II.

Economy

Manchester is an important commercial centre, with banking, insurance, and the leisure industry playing a significant role. The city is also a major retailing centre, and the Arndale Centre, which opened in 1979, was one of the first purpose-built shopping complexes in Britain. The city was long known as the leading cotton textile manufacturing city in Great Britain. This was largely due to its site at the confluence of the rivers Irk, Medlock, and Irwell. They provided abundant water power in the early days of manufacturing. Nowadays, there is greater industrial diversification, with engineering, chemicals, clothing, food processing, and textiles contributing to the economy. Each year, more than 18 million travellers use Manchester International Airport, situated 16 km (10 mi) south of the city (it is Britain’s third busiest airport after Heathrow and Gatwick); the Metrolink Light Rail System was opened in 1992.