International news coverage for new SPERI paper on the UK Finance Curse

A new SPERI report that assesses the cost of ‘too much finance’ for the UK from the 1990s to the current period has received international news coverage since its publication earlier this month.

The UK’s Finance Curse? Costs and Processes by Andrew Baker, Gerald Epstein and Juan Montecino has been covered extensively in Le Monde, The Guardian, Financial Times and The Independent amongst others.

The coverage includes:

The finance curse: how the outsized power of the City of London makes Britain poorer

The Guardian – long read article by Nick Shaxson

UK economy lost out on £4.5 trillion because of ‘too much finance’, study finds

The Independent – report by Ben Chapman

“La malédiction de la finance” étouffe l’économie (“The curse of finance” stifles the economy)

Le Monde – report by Eric Albert

Brexit offers London’s rivals a poisoned chalice

Financial Times –  op-ed article by Nick Shaxson (£)

The paper suggests that the total cost of lost growth potential for the UK caused by ‘too much finance’ between 1995 and 2015 is in the region of £4,500 billion. This total figure amounts to roughly 2.5 years of the average GDP across the period.

More information about the report can be found here.