'The City of London is a major drain on productive economic activity in Britain.' Greece's former Minister of Finance Yanis Varoufakis speaks to SwarbrickonSunday about the state of the economy. TomSwarbrick1 | yanisvaroufakis
Greece's former Minister of Finance Yanis Varoufakis has told LBC that the City of London is "a major drain on productive economic activity in Britain", which "pushes money into speculation" rather than production.The Chancellor confirmed he will tax the big profits made by energy firms to help fund a package for squeezed Brits in the cost of living crisis.
Inflation is the key driver behind the cost of living crisis, with prices soaring – and Paul Johnson, Director of the Institute for Fiscal Studies, said there will be limited effect if the tax is just a one-off. "And then there is my version: The City of London is a major drain on productive economic activity in Britain. It creates bubbles which then burst, which then diminish further investment in the real things - green energy, good quality jobs, good schools and so on.
"I think a much smaller City of London would have been more consistent with a more dynamic British economy.
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