(1) Britain is the world’s leading financial centre and the home of international banking and financial markets. The city of London holds the greatest concentration of banks in the world and is responsible for about a fifth of total international bank lending. It also accommodates the world’s largest insurance and reinsurance industry and one of the world’s largest stock exchanges.
(2) The daily turnover of money in London’s Foreign Exchange Markets alone is about $303 billion compared to $192 billion in New York and $128 billion in Tokyo.
(3) Over the recent years Britain’s income from banking, financial and business services, life and general insurance, investment management and leasing has risen sharply (accounting, for example, in 1990 for some 14 per cent of GDP).
(4) During the 1980s (a decade marked by unprecedented growth) financial institutions entered a new and challenging era. Reforms also brought specific areas of service into line with other Member States in the European Union. Major retail banks serving the personal and commercial sectors have extended and improved their product and service range. The interests of individual investors have been protected and financial service institutions have submitted to guidelines.
(5) Britain’s leading position owes much to the traditionalism of the City and Port of London as a centre for trade; also to the City’s responsiveness to new challenges. The City offers:
ü The world's biggest international financial markets.
ü A time-zone advantage in 24-hour global dealings.
ü Comprehensive financial expertise and innovation.
ü International professional advisers.
ü Liberal financial regulations.
ü Worldwide communications.
ü A stable political climate.
ü A compact location with first rate amenities (and new, prime office developments in nearby Docklands).
ü World-class cultural entertainment.
1. Group the words according to their part-of-speech characteristics:
financial, amenity, personal, for, responsible, commercial, advantage, finance, investor, commerce, responsiveness, invest, turnover, accommodate, manage, reinsurance, compare, sharply, protect, liberally, their.
| Noun | Adjective | Verb | Adverb | Pronoun | Preposition |
2. Cross out the words that do not belong to the groups:
a) lending, insurance, challenge, income, investment, leasing;
b) guidelines, investor, adviser, banker, manager;
c) market, bank, institution, exchange, decade, expertise.
3. Match the English and Russian equivalents and fill in the table:
1) lending
2) advantage
3) turnover
4) income
5) insurance
6) investment
7) leasing
8) guidelines
9) amenities
10) to improve
11) to submit
12) to extend
a) руководящие указания
b) доход
c) заем
d) расширять
e) оборот
f) путеводитель
g) вложение
h) преимущество
i) сдача внаем
j) страхование
k) удобства
l) подчиняться
m) улучшать
n) уверенность
o) долгосрочная аренда
4. Cross out the wrong variant:
a) Britain is the (world/world’s) leading financial centre.
b) The City of London holds the greatest concentration of (banks/banking) in the world.
c) The bank’s (income/stock) from insurance has risen in the recent years.
d) The interests of individual (investors/investments) have been protected.
e) The City of London offers (liberal/liberally) financial regulations.
f) The City of London has a stable (politics/political) climate.
5. Choose the right variant and fill in the table:
1) Major retail banks have _____ their product and service range.
a. submitted b. improved c. responsible d. entered
2) The City offers international professional ____.
a. adviser b. advices c. advisory d. advisers
3) Reforms also brought specific areas of service into ____ with other EC member states.
a. sector b. line c. lines d. regulations
4) The City of London offers ___ communications.
a. world b. wide world c. worldwide d. wild world
5) The City of London accommodates one of the world’s largest ____ exchanges.
a. cultural b. income c. stock d. turnover
6) The City is responsible for a fifth of total international bank ____.
a. communications b. lending c. growth d. guidelines
7) Major retail banks serve the ______ and commercial sectors.
a. person b. personality c. personally d. personal
8) Britain’s leading position ____ much to the traditionalism of the City.
a. owns b. owes c. owe d. own
9) The City offers _____markets.
a. the biggest world’s financial international
b. the world’s financial international biggest
c. the world’s biggest international financial
d. the financial international biggest world’s
10) The daily ____ of money in London’s Foreign Exchange Markets is about $303 billion.
a. income b. insurance c. turnover d. range
11) Britain’s income from ____ management has increased of late.
a. invest b. investors c. investors’ d. investment
12) The City accommodates the world’s largest ____ industry.
a. sure b. ensure c. insurance d. surety
13) The City is ____ to new challenges.
a. responsible b. responsive c. responsibility d. responsiveness
14) The City offers ___ cultural entertainment.
a. worldwide b. world-class c. time-zone d. world’s largest
15) The City has a stable political ____.
a. climate b. weather c. hour d. time
16) Financial service institutions have ____ to guidelines.
a. expanded b. challenged c. submitted d. improved
17) The City ____ one of the largest stock exchanges.
a. extends b. offers c. submits d. accommodates
18) Britain is the ____ of international banking.
a. house b. home c. office d. amenities
19) The City has a time-______ advantage.
a. era b. area c. zone d. place
20) The City offers ______ office developments in nearby Docklands.
a. first b. prime c. leading d. class
6. Tick off the true statements:
a) The greatest concentration of banks in the world is found in the City.
b) The daily turnover of money in London’s Foreign Exchange Markets is greater than that in New York.
c) The individual investor has never been given any priorities.
d) The City’s traditionalism endangered Britain’s leading position in the world.
e) The City offers every opportunity to do business.
7. Match the parts of the sentences and fill in the table:
1) Britain is…
2) The City of London holds…
3) The City of London accommodates…
4) The City and Port of London are….
5) The City offers…
6) Britain’s income from banking, insurance, investments and leasing accounts for…
7) Britain owes much to…
8) Major retail banks…
a) liberal financial regulations.
b) important centres for trade.
c) the world’s largest insurance industry and stock exchange.
d) protect the interests of individual investors.
e) the world’s leading financial centre and the home of international banking and financial markets.
f) about 14% of GDP.
g) the greatest concentration of banks in the world.
h) the City’s traditionalism and responsiveness to new challenges.
8. Arrange the statements in the order in which the corresponding ideas are expressed in the text:
a) The daily turnover of London’s Foreign Exchange Market is about $303 billion.
b) The City offers all modern amenities to businessmen.
c) Major retail banks protect the interests of individual investors.
d) The City of London is the most important financial centre of the country.
e) Britain’s income from all kinds of financial activity accounts for about 14 % of GDP.
9. Tick off the right answer to the questions:
1) What largest financial institution does the City of London accommodate?
a) Retail bank.
b) Stock Exchange.
c) Insurance company.
2) What was the result of the reforms of the 1980s?
a) They brought specific areas of banking service into line with other EU member states.
b) They increased the daily turnover of the Foreign Exchange Market.
c) They ensured a stable political climate.
3) What helps Britain to maintain its leading position in the world?
a) The City’s traditionalism and responsiveness do.
b) World-class cultural entertainment does.
c) Liberal financial regulations do.