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The City of London and its role as a financial center ( )
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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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