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: 2016-10-20
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The City of London and its role as a financial center ( )
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Word Doc
he city of London and its role 

as a financial center

Chapter 1.

Introduction. The Concept of the City of London.

Britain is a major financial centre providing a wide range of
specialised services. The countrys economy has for a long time been
directed through the great financial institutions  which together are
known as  The City, capital C, and which are mainly located in the
famous Square Mile of the City of London.

The Square Mile in the Roman Times  historically emerged on the Thames
as the business and industrial nucleus of the future London. Through
centuries of business and religious developments the City assumed its
role of the world commercial centre as it is known today . When  in  the
20th century  Great Britain  lost its empire  and other financial
centres got established  in the world, the city adapted itself  to
changed circumstances to remain a world financial leader. The  City of
London  has the greatest concentration  of  banks  in the world
(responsible for about  a quarter of total international bank lending) ,
the world s biggest insurance market (with about 1/5 of the
international market ), a Stock Exchange  with a larger listing of
securities than  any other exchange, and it remains the principal 
international centre for transactions in a large number of commodities.
A large proportion  of  Britains wealth has been invested by the City
overseas. The Citys annual foreign income roughly double that of the
British manufacturing industries. The above proves the Citys world
significance as a financial centre. Geographically the City is a large
office area bubbling with life at daytime and comfortably quiet outside
the office hours. Its historical sights like the Tower of London, St
Pauls Cathedral, the Museum of London, the Monument and others as well
as the beautifully impressive architecture of the office buildings
attract crowds of visitors. The only housing project, the Barbican,
provides very expensive accommodation  along with an  arts centre, a
school and some official premises.

Since after the mid - 80s financial and related services have started to
expand outside the Square Mile though the  City of London remains the
symbol and actual reality of the countrys power.


 C h a p t e r 2

Britains Economic and Financial Position Today at  Home and Abroad.

Finance and industry of the British economy go hand in hand as industry
requires a diversified network of financial institutions to develop
successfully. Although  Britains financial power today exceeds that  of
the countrys industrial achievement, the country was for years the
workshop of the world. It still remains a highly industrialised country
but the end of the 20th century saw tendencies for the economic decline.

Historically, after two world wars and the loss of its empire Britain
found it increasingly difficult to maintain its leading position in
Europe. The growing competition from the United States and later Japan 
aggravated the countrys position.
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