Ludzie pragną czasami się rozstawać, żeby móc tęsknić, czekać i cieszyć się z powrotem.
1
119.3
122.9
127.1
Hotels and restaurants
101.2
102.7
100.4
96.6
Transport, storage and communication
104.3
129.0
140.4
146.3
Financial intermediation2
103.8
117.0
121.4
126.0
Adjustment for financial services
106.9
127.6
135.7
144.4
Real estate, renting and business activities
104.8
124.8
130.4
137.2
Public administration and defence
98.8
97.8
98.8
100.0
Education
101.3
105.2
106.7
118.3
Health and social work
103.2
112.9
114.8
118.3
Other social and personal services
105.4
116.4
121.2
125.9
Total
103.6
116.6
120.8
124.8
1 Represents the difference between the value of the output of goods and services produced by a company and its intermediate consumption –
the value of the goods and services or raw materials used up in the production of such output.
2 The activity by which an institutional unit acquires financial assets and incurs liabilities on its own account by engaging in financial transactions on the market.
Source: Office for National Statistics
451
Economic affairs
29 Finance and other service industries
Historically, the heart of the UK financial services
Bank of England
industry has been in the ‘Square Mile’ in the City
of London, and this remains broadly the case.
The Bank of England ( www.bankofengland.co.uk)
Among the major financial institutions and
was established in 1694 by Act of Parliament and
markets in the City are the Bank of England, the
Royal Charter as a corporate body. Its capital stock
London Stock Exchange and Lloyd’s insurance
was acquired by the Government in 1946.
market. London is one of the three main financial
centres in the world and the premier financial
As the UK’s central bank, the Bank’s overriding
centre in Europe. Scotland (Edinburgh and
objective is to maintain a stable and efficient
Glasgow) is the second financial centre in the UK,
monetary and financial framework for the
and one of the main European centres for
effective operation of the economy. In pursuing
institutional equities – at the end of 2001 over
this goal, it has three main purposes:
£326 billion of funds were under management in
Scotland. Other sizeable UK financial centres are
■
maintaining the integrity and value of the
Leeds, Manchester, Bristol and Birmingham.
currency;
International Financial Services London (IFSL)
■
maintaining the stability of the financial
( www.ifsl.org.uk) promotes the international
system; and
activities of UK-based financial institutions and
related professional and business services. It also
■
seeking to ensure the effectiveness of the
seeks to raise awareness of the UK’s leading role in
financial services sector.
international financial markets and highlight the
major contribution of financial services to the UK
Under the Bank of England Act 1998, the Court of
economy.
Directors is responsible for managing the affairs of
the Bank, apart from the formulation of monetary
policy, and comprises the Governor, two Deputy
Governors and 16 non-executive directors. The
Scale of the financial services sector
Court is required to report annually to the
The UK’s trade surplus on financial services is the
Chancellor of the Exchequer.
largest in the world. A report by IFSL in April 2002
confirmed the UK’s strong international position in
Monetary policy framework
financial services:
The Bank’s monetary policy objective is to
maintain price stability and, subject to that, to
■
UK banking sector assets reached over £3,400
support the Government’s economic policy,
billion at the end of 2001;
including growth and employment objectives.
Price stability is defined in terms of the
■
assets under fund management in the UK were
Government’s inflation target (see page 334). The
over £2,800 billion in 2000, of which nearly
responsibility for meeting this target and for
£600 billion was managed on behalf of overseas
setting interest rates rests with the Bank’s
clients;
Monetary Policy Committee, which comprises the
Governor, the two Deputy Governors and six
■
London has the world’s second largest
other members. The Committee meets every
derivatives exchange;
month and interest rate decisions are announced
as soon as is practicable after the meeting; the
■
minutes are published within two weeks and are
London is the biggest international centre for
placed on the Bank’s website. The Committee is
foreign exchange trading;
accountable to the Bank’s Court of Directors, to
government and to Parliament.
■
the revenue of UK management consultancies
reached £8 billion in 2001, up by £2 billion
Financial stability
compared with 1999; and
Under the Memorandum of Understanding
between the Bank, HM Treasury and the Financial
■
five of the ten largest law firms in the world are
Services Authority, the Bank is responsible for the
international law firms based in London.