England

The features and performance of the English economy vary considerably across and within regions. London is the undisputed powerhouse, accounting for 16.5% of UK gross value added. For the 14th consecutive year, London was voted Europe’s best city for business in the European Cities Monitor 2003, a poll by global real estate firm Cushman & Wakefield Healey & Baker. It was rated first in five key criteria used by European companies when determining where to locate: easy access to markets; availability of qualified staff; external transport links; quality of telecommunications; and languages spoken. In 2002, FDI in London increased by one-third and accounted for 7% of all investment projects in Europe, double the share of its nearest rivals, Paris and Barcelona.

The north-east has expanded into microelectronics, biotechnology and autos. Traditional industries in the north-west include shipping, textiles and engineering, and there has been growth in biotechnology, chemicals, aerospace and information communications technology. The Yorkshire and Humber region in north England is home to Leeds, England’s second financial and business services centre. The East Midlands region is mostly rural, where agriculture and food production are important. The West Midlands is a manufacturing base. The east of England has a large concentration of new and growing businesses in a variety of sectors. The south-east is closely linked to London; and the south-west has seen growth in financial and business service sectors, multimedia and electronics.