I worked in The City some years back… at one of the worlds largest Oilers… it was their HQ and they still have some buildings around there.
And also on contract for an IT Consultancy… so yes there are plenty of jobs in The City that aren’t our financial services.
I tell you what though, when I had an office in Southwark in the early-mid nineties I always routed through The City (from north London) for Sunday meetings because it truly was dead compared to any other part of London. There really wasn’t a lot going on there outside of office hours and definitely no one living there back then. I’m sure its all changed since then, though.
Yes, you are spot on.
The other EU state centres are not as nice to work at as City… or even much improved Canary Wharf.
No one is predicting the end of the City however.
There will/is some loss in jobs but the main impact thus far is down to financial passporting (loss of).
My earlier post showed how business flows now use EU state legal entities. It is a seemingly innocuous change that every financial institution implemented in Q1 this year… but it has a large impact on tax for UK coffers.
It also reduces the reliance of large companies on the UK… enabling them to make larger moves/migrations in the future.
Financial Services in the UK shouldn’t be taken for granted… it is a good money earner for UK and Employer… it doesn’t always have to be here either.
Every step that weakens reasons for them to be located here / pay tax here is something to be concerned about.
@J_Westlock, I happened to pass these links you were asking about, so here they are. I found them by searching for “2.2m + finance sector” because I was actually looking for an article that quoted the 2.2m figure (probably from the same source) that was talking about the number of jobs A.I. systems were expected to replace over the next decade. This isn’t it, but may well be where the figure came from originally.
I also found this, still using the 2.2m figure - ‘two thirds outside London’ (there’s that proportion again)
Have you got anything better to go on that isn’t based on some fantasy about rebuilding Empire? I think you’ll very soon find that the age of gunboat diplomacy isn’t just over, but that we don’t actually have any anyway.
It isn’t like we haven’t been asking for input from you lot.