd's of London insurance market.
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