Economy of London

The economy of London is dominated by service industries, particularly financial services and associated professional services, which have strong links with the economy in other parts of the United Kingdom (UK) and internationally. In addition to being the capital city of the United Kingdom, London is one of the world's leading financial centres for international business and commerce and is one of the "command centres" for the global economy. London is the most populous region, urban zone and metropolitan area in the United Kingdom. London had the fifth largest metropolitan economy in the world in 2011 according to the Brookings Institution. Some of its neighbourhoods have estimated per capita GVA as high as £116,800 ($162,200). The London fiscal surplus, £32.5 billion in 2016–17, mostly goes towards funding services in other parts of the UK. London generates approximately 22 per cent of the UK's GDP. 841,000 private sector businesses were based in London at the start of 2013, more than in any other region or country in the UK. 18 per cent are in the professional, scientific and technical activities sector while 15 per cent are in the construction sector. Many of these are small and medium-sized enterprises. Greater London produced £503 billion while the economy of the London metropolitan area — the largest in Europe with Paris generates around 1/3 of the UK's GDP or around$1.0 trillion(in PPP). London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. A number of factors contribute to London's success as a service industry and business centre: English being the native language and the dominant international language of business; its past role as the capital of the former British Empire; its position in Europe, since Europe has a population larger than that of the US, and a central time zone that allows London to act as a bridge between US and Asian markets; the Special Relationship between the United Kingdom and United States, and the United Kingdom's close relationships with many countries in Asia, Africa and the Middle East, particularly those in the Commonwealth of Nations; English contract law being the most important and most used contract law in international business; a business friendly environment (e.