Financial Services

Aerospace

Britain's aerospace industry is the third largest in the Western world, after the United States and France. With around 200 companies employing 134,500 people, it had a turnover in 1993 of ₤10,300 million.

British Aerospace is one of the world's top defence companies and more than four-fifth of its military production was exported in 1993. It includes the Harrier, a unique vertical/short take0off and landing (V/STOL) military combat aircraft. BAe has a 33 per cent share in the development of the Eurofighter 2000. The Tornado combat aircraft is built by a company set up jointly by BAe, Alenia of Italy and Deutsche Aerospace. A ₤5,000 million order for 48 Tornado bombers for Saudi Arabia was confirmed in 1993, making it one of Britain's biggest ever export deals.

Rolls-Royce is one of the world's three major manufacturers of aero-engines, with a turnover in 1993 of ₤2,100 million for its aerospace division. Its RB211-535 engines have been selected by over 80 per cent of airlines for their Boeing 757 airliners.

Over 400 companies in Britain are engaged in space activities. The industry is strong in the manufacture of satellites and ground infrastructure for satellite systems and in the analysis and exploitation of data from satellites. Matra-Marconi Space is one of the world's leading producers of communications satellites.

Britain is a major financial centre, home to some of the world's most prestigious banking, insurance, securities, shipping, commodities, futures, and other financial services and markets. Banking, finance, insurance, business services and leasing contributed around 20 per cent of total output in 1993.

Financial institutions' net overseas earnings amounted to ₤15,600 million in 1993. Banking, finance and insurance accounted for 13 per cent of employment in Great Britain in 1994.

Historically the financial services industry has been located in the 'Square Mile' in the City of London. This remains broadly the case, even though markets for financial and related services have grown and diversified greatly. Manchester, Cardiff, Liverpool, Leeds, Edinburg and Glasgow are also financial centres. The 'City', the collection of markets and institutional around the Square Mile, is noted for having:

· the greatest concentration of foreign banks - 286 - in the world;

· a banking sector that accounts for about 20 per cent of total international bank leading;

· one of the world's biggest international insurance markets, handling about 20 per cent of general insurance business placed on the international market;

· the largest centre in the world for trading overseas equities;

· the world's largest foreign exchange market, with an average daily turnover of about US$300,000 million;

· one of the world's most important financial derivatives markets;

· the greatest concentration of international bond dealers;

· important markets for transactions in commodities; and

· a full range of ancillary and support services - legal, accountancy and management consultancy - contributing to London's strength as a financial centre.

Дата добавления: 2013-12-13