London is an international city, accommodating many international trade and financial centres such as the Bank of England.
We visited various financial and national landmarks of London which reflect the effects of industrialisation and globalisation on forging the current economic, trade and cultural hub that is London.
When England experienced economic prosperity during the late 1900s, the Bank of England was established (1964) and helped reinforce England’s position in the world against the competition, namely France.
The Bank of England is the manifestation of a healthy national central banking system that allows economic and financial stability in the United Kingdom.
Correspondingly, trade intensified with the creation of the Stock Exchange in 1688 in a context of industrialisation. An international system of financial communications was then made possible. Economic development is causally linked to changes in a country’s economic system. Hence, the economic prosperity that the UK is experiencing today is partly due to an increase in London’s trade, its investments and international connections.
London is home to various institutions that influence both regional and global trade, finance and economy. This enables London to have an influential position in the international decision-making scene.