London School of Accountancy and Management - Why London, London, multicultural city

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London’s business services sector is vast and still growing: one in three jobs in London is in financial or business services.

London plays an important role in business support through its professional services sector, which accounts for nearly one third of all private practice law firms in England and Wales and well over a third of private practice solicitors.

London is a city of rich, creative talent, with a marketing services sector that employs over 100,000 people. London is a world-class centre for research, attracting nearly a quarter of all UK higher education research income and nearly three quarters of all NHS research. Nineteen of the top 25 software and services suppliers have their headquarters in London and all 25 have a presence.

London offers an unrivalled selection of diverse properties and has more fully-serviced offices than any other city in the world.London’s reputation as the most productive capital in Europe is supported by the highest GDP per head in the whole of the EU - 46% higher than the UK national average.

Stability as a foundation for creativity

London is Europe’s leading financial centre, and one of the top three financial centres in the world. London conducts over half of all the European Union’s investment banking services. The majority of the UK’s 6,000 computer games developers are based in the London area. In fact, 525,000 people in London work either directly in the Creative Industries or in creative occupations in other industries.

London’s cultural sector is economically huge, generating an estimated £25 billion ($45 billion) per annum. Seventy-two per cent of Londoners “strongly agree” that London’s creative and cultural resources improve their quality of life. London was the first city in Europe to experience the roll-out of 3G services.

An unrivalled talent pool

Year after year London continues to attract more than its fair share of gifted and highly qualified individuals, which is why it has been voted top city in Europe for access to qualified staff for the 16th year running. London has the largest regional workforce in Europe at over 9 million, with over one third holding a university degree. London attracts around 750,000 commuters from outside of the region, accounting for just under a fifth of London’s total employment of 3.5 million.

London is a city of academic excellence; home to 42 higher education institutions and 53 further and higher education colleges it currently attracts over 60,000 overseas students. London is successful not only in retaining well over half of its own graduates, but also in attracting one fifth of all UK post-graduate students looking to establish their careers or set up in business.

London is the world’s best gateway to international markets, including the 450 million people in the European Union, the biggest single market in the world. Many of the international companies who locate in the capital use it as their launch point for European or global expansion.

Limitless economic opportunity

London is a global city with limitless economic opportunity, generating a massive £166 billion ($300 billion) of GVA a year, nearly one fifth of the UK total.London’s commuter population spend over £11 billion ($20 billion) a year of their income within the rest of the UK - supporting more jobs outside of London than exist within the capital’s advertising and designer fashion sectors combined.

London’s economic importance to the rest of the UK is immense, contributing between £7.5 billion ($13.5 billion) and £17.5 billion ($32 billion) to the nation as a whole.London is Europe’s financial capital, with nearly 2,000 UK headquartered companies listed on the London markets producing an aggregate market capitalisation of nearly £1.4 trillion ($2.5 trillion).

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