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Nonetheless since 1997, the Bank of England has control of interest rates and other monetary coverage. The chemical and pharmaceutical trade is also strong in the UK, with the world’s second and third largest pharmaceutical companies (GlaxoSmithKline and AstraZeneca, respectively) being based within the UK. The British motor business is a significant a half of this sector, although all large-volume producers at the moment are foreign-owned. London is amongst the world’s largest financial facilities with the London Inventory Exchange, the London Worldwide Financial Futures and Options Change, and the Lloyd’s of London insurance market all based within the Metropolis of London. The service sector of the United Kingdom is dominated by monetary companies, particularly in banking and insurance coverage. As a result, heavy trade and later manufacturing declined all through the 20th century.

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