Mythbusters: “The City is vital to Britain” | new economics foundation

city“After crunching the numbers, it becomes clear that the taxes paid by the financial sector in the boom years should just about cover the cost of the bailout, but definitely not the costs of the wider recession, increased government debt, and subsequent austerity measures. The City’s job creation claims do not stand up to scrutiny, whilst a wealth-extracting financial system is fuelling inequality and hampering the chances of the rest of the economy.

Success in the financial sector has come at the expense of other parts of the economy. Yet we still seem to find ourselves being blackmailed by our so-called golden goose.”

via Mythbusters: “The City is vital to Britain” | new economics foundation.

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