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- Title
The City's growth: the crest of a wave or swimming with the stream?
- Abstract
In this speech, Sir John Gieve, Deputy Governor for financial stability, discusses what underlies the City of London's rapid growth and, therefore, whether it should be expected to continue. He argues that the economic factors which favour concentration in clusters or hubs in many industries are particularly strong for wholesale finance. London has a number of advantages but its key comparative advantage lies in its concentration of skilled labour and financial know-how both in the financial firms and in the professions which support them. The IT revolution has so far strengthened the pressures for concentration. He concludes that, while financial markets are benefiting from cyclical factors at present, London's position is also benefiting from a persistent economic current which should further enhance its position as a global financial centre in the longer term.
- Subjects
UNITED Kingdom; GIEVE, John; PUBLIC finance; FINANCIAL institutions; FINANCIAL markets; CAPITAL market
- Publication
Bank of England Quarterly Bulletin, 2007, Vol 47, Issue 2, p286
- ISSN
0005-5166
- Publication type
Article