Growth Of London - Banking & Insurance Flashcards
In what year did London become the biggest city of where?
By 1650, London became the biggest city in Western Europe, with a population of 400,000
By 1700, this was 575,000
What industries were based in London?
- Banking & insurance industries were based in London, which provided employment as well as the capital needed to maintain merchants and businesses
- It was the centre of the legal system, the Inns of court where legal training would take place were all in the city & most high profile lawyers were based thee
- skilled & educated workers were more likely to move to London due to the variety of job opportunities available
How did migration impact the growth of London?
London was the economic capital of Britain, resulting in migration from not only poor workers from the countryside and other towns but also the gentry and their families meaning an increased labour force
How did transport development impact the growth of London?
Transport had been improving since Tudor times, some road in the area had seen investment and the Thames was navigable for much of its length meaning trade was quicker and more efficient
Why was London a focal point for economic activity?
The number of markets meant that London was a focal point for economic activity, by the middle of the century, the national prices of livestock, cloth & grain were all dictated by the London market
London dominated the cloth trade — accounted for 92% of exports out of London in 1640
What happened to London by 1688?
London was not only the the centre of British trade but it was also the hub of a European market that relied on the port of the city
As trade grew, London grew and the risk associated with trade became greater, merchants became aware of the need to insure their goods, led to the growth of the insurance industry
