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STANDING UP FOR THE CITY THE CITY VIEW
by cityam
competitive advantage. Rather than focus on just one sector, we focus on the range of professions which make up the Square Mile: from the lawyers to the accountants to the dealmakers to the restaurateurs and entrepreneurs. The City would not be the City if you took just one part out. That is ever more important as we establish the Square Mile’s post-Brexit future. There is no question in our mind that the City will remain a thriving global financial centre; betting against London has rarely proved a wise investment. Nowhere else in Europe and few places in the world offer the range of services offered here: a one-stop shop, as it were, for global trade, commerce and finance. But it is also true that we must now double down on those individual strengths. Our insurers and pension funds must be freed up to invest, as Phoenix’s Andy Briggs says later in these pages. Our banks must be given sensible capital requirements and allowed to compete, responsibly, on a global scale. Other sectors, too, need their own openings to exploit. All of that is perhaps for another time. The awards this evening will be a celebration of excellence, yes, but also a recognition of resilience. During the pandemic, it appeared for all the world that the Square Mile would change forever, and yet for at least three days of the week it looks the same as it always did. In the teeth of an economic slowdown, as we are now, there are still precious few signs of the City slowing down. May that continue to be the case.
What The Other Papers Say This Morning
THE FINANCIAL TIMES
BRIDGEWATER TO CUT JOBS AND CAP FLAGSHIP FUND
Bridgewater Associates is set to cap investments on its flagship vehicle and cut about eight per cent of its workforce in the most significant shake-up of the world’s largest hedge fund since founder Ray Dalio ceded control.
The Times
DUP VETERAN URGES CAUTION OVER BREXIT DEAL
Rejecting Prime Minister Rishi Sunak’s Brexit deal could place unionism on “perilous ground”, a former leader of the DUP has warned as Boris Johnson prepares to make his first public comments on the agreement.
THE GUARDIAN FINLAND’S MPS APPROVE COUNTRY TO JOIN NATO
Finland’s parliament has overwhelmingly approved legislation allowing the country to join Nato, increasing the chances of it becoming a member of the transatlantic defensive alliance before Sweden.
