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Service industries are the most rapidly growing and most important sector of the British economy，accounting for around 78％ of GDP in 2014.The total number of people employed in various service industries represented about 80％ of the total work force as of 2012.
Financial Services
The United Kingdom boasts one of the world’s oldest，most extensive，and most highly developed financial sectors.The financial industry currently employs about 1 million people and accounts for 10％ of GDP.
London is one of the three main financial centers of the world，the other two being New York and Tokyo.London’s financial district is the area known as the City of London（sometimes also called“the square mile”），which is the part of the capital that lies roughly within the ancient city walls.The headquarters of most of the country’s leading financial institutions are located in the City.
At the heart of the British financial system is the Bank of England，which functions as Britain’s central bank.It is the only note⁃issuing bank in England and Wales（Scottish and Northern Ireland banks have their own currency issuing rights）.It is also responsible for keeping the exchange rate of the British Pound against other currencies within certain limits by operating an Exchange Equalization Account.
Bank of England
Besides the Bank of England，Britain has many commercial banks.Altogether there are eleven such commercial banks in the country;six are based in England，three in Scotland，and two in Northern Ireland.
Apart from banks，another important financial institution is the London Stock Exchange，which is one of the world’s largest centers for stock trading.For most of its over 200 years of operation，trading was conducted in person on the floor of the Exchange More recently，automation has made it possible for stockbrokers to work from remote offices and carry out all of their transactions with a telephone or a computer.
Other financial institutions located in the city include numerous insurance companies，such as the well⁃known Lloyd’s of London，building societies，merchant banks and discount houses，as well as foreign banks and several of the world’s major commodities markets，including the London Metal Exchange and the Baltic Exchange.
Apart from London，other major cities also function as financial centers.Edinburgh，for instance，is one of Europe’s six leading financial centers for management of institutional investment funds.
Tourism and Transportation
Tourism is a central pillar of the British service industry.Great Britain is now the eighth largest tourist destination in the world.Visitors are attracted to Britain because of its beautiful landscapes，thriving cities，lively culture，well⁃developed facilities，mild climate，and the numerous historical relics and museums that are spread throughout the country.
Exhibition and conference facilities and services provide another important source of revenue.Britain is the world’s third largest destination for international conferences after the United States and France.London，Birmingham，Cardiff，Edinburgh and Glasgow are among the most important host cities for international events.
The British tourist industry benefits from the country’s highly⁃developed transportation system.The world’s first railroad was built in Great Britain in 1825.In the 20th century，highways and automobiles replaced railroad as the most important means of transportation.About 90％ of passenger travel today is by road.
Other important means of transportation include airlines and shipping.The largest airports are London’s Heathrow and Gatwick，which are among the world’s busiest hubs for international flights.British Airways is one of the world’s leading airlines and operates the world’s largest network of international passenger aviation routes.Shipping has been always very important to Great Britain as it is an island nation.It once operated the world’s largest merchant marine fleet，but it was overtaken by the United States after World WarⅡ.The country has around 300 seaports and 3，200 kilometers of canals and navigable rivers.
Great Britain is now connected with France by the Channel Tunnel，which lies 40 meters below the seabed of the English Channel and runs for about 50 kilometers from Folkestone in England to Calais in France.
Trade
Great Britain has been a trading nation for hundreds of years and trade still plays a very important role in the economy today，ranking as the fourth⁃largest exporter and importer in the world.The country’s main exporter partners are Switzerland，Germany，the United States，the Netherlands，France，Ireland and Belgium，and its leading import partners are Germany，China，the Netherlands，France，the United States and Belgium.The country exports chemicals，food products，beverages，tobacco，automobiles and automotive components and computer programming.The principal imported goods are machinery，foodstuffs，other manufactured products and fuels.
Domestic trade makes up a large part of the economy.Domestic trade is carried out by wholesale companies and retailers.Large wholesalers all have their own purchasing and distribution networks，while smaller ones often form guilds of various sorts to facilitate operation.