London Should Love Its Bankers
Do the British have a death wish? You\u2019d be forgiven for thinking so the way so many of them seem to want to cripple the most dynamic part of their own economy. What is the world\u2019s largest market for dollars? London. Where does the Chinese State Administration of Foreign Exchange go when it wants to buy or sell billions of US Treasury bonds? London. Which sector of the economy delivers \xa312 out of every \xa3100 in tax to the Chancellor of the Exchequer? London\u2019s financial centre.\n\nIts accumulated skills, its light touch regulation, its openness to competition \u2013 these have made London the envy of the world, the magnet for all the smartest financiers: they have turned London into the most exciting city to live in on the planet. Of course there have been scandals \u2013 what do you expect in the world\u2019s most competitive market place? Yet instead of lauding London\u2019s banks for their achievement in outclassing all their rivals, we seem interested only in penalising them and letting New York or Frankfurt steal the show.... Support this show http://supporter.acast.com/intelligencesquared.\n \n\xa0See acast.com/privacy for privacy and opt-out information.\nLearn more about your ad choices. Visit podcastchoices.com/adchoices