Polly doesn’t deal with numbers very well, does she?

How can there be more bankers earning in excess of £800,000 in Britain than in the entire EU?


Given
that Britain is in the EU this cannot actually be possible.

But we all know what she means: and the answer is that the wholesale financial markets are overwhelmingly in London. Thus the concentration of highly paid bankers there.

Just as the national media is dominated by London: therefore there are more highly paid media types in London than there are in the rest of the UK. And the same is true of such things as pottery: there’re more in Stoke on Trent (yes, even today) than there are anywhere else.

It’s simply because wholesale finance tends to cluster, just like so many other industries do (chlorine chemistry on the Tyne, fluorine chemistry in Liverpool etc ad infinitum).

11 comments on “Polly doesn’t deal with numbers very well, does she?

  1. Her opening sentence in that article refers to splitting up the Big Four banks.

    There are five big banks.

    It’s like someone commenting on foreign affairs who gets confused between Iraq and Iran.

  2. Chlorine chemistry on the Tyne? I think you mean either the Tees or the Mersey, biggest chlorine production plant in Europe is still I think the IneosChlor facility in Runcorn.

    Tim adds: Titanium production is chlorine chemistry. ICI Tioxide etc…..

  3. “Polly doesn’t deal with numbers very well, does she?”

    As distinct from the things she does deal well with, presumably. Being what exactly?

  4. She can write, that I’ll give her. Whether what she writes has any value, suprisingly the market would probably say yes. Catering to a readership, it works.I may think she writes with the wrong ideas, wrong solutions to non existant problems…. but her readers may want that,

  5. Whether what she writes has any value, suprisingly the market would probably say yes.

    But not enough to make the Guardian profitable, though?

  6. How can there be more public-school educated, upper middle-class white journalists at the Guardian than in the rest of Britain put together?

  7. Making the Guardian profitable would mean embracing business practices as used by …. well every successful business really.
    Cannot have that, the correct ideology must prevail in the face of betrayal by the rest of the world.

  8. Appallingly, there are more oilfield engineers earning in excess of £100k in Aberdeen than anywhere else in the EU. Some should be redistributed to Lyon, obviously.

  9. @ Tim
    Arthur Dent is quite right – Tioxide is nearly on Tees-side (Greatham is roughly half-way between Billingham and Hartlepool)

  10. How can London have more fashion designers earning more than £100,000 than the whole of Britain put together?

  11. Tim, you missed some absolute gems in that report. Shinsei has pointed out the “big four” error (funny how everyone forgets about Santander, isn’t it?). But how about this one:

    “Instead, the Bank of England has quantitatively eased riches into its vaults, which it refuses to lend to cash-starved small businesses.”

    Facepalm.

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