Club Meeting - Mon 15th January 2018

Mon, Jan 15th 2018 at 6:00 pm - 9:00 pm

Alan Rides Chairman of Hounslow Chamber of Commerce will speak on International Trade and Brexit. Alan brings his experience of a long career in international trade specialising in Middle Eastern markets.

brexit

London is an international city with a long history shaped by globalisation. 

The capital’s interconnectedness with the global economy has led to increased trade and allowed industrial specialisations to emerge; over time, this has caused significant changes to the structure of London’s economy. 

As measured by GVA, London’s total economic output was worth around £364 billion in 2014, 6.8 per cent higher than in 20131 . In 2014, London accounted for 22.5 per cent of the UK’s total GVA, up from 18.9 per cent in 1997. 

In 2014, London’s service exports totalled £92.1 billion, with London accounting for over two-fifths of the UK’s total export of services. London’s largest exporting sectors were in financial services, travel services; and in the real estate and professional, scientific and technical activities sector.

Europe accounted for 52 per cent of total UK service exports in 2013, with the European Union accounting for around three-quarters of the European continent total.

London exported around £28.7 billion worth of goods in 2014, a 23 per cent increase on 2003. Therefore London’s total exports (goods and services) are estimated to be worth £120.8 billion in 2014.

The spatial make-up of London’s economy shows that different industrial sectors are important to different boroughs. The Financial and insurance activities sector accounts for 66.6 per cent of total output in the City of London; whereas in Hillingdon, the Distribution, transport, accommodation and food sector accounts for 39.7 per cent of output; and in Barking and Dagenham, the Production industries account for 21.2 per cent of total output.

Through trade and specialisation, London has become a major global city. However, in terms of sheer size, New York and Tokyo generate more total output; whereas cities such as Shanghai and Singapore have been growing faster, with compound annual growth rates averaging over 5 per cent between 2006 and 2014, compared to 2.4 per cent in London.

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