Britain continued to be the biggest manufacturing economy in the world until 1908 and the largest economy until the 1920s. The economic cost of two world wars and the decline of the British Empire in the 1950s and 1960s reduced its leading role in global affairs. The United Kingdom has strong economic, cultural, military and political influence and is a nuclear power. The United Kingdom holds a permanent seat on the United Nations Security Council, and is a member of the G8, NATO, World Trade Organization and the Commonwealth of Nations. The City of London, in the capital, is famous as being the largest centre of finance in the world.