British Baltic

service Industry

The major trends in the British economy since the war have been a further decline hi

the already small agricultural sector (by European standards), a reduction in the

industrial sector and a sizable expansion of the service sector (retailing, banking,

tourism, and public services). Like most developed economies, Britain has seen a

relative shrinkage in the importance of secondary industry and a spectacular growth

hi the service industry.

Britain boasts one of the world's oldest, most extensive, and most highly developed

financial systems. Currently the financial sector employs approximately one million

people and produces about 6% of the nation's wealth.

London is one of the three principal financial centers of the world, with the other

two being New York and Tokyo. It has the greatest concentration of foreign banks in

the world, and is the world's largest foreign exchange market. At the heart of the

British financial system is the Bank of England, which was founded in 1694 and

nationalized in 1946. It functions as Britain's central bank, working in close

contact with the government to control monetary policy and give directives to

commercial banks.

In addition to banking, dealings in commodities and insurance industries are

important processes in "the City", which refers to the historic area at the center of

London where business is concentrated.

The London Stock Exchange,1 located in the heart of the City, is one of the world's

largest centers for trading stocks and bonds. In recent years, more and more British

people have invested in the stock market. In 1998, it was estimated that 27% of

British adults owned shares directly in the London stock market.

Other financial institutions based in the City include many insurance companies, such

as the prestigious Lloyd's2, shipping companies, building societies, merchant banks

and discount houses3, as well as foreign banks and many of the world's major

commodity markets like the London Metal Exchange and the Baltic Exchange4.

Tourism is one of the largest industries in Britain. It employs 1.8 million people in

hotels, restaurants, pubs, travel agencies and museums. The income from British

tourism makes up about 5% of the world's total income from tourism. About 25 million

people visit England every year from all over the world.

England has much to offer, with magnificent countryside views which varies from

region to region and a wide variety of culture. There are wonderful Dorset and East

Devon Coast1, the Lake District2, Stonehenge3, Windsor Castle4, and the beautiful

university towns such as Oxford and Cambridge.

Exhibition and conference services provide Britain with another source of revenue.

Britain is the world's third largest center for international conferences, after the

United States and France.

About the Author

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