England's economy is one of the largest in the world, with an average GDP per capita of £22,907.[127] Usually regarded as a mixed market economy, it has adopted many free market principles, yet maintains an advanced social welfare infrastructure.[128] The official currency in England is the pound sterling, whose ISO 4217 code is GBP. Taxation in England is quite competitive when compared to much of the rest of Europe—as of 2014 the basic rate of personal tax is 20% on taxable income up to £31,865 above the personal tax-free allowance (normally £10,000), and 40% on any additional earnings above that amount.[129]
The economy of England is the largest part of the UK's economy,[127] which has the 18th highest GDP PPP per capita in the world. England is a leader in the chemical[130] and pharmaceutical sectors and in key technical industries, particularly aerospace, the arms industry, and the manufacturing side of the software industry. London, home to the London Stock Exchange, the United Kingdom's main stock exchange and the largest in Europe, is England's financial centre—100 of Europe's 500 largest corporations are based in London.[131] London is the largest financial centre in Europe, and as of 2014 is the second largest in the world.[132][133]