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Business in London

Business in London

London, alongside New York City and Tokyo, is one of the three powerhouses of world economy which obviously makes it an international center for commerce and for many businesses. In spite of being the capital city of a tiny island, London has in its favor the fact that English is the dominant language of most businesses and the fact that the most common and important contract law in international business is English law. 

The largest industry in London is finance, with over five hundred overseas banks, insurers and accounting firms. Canary Wharf, in the Docklands area in the east of the city, is fast developing into the second financial district in the London, playing proud host to the global headquarters of HSBC and Barclays, as well as Reuters and Clifford Chance, the largest law firm in the world. In spite of the current economic world crisis, London is still a highly influential centre of finance, although many jobs have unfortunately been lost in the recession.

Second to banking and finance, the most influential industry in London is the media industry. The BBC and other broadcasting companies are based in London, while most of the national newspapers are edited in the city. The BBC is not only one of the largest news centres in the world, but also makes numerous documentaries, films and television series which range from sitcoms and dramas to gardening and cookery programs. Many films are shot in London, both in the streets and studios, and this not only creates revenue from the film production, but also encourages people to visit the places that they see on cinema screens.

Another important industry in London is tourism. The millions of people who flock there every year have made it the most popular city in the world; more popular by far than the cities of Bangkok and Paris which are ranked second and third. Millions of pounds change metaphorical hands every day as people from all over the world come to spend money, make money, nurture money and all too often, steal money as well.

Heathrow Airport in London is said to be one of the busiest centres of air traffic in the world. This is not surprising as thousands of people arrive every hour from many different places to do business, to visit, or to catch a flight connection: logically just as many people depart every hour otherwise within days London would be packed to overflowing with surplus humanity. If planning a business trip to London, you may want to find accommodation close to the airport, or close to the office. Whatever location you choose, will be able to provide you with a wide choice of cheap hotels to make your booking an easy one.

Sarah Townshend

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