The City of London or "Square Mile" is the financial centre of London,
home to banks, brokers, insurers and legal and accounting firms. A second
financial district is developing at Canary Wharf to the east of central London.
This is much smaller than City of London, but has equally prestigious occupants,
including the global headquarters of HSBC.
Non-financial business headquarters are located throughout central London. Some are in City of London, but more are located further West, in and around Mayfair, St James's, The Strand and elsewhere. More than half of the UK's top 100 listed companies (the FTSE) are headquartered in central London, and more than 70% in London's metropolitan area. London is a leading global centre for professional services, and media and creative industries.
Tourism is one of the UK's largest industries, and in 2003 employed the equivalent of 350,000 full time workers in London [8] (http://www.visitbritain.com/).
While the Port of London is now only the third largest in the United Kingdom — rather than largest in the world, as it once was — it still handles 50 million tonnes of cargo each year. The main docks are now at Tilbury which is outside the boundary of Greater London.
London's economy generates
116,444 million pounds annually, and accounts for 17% of the UK's Gross Domestic
Product; see Economy of the United Kingdom.
Markets and Shopping Areas
West End
Knightsbridge
Borough Market
Portobello Road Market: This is one of the largest
and best markets in the city, packed with over 1,500 stalls. An interesting
mix of old and new - it has something for everyone, with antiques galore,
restaurants, flea markets, boutiques and art galleries. This is a place for
a real bargain.
Petticoat Lane Market: Famous for clothing and fashion, this market
offers much more. It is crammed with everything imaginable and you'll definitely
find something that you didn't know you were looking for.
Brick Lane Market:The market comes alive in the spring, full of flowers
and blooms for those looking to brighten up their garden or window box. For
art, fashion, food or general bric-a-brac, you'll find it here.
Covent Garden
Spitalfields Market: This indoor market has everything you
might need and is situated on the site of an old fruit market. Covering over
three acres, Spitalfields Market is full of clothing stalls, crafts and antiques
and is well worth a visit.
Camden Lock Market: Market stalls and designer warehouses
stand side by side, covering all available space with their large range of
merchandise. Anything and everything can be found here.
Banks
Bank is the finest architectural
arena in the city, heart of the finance sector and the busy meeting point
of eight streets. It is overlooked by a handsome collection of neoclassical
buildings, among them the Bank of England, the Royal Exchange and Mansion
House - each one faced in Portland stone. This concentrated financial centre
is often referred to as the 'Square Mile'. Today all the key money markets
and the city's 500 foreign banks continue to be centred around Bank.
By virtue of its position between New York and Tokyo, and the employment of a highly skilled workforce whose native tongue is the international language of finance, the city has remained at the top of the world's money markets. London's finance sector employs over 150,000 people in the city and dominates the European foreign-exchange markets, leading the world in futures and options.
Bank of England
Established by William III to raise funds for his costly war against France,
the Bank of England, nicknamed the 'Grand Old Lady of Threadneedle Street'
wasn't erected on its present site until 1734. Occupying a vast 3.5-acre island
site, the outer curtain wall is windowless. The museum has its entrance on
Bartholemew Lane and traces the history of the bank, including specimens of
every note ever issued by the bank over the centuries.
Open: Monday to Friday - 10:00 to 17:00
Nearest tube station: Bank
London Stock Exchange
The modern Stock Exchange is a short way up Threadneedle Street from Bank.
Its public gallery has been closed to the public, although the human 'scrum'
of dealers has now been largely replaced by computerised dealing.
Nearest tube station: Bank
Royal Exchange
This graceful building was twice destroyed by fire since it was first built
in 1570. The current building is fronted by a massive eight-column portico
and a very convenient set of steps for lunching office workers, was built
in the 1840s by Sir Edward Tite. Guided tours can be arranged by phoning the
building's curator in advance.
Mansion House
This is the Lord Mayor's splendid classical lodgings during his or - on only
one occasion so far - her term of office. It is also open to group tours.
To join a group tour you will need to phone several months in advance and
then confirm in writing.
Greeting Someone in
London
A brief and friendly handshake is usually the customary greeting. New acquaintances
are usually addressed on first name terms.
Hours of Business
in London
In general, most offices will operate between the hours of 09:00 and 17:30,
Monday to Friday, although business hours do vary from one industry to another.
Most London banks open between 09:00 to 17:00 Monday to Friday and larger
branches may also open on Saturday mornings. For business meetings, both men
and women wear suits, although the British often adopt an informal, yet presentable
dress code.
Shopping in London
London Shopping -
An In-depth Guide to the Best Shops in London
Along with Paris and New York, London offers probably the best shopping experience
of any city in the world. Indeed, visitors to the capital are often overwhelmed
by the sheer range of goods available. However, whilst shoppers are spoilt
for choice, there's also a feeling (justified to a point) that London stores
charge over the odds in comparison to their overseas counterparts. What's
more, in recent years debate has raged between retailers, consumer groups
and the Government over claims about the country being "rip off Britain"
(pictured above left: Lush Cosmetics Covent Garden)
In truth, while there's some validity to the argument that prices for certain goods are higher than elsewhere (particularly CDs, electrical goods and clothing), if you spend time looking around there are still bargains to be had. In addition, many stores hold sales at various times of the year, offering cut price goods to eager shoppers.
For major international and British Brands, London's main shopping areas tend to centre around Oxford Street and Regent Street, while Knightsbridge is home to stores stocking even more upmarket goods. Anyone looking for specialist items should head to Covent Garden, whilst those with serious money to spend gravitate towards New Bond Street (home to some of Britain's most exclusive shops). If you're after bargain electrical goods Tottenham Court Road is a must, while Hatton Garden is the place to go for watches and jewellery.
Below, you'll find a summary of what's on offer in London's principal shopping areas.
Department stores - concentrated mainly on Oxford Street, although Knightsbridge has two of the most popular in Harrods and Harvey Nichols.
Brand stores/outlets - a large number of these stores are situated in the area around Regent Street.
Designer shops - heavily populated on Old/New Bond Street and Sloane Street.
Independent/smaller fashion shops and boutiques - located on the streets around Covent Garden, with an ever growing number also drawn back to London's famous Carnaby Street (which has enjoyed a real renaissance as a trendy fashion destination over the last couple of years).
Traditional British/bespoke tailoring - centred around Piccadilly, particularly on Jermyn Street and Savile Row.
Music shops - all the megastores have a presence in central London, although if you're looking for rare cuts, 12" and vinyl then Soho is probably the best place to head (as here you'll find a number of independent shops covering all music genres).
Bookshops - while large bookstores such as Waterstones and Borders are well represented all over London, other good bookshops (both large and small) are situated on both the Charing Cross Road and around Covent Garden.
Jewellery - for expensive items head to New Bond Street. However, for the widest possible choice its worth travelling further afield to Hatton Garden (near Farringdon), which has a high concentration of long established jewellers offering a staggering array of pieces.
Shopping Districts
Knightsbridge and South Kensington
- The home of world-famous Harrods (pictured right), Harvey Nichols and many
big-name fashion designers.
King's Road and Sloane Square - A very trendy place to shop for all fashion
and decorating items. The Designers' Guild, Vivienne Westwood, Heals and Lacoste
are in here in this fashionable shopping district.
New Bond Street - Full of every possible designer label, this street really
is the home of the British fashion industry. Famous names include Versace,
Prada, Hermes, DKNY, Escada, Calvin Klein, Miu Miu, Bally and Armani, to name
but a few.
Oxford Street - This is two miles of wall to wall shops, full of almost everything
that you might ever need and includes names such as John Lewis and Selfridges
(see below). At Christmas, Oxford and Regent Street are renowned for their
seasonal light displays.
Carnaby Street - Offering shoppers a range of many designer stores and boutiques,
Carnaby Street is famous for being the heart of fashion in the 1960s.
Burberry
Enjoying worldwide recognition, this store was founded in 1856 by Thomas Burberry,
when he was just 21 years old. The Burberry check has appeared on everything,
from scarves to bikinis. Burberry is known for its high-profile fashion shoots
with supermodels. The new flagship store in New Bond Street has very stylish
surroundings and provides everything for the fashion conscious shopper.
21-23 New Bond Street - Tel: +44 (0)20 7839 5222
165 Regent Street - Tel: +44 (0)20 7734 4060
Fortnum and Mason
- 181 Piccadilly, London
Tel: +44 (0)20 7734 8040
In 1705, Messrs. Fortnum and Mason decided to set up shop together and that
is how Piccadilly's most famous store began. Over the years this high street
legend has been patronised by the aristocracy and still supplies the royal
family with food and wine. Stocking womenswear, furniture and homeware, the
store is famous for its Food Hall.
Hamleys -
188-196 Regent Street, London
Tel: +44 (0)20 7494 2000
With a huge range of more than 40,000 toys and games on seven floors, Hamley's
lives up to its reputation as the finest toy shop in the world. The window
displays are exceptional and the exciting atmosphere inside the shop is a
little like a fun fair, with staff demonstrating toys, and there are frequent
events.
Harrods -
87-135 Brompton Road, London
Tel: +44 (0)20 7730 1234
Possibly the most famous store in the world, Harrods is a popular store and
also a top tourist attraction. Impeccable service and standards have always
been emphasised and it boasts an enormous range of high-quality goods, including
furniture, clothes and an impressive food hall. With over 230 departments,
Harrods simply has 'everything, for everyone, everywhere'.
Harvey Nichols
- 109-125 Knightsbridge, London
Tel: +44 (0)20 7235 5000
Affectionately referred to as 'Harvey Nicks', this glamorous store is considered
the home of fashion by many. With six floors, famous designer labels, homeware
and cosmetics, the modern, minimalist interior allows the goods to sell themselves.
The 5th floor cafe features spectacular views across west London.
Heals - 196
Tottenham Court Road, London
Tel: +44 (0)20 7636 1666
This 200-year-old furniture store is best known for its craftsmanship, attention
to detail and contemporary design - often considered somewhat cutting-edge.
Heals also sells rugs, beds, fabrics, many other home accessories and offers
an interior design service.
John Lewis
- 278-306 Oxford Street, London
Tel: +44 (0)20 7629 7711
This established name is one of the most affordable department stores in London
and has an enormous amount to offer, including fashion, fabrics, furniture,
electrical goods and kitchenware.
Liberty -
210-220 Regent Street, London
Tel: +44 (0)20 7734 1234
Opened in 1875, this store is one of the best for fabrics from around the
world. The timber-framed building is striking and Liberty regularly sponsors
and showcases new designers, setting trends. The store also sells designer
womenswear, arts and crafts, antiques, as well as an enormous range of fabrics,
in many different colours, patterns and textures.
Marks and Spencer
- 458 Oxford Street, London (largest London store)
Tel: +44 (0)20 7935 7954
With more than 400 stores worldwide, Marks and Spencer began in 1894, as a
small shop in Manchester. From that small shop the name has now become an
institution for shopping in Britain. Famous for quality lingerie, the store
has many other departments, including menswear, womenswear, children's clothes
and toys, furniture, home accessories and a very large food hall with an extensive
selection of salads and sandwiches. The company prides itself on quality and
service.
Paul Smith -
40-44 Floral Street, London
Tel: +44 (0)20 7379 7133
In 1976 Paul Smith debuted his first menswear collection in the fashion industry
and he now owns hundreds of shops throughout the world. The suits and shirts
have an impeccable finish and he is now branching out into more ranges, including
shoes and home collections.
Selfridges
- 400 Oxford Street, London
Tel: +44 (0)20 7935 7954
This giant store has everything from food, fashion, decorating, jewellery
and cosmetics - to mention but a few. Since it opened in 1809, Oxford Street
gained a reputation as one of the best shopping centres in the city. The stylish
store is modern and still offers 'something for everyone'. There are also
cafes and restaurants dispersed throughout the store and the wonderful window
displays at Christmas time always draw large crowds.