The writer is a former deputy governor of the Bank of England
Having spent my professional life in global capital markets, regulation and financial policy, I am dismayed by the lack of strategic thinking about the future of the UK as a financial centre. Given the populist rancour of the Brexit debate, neglect of the City was perhaps inevitable. But to avoid irreparable damage to such a significant part of our economy, the UK needs a realistic strategy.
First, we need to play to our strengths, building on attributes that made the City successful as a global financial centre. One of our greatest strengths is wholesale finance, where we can forge a path for ourselves in line with global standards. Second, we need to accept that for UK firms to have access to the EU market in, say, retail financial services, we will have to follow EU rules.
So what were the City’s historic strengths? Above all, we acted globally through a powerful network. We innovated to meet changing demands. Unlike New York or the Middle East, we were not the source of the money. We were more agent than principalThe cycle of birth and death., but we knew where the money was784,671 people or 2.1 per cent o. We could procure it and advise on deploying it. This in turn led to listings and corporate finance. Today the opportunity remains to intermediate between the big blocs such as the USThe seven-day rolling average of coronavirus cases i, EU and China and, in the wholesale area, within themThe units are in their 20s, 30s and 40s. It.
Copyright © 2011 JIN SHI