Tim Worstall

Boris and Figures

As we know, Boris Johnson can be a little wayward with his economic figures. So, anyone able to substantiate this?

The City of London now produces a staggering 8.8 per cent of the United
Kingdom’s GDP, and all the luscious tax revenue that goes with it.
Thanks to the efforts of these 335,000 in the financial services
sector, London is now a global powerhouse, a city-state, and it is
about to knock New York off its perch.

I don’t know (which is why I’m asking) but that looks a little too much don’t you think? I could imagine the entire financial services industry as 8.8 %, but only the 335,000 in The City as 8.8%?

If it’s true, then of course the size of the paycheques is no surprise at all.

In

3 responses

  1. MARK T Avatar
    MARK T

    financial services includes all your banks insurance companies and building societies all over the country. Incidentaly funny how Peter Hain didn’t suggest that footballers, pop stars and other “celebrities” donate most of their earnings to the poor.

    Reply
  2. Matthew Avatar
    Matthew

    The City itself says 2.5%.

    Reply
  3. Mr Eugenides Avatar
    Mr Eugenides

    Could be a simple typo – or perhaps he wrote “the city of London now produces” and an eagle-eyed sub then came along and, er, capitalised “city”. not realising that it would change the sense and render the statistic inaccurate.

    Reply

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