It never ceases to amaze me just how many sectors and industries chose to centre their business deals in London.
I’m going to list just a few of those that I stumbled upon randomly by talking to a few different people:
- Buying and selling world cargo (trading the cargo of ships floating on the seas around the world)
- Maritime deals due to the well-established maritime law in the UK
- Buying and selling properties anywhere in the world (eg. as a foreign investor if you buy a property for example in India, you are most likely to sign the deal in London due to the stable UK legal system)
And, I’m not listing the obvious ones: stock market, banking, digital, education, science, fashion, music, film, news, publishing…the list goes on.
So I decided to do a bit of research to find out how the UK actually makes money.
It turns out that 80% of all UK GDP comes from Services:
At the same time, the UK has the 2nd largest debt in the world ($9.5 trillion) which represents 560% of its GDP ($1.95 trillion).
That makes it the 3rd worst performer in the world after Luxembourg and Iceland in terms of debt.
You’re puzzled, I’m puzzled.
(Wikipedia data is available only for 2014 – this pre-dates the Conservative Party pledge to reduce the debt to 0 although now abandoned since the Brexit result. I’m eagerly awaiting to see how the data will change once the latest figures come in.)