Wednesday, Dec 02, 2009

One more straw on the camels back

Guardian: Darling warns EU financial regulations could be 'recipe for confusion'

Correct me if I'm wrong but the city is only a small percentage of our economy (

Posted by matt_the_hat @ 09:45 AM (834 views)
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1. tyrellcorporation said...

I'm sure I read recently that during the boom the City accounted for 27% of all corporate tax receipts!

Wednesday, December 2, 2009 10:01AM Report Comment

2. Neil B said...

You're wrong: The City is a huge portion of our economy. We dont manufacture anything or export anything anymore. The travel industry is largely centred around London these days and we dont have any professional skills anymore and have to import a lot of the workforce. A Recipe for disaster as well as confusion.

Wednesday, December 2, 2009 10:08AM Report Comment

3. cat and canary said...

...27% of tax receipts for just 10% of GDP!

Wednesday, December 2, 2009 10:13AM Report Comment

4. Non Frog said...

The city IS the UK economy. Without it the UK would be irrelevant.

Wednesday, December 2, 2009 10:58AM Report Comment

5. tyrellcorporation said...

read 'corporate'.

Wednesday, December 2, 2009 10:58AM Report Comment

6. mken said...

After years of Gordon Brown lecturing the rest of Europe on how to run their economies,
after many European banks burnt their fingers by following his advice in buying-up sexy tranches of god-knows-what and other fancy London innovations, Darling now says "A strong City is not just in Britain’s interests".

It's quite hard for Europe to see which interests have been well served by the City. The view in Europe is that they've heard quite enough and that the damage has already been done. They are not keen to pour oil on the flames. In the old days they would have laughed out loud at Britain's position and would do so now if only they hadn't themselves bought so many products emanating from London.

Wednesday, December 2, 2009 11:37AM Report Comment

7. Mr Plumbase said...

Confusion? No mention of danger or risk, it's touching to see a senior politician defending greed and corruption, considering what the square mile's barrow boys have been up to in recent years perhaps the EU poking it's nose in on this occasion is a good thing.

Wednesday, December 2, 2009 12:53PM Report Comment

8. matt_the_hat said...

I wonder how much of this 27% is due to retail banking which would stay in the UK. Is it not the city's job to maximize return therefore seek the lowest tax heven - all they have to do to move is find an attractive city to do business in with a stable government and change some ip addresses (Paris fits the bill)

Wednesday, December 2, 2009 02:52PM Report Comment

9. Eternal Sceptic said...

If the government had done a better job regulating the city, perhaps europe would not be so anxious to muscle in.

Wednesday, December 2, 2009 04:30PM Report Comment

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