[42][43] Other key institutions are Lloyd's of London for insurance, the Baltic Exchange for shipping. [99] It includes the London Underground, London Overground, Docklands Light Railway, London Buses and London River Services. A ring of 18 railway stations provides train links to cities, towns and villages around the country as well international services to Paris, Brussels and Amsterdam via the high-speed Eurostar. This will develop the area from a semi-derelict, light industrial zone into a modern residential and business district. Growth in the fourth quarter will be much slower than in the third quarter and is likely to turn negative, due to weaker growth in October and a second lockdown from November. 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Further ahead, and conditioned on a market path for Bank Rate that falls slightly over the forecast period, the recovery in UK growth is supported by a pickup in global activity, a further decline in Brexit uncertainties and the Government’s announced spending measures. Over the last 9 last years, the growth rate of London encircles approximately from 0.23% to 1.76%, summing around 20,000 to 150,000 people in the annual population. Decentralisation would benefit everyone, says Jack Brown, research manager at Centre for London However, it remained 7.9 percent below the levels seen in February 2020, before the full impact of the coronavirus pandemic. Around 25,000 permanent jobs will be created once the new buildings are occupied and around 16,000 new homes. Many of these are small and medium-sized enterprises.[12]. Gross domestic product (GDP) in the G20 area rebounded by 8.1% in the third quarter of 2020 following the unprecedented falls in the first half of the year due to … GDP $2.8 trillion. The UK economy is likely to contract by 11.5 per cent in 2020.”, Dr Hande Küçük, Deputy Director - Macroeconomic Modelling and Forecasting, Please find the full analysis in the document attached, National Institute of Economic and Social Research, 2 Dean Trench Street, Smith Square London, SW1P 3HE United Kingdom, Monthly_GDP_ Tracker_November2020FullDocument.pdf. [92] Office development was at a four-year high in 2013 with 9.7 million sq ft across 71 schemes under construction. In terms of GDP purchasing power parity, the UK is in the ninth spot with a GDP (PPP) of The UK is ranked 23rd for GDP per capita which is $42,558. [110] The port is not located in one area – it stretches along the tidal Thames, including central London, with many individual wharfs, docks, terminals and facilities built incrementally over the centuries. It has a GDP of over £565 billion, which is about 17 percent of the UK's total GDP. Soho is the centre of London's post-production industry. [9], London generates approximately 22 per cent of the UK's GDP. Fri, 20th Nov 2020 08:07 (Alliance News) - … Another half a million employees resident in Greater London work in manufacturing and construction, almost equally divided between both.[31]. [3][41] It is also home to the Bank of England, the second oldest central bank in the world, and the European Banking Authority, although the latter is moving to Paris in March 2019 following the Brexit referendum of 2016. London is served by six international airports which are the world's busiest city airport system by passenger traffic. By Reuters Staff. [1] In addition to being the capital city of the United Kingdom, London is one of the world's leading financial centres for international business and commerce and is one of the "command centres" for the global economy. It is expected to be able to handle 3.5 million containers a year. A new bridge across the river Thames will link Nine Elms to Pimlico on the opposite bank. [93], A multibillion-pound 10-year construction programme has begun in Nine Elms on the South Bank of the river Thames in central London. A useful guide to the distribution of wealth across London is the cost of renting office space. Transport improvement plans include two new Northern line tube stations, riverbus piers, new bus services and a network of cycle lanes and footpaths. [10][11] 841,000 private sector businesses were based in London at the start of 2013, more than in any other region or country in the UK. 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