The Centre for Economic and Business Reform, a liberal London-based thinktank, estimates that if this week’s Turner review from the FSA is implemented in full, 50,000 City jobs could be lost to rival global financial centres.
The Centre for Economic and Business Reform, a liberal London-based thinktank, estimates that if this week’s Turner review from the FSA is implemented in full, 50,000 City jobs could be lost to rival global financial centres.
Chief executive Douglas McWilliams first likens the regulator’s attempts to explain market failure to “an undergraduate student attempting to recycle Marx.”
He later goes on to say “the problem with the Turner report is that by failing to distinguish between those banks that are too big to fail and other financial institutions, it is proposing tight regulation for all financial institutions.
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“This would lead to an exodus from London to other more flexible regulatory regimes. A rough back of the envelope calculation is that it would cost the City perhaps 50,000 jobs and set it back 10 years.”
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