Robert Peston, on his BBC blog, picked up a recent quote from Jim Rogers (investor): “I would urge you to sell any sterling you might have…It’s finished. I hate to say it, but I would not put any money in the UK.” In the face of a rapidly widening budget deficit and more banking ‘bail-outs’ to come, who could blame him.
The growth of our financial services industry has long been heralded as a success and it did indeed fuel a comfortable lifestyle for many of us – and I mean those not directly involved – for a number of years. Are there other rising star sectors out there in the UK? Are some of them more sustainable? Can any of them match the international dimension of banking? In short, what do we have to export?