|Lloyd's at Leadenhall Street in the City of London. © NMM|
Being at the centre of world time, London benefits from trading with the other major financial markets of Tokyo and New York on the same day.
The financial and business services sector, concentrated in the City of London, contributed more than £20 billion to the United Kingdom's trade balance in 2000.
Maritime services such as ship broking and insurance accounted for almost £1 billion of this total and they employ more than 14,000 people in Britain.
|The new water sports centre at Greenland Dock, Rotherhithe. © NMM|
In 1971 the Conservative government, in the face of public outcry, rejected plans to convert the area to office and commercial purposes.
But ten years later the London Docklands Development Corporation (LDDC) was set up to ensure long-term social and economic regeneration.
|London City Airport at the Royal Docks. © NMM|
The airport opened for passenger traffic in 1987. The 2200 hectares (8.5 square miles) of former docks have thus become the world's largest urban regeneration scheme.
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The regeneration of the former port districts, now rebranded as 'Docklands', had a great impact on the people who lived in the area. The attached video file describes how a member of the deaf community viewed the changes that took place at the Surrey Docks in Rotherhithe.
A world of ships, wharves, cranes and warehouses was replaced with new shops, leisure facilities, offices and homes.
|The new face of Docklands. Canary Wharf in 2002. © NMM|
The private sector:
The social amenities have also improved as:
In March 1998 the LDDC closed its offices and handed its responsibilities to the London Boroughs of Newham, Southwark and Tower Hamlets.
The other side of the story
|Anti-LDDC graffiti at the London Docks. © NMM|
As locals felt their needs were being ignored, their hostilty to the LDDC and the whole concept of regeneration found many expressions. This graffiti from the 1980s survives to this day.