London’s financial district(fazon1/iStockphoto)
London’s financial district

Is the EU Out to Get Britain?

April 19, 2013  •  From
The European Union seems determined to destroy London as a global financial center.

London is the world’s greatest financial center. The financial services it houses are vital to Britain’s economy, no matter how unpopular its bankers may be. More than one tenth of the government’s income comes from taxes on the financial sector. It is just about the only industry in Britain which sells more to the rest of the world than it imports. Britain is uniquely dependent on its finance industry—more so than any other major power.

Without London’s financial services, Britain’s tax revenues, exports, and the economy would collapse.

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