Tag Archives: City of London

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The bankers and fund managers in the City of London have been the perfect scapegoat for politicians wanting to avoid responsibility for the credit crunch and subsequent recession. Never mind that it was the politicians (principally Gordon Brown and Ed Balls) who put in place the tripartite supervisory framework for the City, who let the Bank of England grow the money supply without reaffirming their inflation target, and who ran up a structural Budget deficit which has left the current UK Chancellor having to tread an extremely thin line between restoring fiscal balance and choking back too sharply on public expenditure, and without much room at all to cut tax to promote enterprise.

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