Hi! Thanks for the question.
Here are the contributions of the City of London to the UK economy.
- ?London accounts for 17% of the UK?s GDP.?
- ?London has 17% of all the workplaces in Britain?
- ?Greater London has a total labour pool of 3,556,000?
- ?This is supplemented by a further 4,091,000 in the region around
London, making it the largest regional pool of labour in Europe?
- ?London?s workforce is the most highly qualified in the UK ? over a
third of the workforce has a degree?
- ?Managers, professionals and technical staff account for 48% of
those employed in London compared to 38% across the rest of Great
Britain.?
- ?London is responsible for 8% of the UK?s manufacturing output?
- ?London has a quarter of the UK?s software professionals?
?100 Facts on London - Strong Economy?
http://www.lfc.co.uk/about_london/facts.asp?key=41&L2=21
- ?London businesses are more internationally orientated than those in
other UK cities, with more seeing international markets as key. London
is also the UK base for many of the multinationals operating here.?
- ?Foreign investment in London benefits the UK economy as a whole in
a variety of ways. Investment in London stimulates growth in other UK
locations; the competitiveness of London?s businesses spills over to
other areas. London makes a major contribution to attracting
investment to the UK because this is heavily concentrated in sectors
in which London excels (financial services, transport and
communication services, real estate and business services).?
?The Case for London?
http://www.london.gov.uk/mayor/case_for_london/docs/cfl_summary.pdf
- ?On average Londoners in work have earnings about 34% above the
overall UK figure, and about 17% above that for people in the same
occupation (though this varies greatly between types of job). On
average the cost of living in London is about 12% above the UK
average, reflecting price differences for goods (2.6%), services
(7.3%) and, in particular, housing (64%). Taking costs and earnings
together, the standard of living of the typical full-time worker is
perhaps 5% higher in London than elsewhere in the UK.?
- ?A conservative estimate of the balance between taxation and public
expenditure based on these figures suggests that London transferred
between £10bn and £20bn to the rest of the UK in 2000-2001. The South
East is similarly a large exporting region.?
- ?Public sector capital expenditure in London in 2000-2001 is
estimated to have been between £3.5-£3.75 bn - 8% of all public
spending in the capital compared to the UK average of 7%.?
?London?s Place in the UK Economy?
http://www.cityoflondon.gov.uk/business_city/research_statistics/pdf/lpuk_summary.pdf
- ?London pays more in taxation than it receives in public
expenditure. This is often called the capital?s ?tax export? to the
rest of the UK. The size of the difference between taxation and public
spending cannot be calculated with certainty, though in 2001-02 it is
likely to have been in a range from £7.25bn to £17.45bn.?
- ?Standards of living in London as compared to the rest of the
country have not yet been adversely affected by its lower growth rate.
On the other hand, house prices in London have risen more slowly than
elsewhere during 2002 and 2003, making London relatively ? although
not absolutely - cheaper to live in.?
?London?s place in the UK economy 2003? (updated report)
http://www.cityoflondon.gov.uk/business_city/research_statistics/pdf/LondonsPlace_03exec.pdf
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