England's economy is the second largest in Europe and the fifth largest in the world. It follows the Anglo-Saxon economic model. England's economy is the largest of the four economies of the United Kingdom, with 100 of Europe's 500 largest corporations based in London. As part of the United Kingdom, England is a major centre of world economics. One of the world's most highly industrialised countries, England is a leader in the chemical and pharmaceutical sectors and in key technical industries, particularly aerospace, the arms industry and the manufacturing side of the software industry.London exports mainly manufactured goods and imports materials such as petroleum, tea, wool, raw sugar, timber, butter, metals, and meat. England exported more than 30,000 tons of beef last year, worth around £75,000,000, with France, Italy, Greece, the Netherlands, Belgium and Spain being the largest importers of beef from England.The central bank of the United Kingdom, which sets interest rates and implements monetary policy, is the Bank of England in London. London is also home to the London Stock Exchange, the main stock exchange in the UK and the largest in Europe.
