Doing Business in London
With a history dating back more than 2000 years, and an instinct for survival that has guided the city thru plague, fire, civil war, aerial and terrorist attacks, you can feel confident you’ve chosen a city that can serve your needs.
London (as New York) has established itself as a world financial center, conducting business world-wide, allowing the free flow of trade between the citizens of the world. As the world shrinks and commerce becomes increasingly global, experts say London has a secure spot as a global financial center (for at least the next decade).
FACT: London’s GDP (Gross domestic product) is larger than many small countries and is predicted to show continued growth over the next decade. Experts say that between now and 2025 London will continue to impact the world scene, eclipsing many American cities in tourism and industry growth.
LONDON TOURISM:
Tourism, while pure enjoyment for thousands participating in a conference or family vacation, represents big business and thousands rely on the tourist trade to fuel their coffers. 2009 estimates put tourism revenues at £96 billion representing 8.6% of the economy.
Most Popular Tourism Locations:
- Tower of London
- Tower Bridge Exhibition
- Paul’s Cathedral
- Windsor Castle
- Hampton Court Palace
- Kensington Palace
- London Zoo
- The London Bridge Experience
- Shakespeare Globe Theater
- Thames River Tours
- Largest London’s Companies
- HSBC group (banking)
- Royal Dutch Shell (oil and gas)
- BP (oil and gas)
- Royal Bank of Scotland (banking)
- Barclays (banking)
- HBOS (banking)
- BHP Billiton (materials)
- Lloyds TSB Group (financial)
- GlaxoSmithKline (drugs / bio tech)
- Aviva (insurance)
- Unilever (food)
- Vodafone Group (telecommunications)
- Anglo American (materials)
- Tesco (food markets)
- Prudential (insurance)
- AstraZeneca (bio tech)
- Rio Tinto (materials)
- BT Group (telecommunications)
- Legal & General Group (insurance)
- National Grid Transco (utilities)
FACT: While London (and other major financial centers) struggled during the financial crisis of 2007, long term growth (according to Citigroup) is expected to usher London in as the next “Mega City” (now held by Chicago).
Transportation:
Being a world class city requires 21st century transportation and London meets the task up with five main airports.
- Heathrow Airport (20 miles west – business friendly)
- Gatwick Airport (30 miles south – business friendly)
- Stansted Airport (35 miles northeast)
- Luton Airport (30 miles north)
- London City Airport (business friendly – convenience to financial firms)
The experienced (or weary) travelers will find a variety of means and methods to quickly reach the city by rail, coach, taxi or tube.
RECOMMENDATION: While London’s cabbies are known for their informative and friendly demeanor, fares can be expensive. Consider the taking “The Picadilly” (the tube) for your initial trip to the city, and a cabbie for closer (in-city) destinations.
IRIS SCANNING: While not helpful for your initial trip, consider “Iris Scanning”, conducted as you depart the airport; a picture is taken of your retina and affixed to your passport. Subsequent trips allow quick and easy trips through customs.
DOING BUSINESS
Known as the “Gateway to Europe”, conducting business in London allows any company to influence the economic pulse of the U.K., gaining easy access to major international markets.
TOP 10 WORLD BUSINESS CITIES
- London
- New York
- Tokyo
- Chicago
- Hong Kong
- Singapore
- Frankfurt
- Paris
- Seoul
- Los Angeles
London’s rich cultural and diverse political history, bestows a measure of credibility to any company with a “City of London” address.
The Business Etiquette of London
While there are older “strictly formal” companies, you’ll find most business has moved forward, not only technologically but socially as well. Meetings are conducted in a relatively relaxed atmosphere contrasting with the fast pace and long hours if today’s successful business.
SOCIAL CUSTOMS:
Traditional business lunches and after work drinks (while still happening) have mostly been replaced with long hours and hard work.
A firm (but not overbearing) handshake is expected
Tardiness should be avoided
Doing business in London allows you or your company to operate in a truly diverse and cosmopolitan arena. With an international mix of people, clients and opportunities, this is a city ready and able to continue its tradition of excellence. The Lancaster London has a range of professional meeting rooms in central London which can be easily reached from the major international airports and are located within the historic center of London.
