London is the capital of the United Kingdom and is considered, with its 7.7 million inhabitants, the largest city in Britain and Europe. London is a multicultural city where hundreds of races, cultures and religions live apart from the white race. Then you can discover what is the economic, political and cultural situation of the British capital.
Below you have an index with all the points that we are going to deal with in this article.
Of all the cities that make up the United Kingdom, London stands out for being the only one that maintains stable economic levels along with the southeast area of the country. Between 2007 and 2011, Britain experienced negative economic growth coinciding with the global financial crisis that affected the economies of virtually the entire world in 2008.
However, the economy of the British capital increased by 12.4%. Despite this growth, the effects of the crisis were noticeable in the employment rate: almost 60,000 people were laid off in the finance sector in 2008. As of today, 1,500,000 people have a job . The crisis has mostly affected Londoners residing abroad, as they have seen their purchasing power reduced to 30%.
As for the real estate sector, in 2013 the cost of housing in London reached up to £ 500,000, which is equivalent to twice the national average cost. This is largely due to Londoners' salaries being up to 30% higher than those in the rest of the United Kingdom.
The poorest citizens of London have been the most affected by the financial crisis and, currently, up to 40% of London children who are children of low-income families live below the poverty line.
In short, London is one of the main economies worldwide and is the city that dominates the economy of the United Kingdom in general, among other reasons because it contributes 20% of national GDP. 85% of their jobs are within the services sector, specifically banking, the stock market and insurance. So much so, that the London Stock Exchange is in the top 3 of all world stock exchanges.
The area of London where more concentration of jobs exists is the City, known as The square mile. As mentioned above, 85% of the jobs occupied in London correspond to the services sector, where banking, insurance and the stock market stand out. In the industry, the sectors that are booming are the energy industry, the agri-food industry and the printing-publishing industry.
London is the headquarters of a large number of multinationals, namely: Shell, HSBC Holdings plc, GlaxoSmithKline and a good number of conventional airlines, such as British Airways, and that carry millions of passengers every year. The maritime sector is also of paramount importance to the economy of the city since the Great Fire of 1666, since it was the time when the need arose to ensure ships, cargo and other types of vessels. This was the origin of the bank Lloyd’s of London, known simply as Lloyd’s.
The tourism sector, the media and advertising are also relevant to the economic situation of the city. The importance of tourism in London can be reflected through the more than 280,000 jobs it occupies annually. The BBC and other media such as Reuters or Pearson, among others, as well as some advertising giants such as WPP employ millions of people.
With all this, the unemployment rate in London is currently below 8%, although it is worth mentioning that in North London this rate is somewhat higher due to the fall of the industry. For this reason, thousands of Spaniards and citizens of other countries in Europe where the unemployment rate reaches levels above 26% emigrate every year to London in search of job opportunities.
London is currently a city multicultural and multiethnic in which white citizens occupy 45% of the population according to the census of the year 2011, so, contrary to what one might think, they are a minority. In fact, London is a city of immigrants since the 16th century, when Huguenots, French Protestants who settled in London during the religious wars arrived in the British capital.
Throughout the 19th century, immigrants from other nationalities were arriving: Irish, Polish and Russian Jews, Asian Chinese and Indian, Jamaican, Pakistani, Bengali, African, Vietnamese and foreigners from Eastern Europe and the Balkans. This has given rise to a mixture not only racial, but also religious, linguistic and lifestyle.
In addition, today thousands of foreigners also emigrate from other European countries, especially qualified young people who do not find job opportunities in their country of origin. In 2014, 260,000 people from Europe emigrated to London, which meant that this situation had to be regulated by the British Government; Thus, foreigners who do not find work in six months will have to leave the country.
The local authority in London has been changing over the years since the 19th century, when it managed only the county of London or London County. Later, in 1965, the creation of the Greater London under the command of Greater London Council (GLC). This institution was dissolved in 1983, so that power was distributed among the different neighborhoods of the city, which resulted in innumerable conflicts.
Thus, with the entry of Tony Blair in 1998, a referendum was organized in which London citizens voted for the election of a mayor. Thus, the first mayor of London was Ken Livingstone, who ruled between 2000-2008. He was defeated in 2008 by the current mayor of London, Boris johnson, who was elected again in the 2012 elections. Johnson was a member of the House of Commons between 2001-2008 and is part of the Conservative Party or Tory.
Currently, the mayor manages the city with the Greater London Authority (GLA), which is made up of 25 members among which strategic plans for local development are designed and the budgets to be allocated annually. Services such as police, firefighters, transport, etc. They are managed by the GLA, which is also responsible for collecting taxes.
Queen Elizabeth II is the current monarch of the United Kingdom. She was crowned on June 2, 1953 at 25 years of age and is currently 62 years at the helm of British Royalty. She has been the second queen of England to celebrate her Diamond Jubilee, after Queen Victoria in 1827.
The reign of Isabel II has been marked by the unifying character of the Crown and the gradual transformation of the British Empire into the Commonwealth of Nations. The Queen has always traveled all over the world in order to strengthen ties with subjects of other cultures and races.
Isabel II married the Duke of Edinburgh in 1947 and, as a result of this marriage, four children were born: Carlos, Ana, Andrés and Eduardo (in chronological order). Prince Charles is the heir to the throne and the most talked about since his marriage to the late Diana of Wales, better known as Lady Di, who died in 1997 in a controversial traffic accident. Lady Di and Prince Charles had two children, Prince William, married to Kate Middleton since 2011, and Prince Henry.
Standard of living
As we indicated in our article Budget to travel to London, the capital is a expensive city and, therefore, the standard of living is above that of other European cities and even other cities in the United Kingdom. For example, the average salary of a London employee may be 30% higher than that of an employee in the same job in another area of the United Kingdom.
Thus, for example, renting a simple studio costs an average of £ 450 / month per person and £ 600 / month if it is a double study. This translates into an average of € 620-850 per month, which differs greatly from the average prices for rentals in other European countries. To these prices you must add the payment of London taxes.
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