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Article: Two sides of the coin as euro splits Square Mile.
- Article from:
- The Evening Standard (London, England)
- Article date:
- June 28, 2001
CopyrightCOPYRIGHT 2001 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE CITY of London's position as arguably the world's strongest and most diversified international financial centre has been reinforced in the past decade as the development of markets in continental Europe has accelerated.
Today, almost 300,000 people work in London's financial services businesses, many of them for the 474 London-based foreign and 188 UK incorporated banks located there. They control global assets of [pound]3000 billion.
Almost 6% of the UK's gross domestic product is produced in the City, which contributed [pound]22 billion of overseas earnings to Britain's current account last year.
London's success, however, is primarily ...