Global Finance, Energy and Environment: News, Views, and Stories of Interest
Thursday, June 28, 2012
UK Economy and Financial Services in the cross-hairs (Black Swan Capital)
The lifeblood of the UK economy may come pouring out.
During the heydays of credit growth earlier in this decade, the share of financial services contribution to the UK economy was quite large. It made sense. The explosion of sophisticated derivatives spawned during the era of free credit was perfectly suited to the highly educated and skilled workforce in London. The credit crunch was a sea-change secular event in the global economy. London and the UK are directly in the cross hairs.