Editing Economy of the United Kingdom (section)

====Financial and business services====
{{main|Financial services in the United Kingdom}}
{{see also|Banking in the United Kingdom|Legal services in the United Kingdom}}

The [[Financial services industry of the United Kingdom|UK financial services industry]] added gross value of £116.4&nbsp;billion to the UK economy in 2011.<ref name="ons.gov.uk"/> The UK's exports of financial and business services make a significant positive contribution towards the country's [[balance of payments]].
[[File:Paternoster Square, London EC2 - geograph.org.uk - 2162659.jpg|thumb|[[Paternoster Square]], home of the London Stock Exchange]]
London is a major centre for [[international business]] and commerce and is one of the three "command centres" of the global economy (alongside [[New York City]] and [[Tokyo]]).<ref>{{Cite book|author=Sassen, Saskia|title=The Global City: New York, London, Tokyo|year=2001|publisher=Princeton University Press|edition=2nd|author-link=Saskia Sassen}}</ref> 

There are over 500 banks with offices in London, and it is the leading international centre for banking, insurance, [[Eurobond (international)|Eurobond]]s, transactions in foreign currencies and [[International Petroleum Exchange|energy futures]]. London's financial services industry is primarily based in the [[City of London]] and [[Canary Wharf]]. The City houses the [[London Stock Exchange]], the [[London Metal Exchange]], [[Lloyd's of London]], and the Bank of England. Canary Wharf began development in the 1980s and is now home to major financial institutions such as [[Barclays Bank]], [[Citigroup]] and [[HSBC]], as well as the UK [[Financial Services Authority]].<ref>[https://web.archive.org/web/20080407040203/http://www.forbes.com/lists/2008/18/biz_2000global08_The-Global-2000_Rank.html "Special Report – The Global 2000"] ''Forbes'', 2 April 2008</ref><ref>[http://www.hsbc.com/1/2/newsroom/news/news-archive-2008/hsbc-tops-forbes-2000-list-of-world-s-largest-companies "HSBC tops Forbes 2000 list of world's largest companies,"] HSBC website, 4 April 2008 {{webarchive |url=https://web.archive.org/web/20130113200650/http://www.hsbc.com/1/2/newsroom/news/news-archive-2008/hsbc-tops-forbes-2000-list-of-world-s-largest-companies |date=13 January 2013 }}</ref> London is also a major centre for other business and professional services, and four of the six largest law firms in the world are headquartered there.<ref>{{cite news|url=http://www.efinancialnews.com/story/2007-07-23/uk-law-firms-reap-rich-rewards-while-americans-strengthen-london-teams-1|title=UK law firms reap rich rewards while Americans strengthen London teams|access-date=11 August 2010|publisher=Financial News| date=23 July 2007}}</ref>

Several other major UK cities have large financial sectors and related services. [[Edinburgh]] has one of the largest financial centres in Europe<ref>{{cite web|url=https://publications.parliament.uk/pa/cm200203/cmhansrd/vo030430/halltext/30430h05.htm#30430h05_spnew0|title=Financial Services Industry|first=Mark|last=Lazarowicz (Labour MP)|date=30 April 2003|publisher=United Kingdom Parliament|access-date=17 October 2008}}</ref> and is home to the headquarters of [[Lloyds Banking Group]], [[NatWest Group]] and [[Standard Life]]. [[Leeds]] is the UK's largest centre for business and financial services outside London,<ref>{{cite news |url=http://www.yorkshireeveningpost.co.uk/news/We39re-leading-the-way-in.2034867.jp |title=Leeds leading the way |newspaper=Yorkshire Evening Post |access-date=25 January 2009 |archive-url=https://web.archive.org/web/20090501062758/http://www.yorkshireeveningpost.co.uk/news/We39re-leading-the-way-in.2034867.jp |archive-date=1 May 2009 |url-status=dead }}</ref><ref name="Leeds Financial Facts and Figures">{{cite web |url=http://www.leedsfinancialservices.org.uk/ |title=Leeds Financial Facts and Figures |publisher=leedsfinancialservices.org.uk |access-date=25 January 2009 |url-status=dead|archive-url=https://web.archive.org/web/20090130014241/http://leedsfinancialservices.org.uk/ |archive-date=30 January 2009 }}</ref><ref name="fdimagazine1">{{cite web|url=http://www.fdimagazine.com/news/fullstory.php/aid/2512/Northern_star.html |title=Northern Star |work=FDI Magazine |access-date=25 January 2009 |url-status=dead|archive-url=https://web.archive.org/web/20090101004224/http://www.fdimagazine.com/news/fullstory.php/aid/2512/Northern_star.html |archive-date=1 January 2009 }}</ref> and the largest centre for legal services in the UK after London.<ref>{{cite news|url=http://www.ft.com/cms/s/77eaffe6-ef2a-11dc-8a17-0000779fd2ac.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/77eaffe6-ef2a-11dc-8a17-0000779fd2ac.html |archive-date=10 December 2022 |url-access=subscription |title=Leeds Services |newspaper=Financial Times |access-date=25 January 2009}}</ref><ref>{{cite web |url=http://www.lawgazette.co.uk/features/ltbgtyorkshire-gritltbgt |title=Leeds Legal Review |publisher=Law Gazette |access-date=25 January 2009 |url-status=dead|archive-url=https://web.archive.org/web/20090430144958/http://www.lawgazette.co.uk/features/ltbgtyorkshire-gritltbgt |archive-date=30 April 2009 }}</ref><ref>{{cite web |url=http://www.legalweek.com/Articles/1146376/Live+the+Leeds+lifestyle.html |title=Live the Leeds Lifestyle |work=Legal Week Magazine |access-date=25 January 2009 |url-status=dead|archive-url=https://web.archive.org/web/20090429220223/http://www.legalweek.com/Articles/1146376/Live+the+Leeds+lifestyle.html |archive-date=29 April 2009 }}</ref>

According to a series of research papers and reports published in the mid-2010s, Britain's financial firms provide sophisticated methods to [[Money laundering|launder]] billions of pounds annually, including money from the proceeds of [[corruption]] around the world as well as the world's [[Illegal drug trade|drug trade]], thus making the city a global hub for illicit finance.<ref>[http://www.ft.com/cms/s/2/1d805534-1185-11e6-839f-2922947098f0.html Dark money: London's dirty secret] The Financial Times, 11 May 2016.</ref><ref>[https://www.independent.co.uk/news/uk/crime/london-is-now-the-global-money-laundering-centre-for-the-drug-trade-says-crime-expert-10366262.html London is now the global money-laundering centre for the drug trade, says crime expert] The Independent, 4 July 2015.</ref><ref>[http://aa.com.tr/en/analysis-news/cameron-s-corrupt-countries-slip-puts-spotlight-on-uk/571749 Cameron's corrupt countries slip puts spotlight on UK] Anadolu Agency, 13 May 2016.</ref><ref>{{cite web|url=http://russialist.org/russian-money-infects-london/|title=Russian money infects London|date=31 March 2015}}</ref> According to a Deutsche Bank study published in March 2015, Britain was attracting circa one billion pounds of capital inflows a month not recorded by official statistics, up to 40 per cent probably originating from [[Russia]], which implies misreporting by financial institutions, sophisticated tax avoidance, and the UK's "safe-haven" reputation.<ref>{{cite news|url=https://www.reuters.com/article/markets-capital-flows-deutsche-idUKL5N0WC31520150310|title=UK draws billions in unrecorded inflows, much from Russia – study|work=Reuters|date=10 March 2015}}</ref>