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Economy Of BirminghamThis article is about the economy of Birmingham, England. Birmingham is an important manufacturing and engineering centre, employing over 100,000 people in the industry and contributing billions to the national economy. Over 25% of UK exports originate in the greater Birmingham area. The city's products include: motor vehicles, vehicle components and accessories, weapons, electrical equipment, plastics, machine tools, chemicals, food, jewellery and glass. Birmingham is home to two major car factories, MG Rover in Longbridge and Jaguar in Castle Bromwich (and Land Rovers are manufactured in neighbouring Solihull). The Jewellery Quarter is the largest concentration of dedicated jewellers in Europe. One third of the jewellery manufactured in the UK is made within one mile of Birmingham city centre. Until 2003, coins for circulation were manufactured in the Jewellery Quarter at the Birmingham Mint, the oldest independent mint in the world, which continues to produce commemorative coins and medals. As with most of the British economy, manufacturing in Birmingham has declined in importance since the 1970s, and it now employs a minority of the workforce. In recent years Birmingham's economy has diversified into service industries, retailing and tourism, which are now the main employers in the city. Scientific research including research into the controversial nano technology at the University of Birmingham, is expanding in the city and will possibly play a part in the city's economic future. More details about the Birmingham economy. Over 500 law firms exist in the city and Birmingham is Europe's second largest insurance market. The city attracts over 40% of the UK's total conference trade. Two of Britain's "big four" banks were founded in Birmingham. Lloyds Bank (now Lloyds TSB) began here in 1765 and The Midland Bank (now part of HSBC) opened in Union Street, in August 1836. Historically, the Industrial Revolution flourished in Birmingham and the surrounding Midlands towns, allowing many factories, foundries and businesses to prosper in the Gun Quarter and Jewellery Quarter, with watchmakers, goldsmiths, attorneys, physicians, surgeons, Breweries, apothecaries, metallurgists, chemists, Bicycle and Automobile manufacturers also prospering. The city's workmen designed and constructed railway carriages, steam engines, and even - unusually for somewhere so far from the sea - ships, which were made as pre-fabricated sections, then assembled at the coast. Numerous inventors emerged from these different professions, and the city's skilled workforce and infrastructure encouraged other inventors and businessmen from across the world to set up shop in the city. (See Inventors and Inventions). Famous brands from the "city of a thousand trades" include Bird's Custard, Typhoo Tea, the Birmingham Wire Gauge, Brylcreem, Chad Valley Toys, BSA, Bakelite, Cadburys chocolate, HP Sauce and the MG Rover Group. Economy of Birmingham
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