According to the Association for Financial Markets in Europe, \”approximately 80pc of the business conducted by financial services firms in the UK comprises of services offered to non-UK residents
That might be a little overstated for effect but still an interesting number.
Quite large exporters of financial services, aren\’t we? And are we really convinced that we want to shrink our largest net exporting sector? With our trade deficit?
And of course the vast majority of it isn\’t mortgage bankers who cocked up so badly….the London Metals Exchange, world centre of non-ferrous metals trading, the Baltic Exchange, world centre of shipping, the various options and futures exchanges and so on….