For decades, London, with its time zone positioning had a natural advantage as the World's largest volume driven financial centre. New York and Tokyo followed tamely for years. Thatcher's big bang helped re-inforce the London Lead. So much so that London became a centre for Islamic Finance too!
With the rise of Asia and the innovativeness of the Americans and the tottering of Europe, things have changed. The Chinese have post Kissinger days, been more at home in USA than than in imperial England. Chinese students go by hordes to USA. The rich Arabs have diversified to continental Europe from France to Germany to Spain. London's key banks have also been affected by recession woes and LIBOR fixing scandals and even probable legal violations (in USA) . The Pound is no more an alternative currency, forget a safe haven. Cable (GBP/Dollar) is virtually history.
With the growth of Dubai, Arab funds might see a return nearer home; with Singapore's proximity to China ; with ECB in Frankfurt, with the colonies no more to fund regal splendour; with its universities badly behind in revenues and perhaps research, with Scottish threats, imperious London's real estate and real finances may soon be under pressure.
With the rise of Asia and the innovativeness of the Americans and the tottering of Europe, things have changed. The Chinese have post Kissinger days, been more at home in USA than than in imperial England. Chinese students go by hordes to USA. The rich Arabs have diversified to continental Europe from France to Germany to Spain. London's key banks have also been affected by recession woes and LIBOR fixing scandals and even probable legal violations (in USA) . The Pound is no more an alternative currency, forget a safe haven. Cable (GBP/Dollar) is virtually history.
With the growth of Dubai, Arab funds might see a return nearer home; with Singapore's proximity to China ; with ECB in Frankfurt, with the colonies no more to fund regal splendour; with its universities badly behind in revenues and perhaps research, with Scottish threats, imperious London's real estate and real finances may soon be under pressure.
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