The City of London: when Wall Street is Main Street

For England, it’s difficult to separate the fate of high finance and the “real” economy, since the financial services industry is one of the engines of growth for thw whole nation, thanks to the role of London as a trading hub
clipped from www.economist.com
“The City’s lustre has burnished Labour’s image,” says Mr Travers. But others will worry about the capital’s increasing dominance. It has come to seem, for many people, a sort of laboratory in which a rawer, less-cohesive Britain is emerging; a crowded, hustling place of vaulting earnings for the rich and of widening income disparities, which drains talent and wealth from the rest of the country.

Despite these fears, those who cheer as the City falters, will be wrong. The gains from London’s position as a global financial hub, a source of envy to other countries, outweigh the losses. Every economy needs an engine-room: better one manned by bankers than none at all.

The recent City-led expansion of finance in Britain has meant that a sector worth almost a tenth of the economy has been responsible for 30% of overall GDP growth over the past three years.
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