Tuesday, 3 June 2008
London's Next Bonanza
London has taken a lot of blows as a financial centre in the past few months. It has been hit by the credit crunch, by the non-dom rules changing, and by the collapse of Northern Rock. But now there is a stroke of luck. The Americans are angry at hight oil prices, and blaming specuators. Seneator Lieberman is planning a tax on investments in commodities, according to a story in the New York Times. In Europe, the French and the Austrians are preparing bans on futures trading. Nothing could be more certain to drive business to London. You can't stop speculation by banning it or taxing it - you just send it somewhere else.