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Is the City worth it?

We should challenge claims about the value of the financial sector to Britain

By John Kay   October 2015

Does the City pay its way?

Read more: “a radical prescription”—Andrew Haldane on John Kay’s new book

There are good reasons to be sceptical about how much the financial sector contributes to Britain. It is an area in which Britain has competitive strengths, including language and time zone. Private profit without public benefit is a policy problem everywhere in finance, but a particularly acute British dilemma. About 1.1m people work in finance and insurance in Britain. This is 3.7 per cent of the labour force, less than…

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