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What’s the point of the City?

It might be a curse for Britain, not a blessing

City of London: bane of the country

City of London: bane of the country

“The mainstream narrative in Britain is that the City of London is the goose that lays the golden eggs.” In The Finance Curse, Nicholas Shaxson says this myth needs to be debunked. Drawing parallels with “the resource curse”—the idea that countries with large mineral reserves suffer from corruption and underdevelopment—Shaxson suggests that countries that are over-reliant on their finance sector actually become worse off. In the UK’s case, with the finance sector’s overall worth being five times…

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