The Finance Curse in The Guardian

I’ve got a Long Read article in The Guardian this morning, entitled The finance curse: how the outsized power of the City of London makes Britain poorer. It’s a serialisation for the Finance Curse book. The illustration at the top reflects the finance curse well, and it’s based on this sentence:

“As Britain’s economy has steadily become re-engineered towards serving finance, other parts of the economy have struggled to survive in its shadow, like seedlings starved of light and water under the canopy of a giant, deep-rooted and invasive tree.”

Now read on.

One thought on “The Finance Curse in The Guardian

  1. Vicky Gardner

    NS : This is one of the most excellent exposees of the myth of the ‘good’ of the City of London – and financial globalisations that I have ever read. As a non economist I usually struggle to keep up with economic arguments as many are framed from the prism of a certain level of understanding. This is absolutely not the case for this article. So readable and digestible.
    When the GFC happened and the banks were bailed out, I kept wondering then whether ‘feral’ finance was actually a force for good, and to me, although i couldn’t even start to work out the numbers, I felt that underlying, the financial sector costs us dearly and that the return was negative. Similarly, having watched Boots and many other then profitable – companies be bought and loaded with debt in what is evidently finacial ‘scams’ of epic proportions; public sector contracts routinely awarded to companies that then offshore their profits to ensure they pay less tax than smaller companies without financial/tax engineering opportunities – you absolutely know that the system is corrupted. And the chutzpah of these companies to complain then that a country doesn’t have the infrastructure or skills to support support them. Gaslightlighting in the extreme. No wonder populations feel disempowered. And the political class inaction can only be due to capture and deliberately turning a blind eye to the facts. And where is ‘democracy’ in all this. But you are right, the article does give hope – as long as it is disseminated far and wide so people refuse to be taken in any more.
    Thank you for proving my instincts correct – sometimes you just know that what you are being fed by those who puport to represent you doesn’t stack up, but lack the confidence to shout it from the rooftops. You have given me the amunition I needed. Superb.

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