Economy of London:
London generates approximately 20% of the UK's GDP; while the economy of the London metropolitan area the largest in Europe generates approximately 30% of the UK's GDP. 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. Due to its prominent global role, London's economy has been affected by the global financial crisis of 2008-2009. The City of London estimates that 70,000 jobs in finance will be cut within a year.
More than half of the UK's top 100 listed companies and over 100 of Europe's 500 largest companies are headquartered in Central London. Over 70% of the FTSE 100 are located within London's metropolitan area, and 75% of Fortune 500 companies have offices in London. The City of London is home to the Bank of England, London Stock Exchange, and Lloyds of London insurance market. Along with professional services, media companies are concentrated in London and the media distribution industry is London's second most competitive sector. The BBC is a significant employer, while other broadcasters also have headquarters around the City. Many national newspapers are edited in London.
Tourism is one of London's prime industries and employs the equivalent of 350,000 full-time workers in London in 2003, while annual expenditure by tourists is around £15 billion. London attracts over 15 million international visitors per year, making it the world's most visited city. London attracts 27 million overnight-stay visitors every year. The Port of London is the second-largest in the United Kingdom, handling 53 million tonnes of cargo each year.
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