1. Home
  2. UK Finance Discussions
  3. dependence of finance sector

dependence of finance sector

Some time ago I posted here to try to understand why we have a balance of payments surplus when we dont make anything anymore... and you learned people replied that we didn't need manufacturing industry or mining anymore because the "City of London ruled the world" ... well that was the jist of the argument anyway. In the light of recent events would someone like to estimate the likely effect on our balance of payments now?... and do we not now need a more balanced economy.. and not a economy based on a narrow source of earnings?

Reply to
BigGirlsBlouse
Loading thread data ...

Its always been risky and many have commented on it. On Wednesday Soros was saying that the UK will be the hardest hit economy for this very reason.

However banking is profitable and it is likely to continue to be so.

I think it is correct to build a service based economy rather than industry or agriculture but perhaps we should try to diversify.

Reply to
Nick

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.