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Finance in the UK, traditionally 6% of the economy, has, in recent years risen to 30% of the entire economy. Not to mention the 'feeder economies dependent on a healthy 'finance' sector like high end restaurants, the art market, high end real estate (both city AND desirable countryside, retail, toys: boats,planes,airline tickets) as well as real estate in countries like France, Spain, Italy, etc benefiting from increased British purchases of properties and assets.
Jul 24 12:58 pm
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All Comments by RJMoran »After Peak Finance: Larry Summers' Bubble [View article]
A "structural contraction" would seem inevitable with RBS/HBOS type consolidations not to mention MANY percentage points of real industry shrinkage and yet everyone in the UK seems to be 'whistling past the graveyard' hoping 'recovery' will make it all better! As the grumpy gnome Robert Reich has said: "It ain't coming back"! (don't think he said "ain't"/but something close enough)