Not that surprising really as it undermines the narrative that it is an income generating powerhouse for the UK in general.
If you were in any doubts as to what the Corporation of the City of London is for:The Professorial Fellow in Political Economy in SPERI is Professor Andrew Baker. He said of the findings: â€œFor the UK, the numbers are powerful and hint at a deep underlying problem of misallocation, and â€˜crowding out.â€™ UK economic strategy in a post-Brexit world needs to make addressing this the central challenge, recognising that where finance is concerned, more can sometimes be less, and less could be more.â€�
The evidence in this report also provides support for the idea that the UK suffers from a form of â€˜finance curseâ€™ â€“ a development of financial over-dependence involving a crowding out of other sectors, such as manufacturing, and a skewing of social relations, geography and politics. In reality, the banking sector has been allowed by a lack of government restraint to act as a source of wealth generation, in other words, extraction, for the people who keep them in power.
TruePublica: City of London report that no MSM outlet dare publishThe Square Mile is a hub that facilitates London bankers, accountants and lawyers to create a tax-free way for the richest people on the planet to hide their assets under UK management but without proper regulatory oversight. Britain has consistently resisted almost all reform proposals from the EU and used its powers of veto to ensure the status quo continues. Britainâ€™s crown dependencies and territories are now the go-to bankers where almost a third of all global offshore financial services are provided to non-residents.
In 2012 it was known that about $32 trillion was stuffed away in off-shore centres around the world. Global GDP in 2018 was just over $80 trillion â€“ it gives some sort of perspective into the scale of it all.