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Services remain the dominant sector of the UK economy despite the historical importance of agriculture & industries (post-industrial society). Contributes around 73% of GDP.
The country’s service sector includes:
-education, public health & social work
-real estate & renting activities
-the retails
-financial & business services
-tourism
-legal services
-administration
-transport, storage & communication
+ Creative industries. The creative industries accounted for 7 % GVA in 2005 & grew at an average of 6 % per annum between 1997 & 2005. Key areas include London & Manchester which are the 2 largest creative industry clusters in Europe respectively. The definition recognizes the following creative sectors: advertising, architecture, arts & antique markets, crafts, design, designer fashion, film, video & photography, software, compute games & electronic publishing, music & the visual & performing arts, publishing, TV, radio.
Finance & banking are the UK’s most important services with London being the first of the 3 major economic “command centers” alongside NYC & Tokyo.
Important financial institutions located within London include the London Stock Exchange, Lloyds of London & the Bank of England (Why not Bank of Britain? England – the dominant part historically)
Lloyds of London is a market whose members are joined as syndicates.
The London Stock Exchange (3rd largest in Europe, established in 1801, close to St. Paul’s cathedral & the Square Mile)
The Bank of England was founded in 1694 to act as the Gov-t’s banker & debt-manager. The second oldest in the world.
Tourism is another major reverence. Travel & tourism industry is nearly 5 times the size of automobile manufacturing & supports almost as many jobs as the financial sector.
Travel & tourism’s total contribution to GDP in the UK was 101 bln pounds in 2011, or 6,7 % of total GDP. This compares 2.3 % for automobile manufacturing, 1.9 % for mining & 4,1 for chemicals (contribution to GDP in 2011).
