Is there not a distinction between retail banking - the part spread
across the UK - and the finance business in the City? One of the
consequences of having that in London is an upward pressure on incomes.
If Wilkinson & Pickett are right that has damaging consequences. The
City clearly makes a contribution to taxation which we use to build more
prisons and hospitals. If our society was more equal perhaps we
wouldn't need them.
On 11/12/11 11:25, Paul Ashton wrote:
> "The City of London’s contribution to the national income is estimated
> at 2.4% of the total, while financial services represent 19.5% of
> total national income (or gross value added) in the whole of London.
> The financial services sector accounts for 10% of the total national
> income of Great Britain.
> Source: Office for National Statistics and Oxford Economics"
>
> "Just over one million people currently work in the financial services
> sector in the UK, with approximately one-third of that total employed
> in the financial services sector in London. The rest of the
> employment in the sector is spread across the UK, reflecting local
> business needs. Other key financial centres include Edinburgh and
> Leeds, both with more than 30,000 financial services employees, and
> Manchester, Glasgow and Birmingham, each with around 25,000 in the
> industry.
> Source: Office for National Statistics, Business Register and
> Employment Survey, December 2010"
--
Martin Rathfelder
Director
Socialist Health Association
22 Blair Road
Manchester
M16 8NS
0161 286 1926
www.sochealth.co.uk
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