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It also took 300 years to build and finding an industry to replace it might take a while.
This is a straw man argument. Questioning the primacy that finance acquired since Thatcher's big bang is not the same as saying "Let's get rid of the insurance market" or "Let's get rid of the City".
itsbruce-
primacy that finance acquired since Thatcher's big bang
I am too young to remember Big Bang but my suspicion is that its impact on the City is overstated as part of the right’s mythmaking around the value of deregulation.
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"Let's get rid of the insurance market" or "Let's get rid of the City"
I mean, now that you mention it...
NickCJ
snottyotter
If you think about something like the Lloyd’s market, a good proportion of the world comes to London to buy and sell insurance. That’s mostly a Good Thing for the UK. It also took 300 years to build and finding an industry to replace it might take a while.
I’ve never subscribed to the view of the manufacturing fetishists that ascribe the weakness of the UK economy to the fact that we don’t “make things” anymore. Truth is, once we had lost the captive Empire markets by the 60s/70s, no-one wanted to buy our shoddy, high-priced goods.