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Now, you'll have to correct me if I'm wring, but doesn't the financial sector pretty much only benefit the very richest? And isn't the financial sector also extremely volatile and most likely to cause a recession every 5 or 10 years because it's run and staffed by criminals and gamblers?
In short, no.
I (generally) love making generalisations and sweeping statements, but you've gone seriously all out there. It's a bit like saying all English working class people are lazy.
First off, saying financial sector is like saying the service industry. You're starting from too broad a base.
Second, à huge number of people are employed at every level, from cleaners, to facilities managers, to back office admin teams all the way through to the tiny number of people leading giant financial institutions.
In terms of where the benefit goes, as well as employment, tax, and funding complementary jobs lots of areas of FS provide gains to lots of people - interest on your bank account, pensions, funding for start-ups. Yes, of course there are certain areas that you can say don't generate any "new" revenue and simply continually move money between different groups. But as a proportion of the whole market I'd guess that is tiny.
It would have been great if we'd retained some of our manufacturing infrastructure, but in terms of our position as one of the wealthiest and influences countries in the world a large part of that is due to London being the financial capital of the world.
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spiderpie
hugo7
@bashthebox
Listening to some old bloke on the radio this morning, he was saying something along the lines of how we ought to be grateful to the financial sector for being such a large part of our economy.
Now, you'll have to correct me if I'm wring, but doesn't the financial sector pretty much only benefit the very richest? And isn't the financial sector also extremely volatile and most likely to cause a recession every 5 or 10 years because it's run and staffed by criminals and gamblers?
Mind you. If we rebuilt a manufacturing industry, I'm not quite sure how it could compete with those in parts of the world where they're taking home what equates to slave wages in this country. It's all rather complicated.