The UK's trading balance has been substantially assisted by the money flowing through the City of London's financial community. Martin Hutchinson's 20 August essay in PrudentBear explores the possibility that the City will eventually lose its eminence, and the loss of revenue will have to be replaced by higher domestic taxation.
Thursday, August 23, 2007
Invisible earnings may disappear
The UK's trading balance has been substantially assisted by the money flowing through the City of London's financial community. Martin Hutchinson's 20 August essay in PrudentBear explores the possibility that the City will eventually lose its eminence, and the loss of revenue will have to be replaced by higher domestic taxation.
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3 comments:
blimey, only 2 months ago everyone was crowing about how we had overtaken New York...now it is all doom and gloom so quickly.
I saw a study yesterday that the newspapaers said had 'thousands' of city job losses.
Read a bit further and it turned out the thousands was 5000. Not someting to worry about unduly with 350,000 jobs in the City!
Yes, I don't imagine doom and disaster will overtake us swiftly, but obviously people around the world are not less intelligent than ourselves. As the centre of economic power swings East, I see no reason why a city there should not become the world's leading financial hub. Knowldge transfer is proceeding at high speed; all that's needed now is somewhere that has plenty of well-educated English speakers, low taxation, and a strong commitment to property rights and the rule of law. Any suggestions?
People are amused by London now; when that stops or sheer competence drives another place to the top, what will happen to England?
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