Andrew Baker - 1 November 2018
The City of London is a huge drag on the UK’s real economy. But we can – and must – lift the 'Finance Curse'.
In the decade since the financial crisis something has gone badly and obviously wrong with the UK’s political economy. Stagnating wages, low productivity and rising living costs have marked Britain out as an outlier in the developed world. Yet its globalised financial sector continues to generate lavish fees and windfall gains for a brilliant few. Now however, some sense of the downside of hosting an overactive financial sector is becoming clearer. The vigour of finance derives precisely from its ability to capture resources from the rest of the economy. Even as the host sickens, the City of London glows with unearthly health. The proposition that Britain suffers from a financial curse needs to be taken seriously.... See more
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