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However since 1997, the Financial Institution of England has control of rates of interest and different monetary policy. The chemical and pharmaceutical business is also sturdy in the UK, with the world’s second and third largest pharmaceutical companies (GlaxoSmithKline and AstraZeneca, respectively) being based mostly within the UK. The British motor trade is a significant part of this sector, though all large-volume producers are actually foreign-owned. London is among the world’s largest monetary centers with the London Inventory Exchange, the London International Monetary Futures and Options Trade, and the Lloyd’s of London insurance market all based mostly within the City of London. The service sector of the Uk is dominated by monetary services, especially in banking and insurance. As a end result, heavy business and later manufacturing declined throughout the 20 th century.
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