The British Bottom

reply to post by infinite


I was speaking city wise, London it's self is the third largest financial (center) .. New York is the largest, followed by Hong Kong, then London.

The problem is that the UK is the most personal-finance-indebted nation in Europe. Those who rode high on the credit hog during the boom times are now struggling to manage repayments on the lifestyle credit they took out on the back of rising house-equity.

Now as the false-economy is contracting, and as someone stated that our economy is comprised of some 75% of service sector, jobs are being shed as there's fewer with the money spare to buy those services and those who have those credit-debts are fighting to keep their financial heads above water.

Should the interest rates rise from their current level, and they WILL have to rise at some point, then no matter what the salary offered to those re-entering the employment market after being previously laid-off, the carnage of personal insolvencies will to huge.