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The Banks that Ate the Economy

Posted on February 24th, 2014 at 20:57 by Sueyourdeveloper in category: News -- Write a comment

Quote

Bank of England Governor Mark Carney surprised his audience at a conference late last year by speculating that banking assets in London could grow to more than nine times Britain’s GDP by 2050. His forecast represented a simple extrapolation of two trends: continued financial deepening worldwide (that is, faster growth of financial assets than of the real economy), and London’s maintenance of its share of the global financial business.

The present figure is much smaller (I’ve read figures from 5-10%) so this is not a reasonable extrapolation, but what will stop the trend?

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