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  • Raj David

Will London retain its crown in financial services?

The UK has now truly surpassed 20 million doses of the vaccine. People aged 60 and over, across the world, faced disproportionate death tolls, and especially in the UK.

Equally, this age group disproportionately voted for Brexit. One may argue that there is Wisdom in Crowds.

The EU and its medical agency (the EMA) are probably more prudent. But this idea of collective procurement, and distribution, reminds me of the former Soviet Union and its economic policy coupled with zero accountability.

From a Government perspective, I think the ability to make effective decisions and accountability, are key drivers for achieving economic growth.

This is probably the biggest global crisis since the second world war and Ursula von der Leyen has not yet been sacked! The President of the European Commission, pictured here.

Source: Economist

A similar approach is adopted by the Nordics when it comes to their State sanctioned Alcohol monopolies. In Sweden they call it Systembolaget, whilst in Finland it is more aptly named: Alko!

By all accounts, neither Nation has reduced it alcohol dependence. Their Citizens are generally resigned to poor quality wines, sold at extortionate prices.

So, in answer to whether London retains its crown in financial services, this particular instance of how the EU deals with the acquisition of a vaccine is telling. The EU is unlikely to change it ways. I think this very same, 'go it alone' (Island) mentality will result in London retaining its lead in Global Financial Services.

Just to put the above in perspective, I'm currently based in the Netherlands, and there is much to be said about the positives of the EU.

Source: Politico


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