On Saturday, there was another trip up to
but it will be three months with nothing in the book for any more. Whether there is a sense of relief at not
having to make the journey or that something is being lost is not clear. But it does mean avoiding any of the
implications of the events in the coming weeks. London
In the media generally there has been a kind of Cavalier versus Roundhead debate about
City. Some mourn the progressive loss of
the distinctive London
skyline and visual character. London
Meanwhile Boris Johnson and others proclaim the Shard building as the marking the rise of the new Imperial London, albeit one largely owned by foreigners of foreigners and for foreigners.
The Cavaliers claim that the “new”
is far better than the old ones and confers prosperity on all who live there
and for that matter the whole of the Atlantic Isles. So making London bigger has to be good and therefore
huge public monies should be directed into huge projects that will confer added
rents to all who benefit. London
Whether they entirely agree with that in
present, or in Wales where
the weather is inflicting damage on tourism, or in Edinburgh
when all they have to offer against all the major infrastructure projects in is a tramline that
is going nowhere in particular at vast cost. London
There was a proud statement that of the expected 12,000 plus persons that would be employed at The Shard a whole 150 plus jobs would be reserved for the locals of Bermondsey, largely in cleaning and maintenance work.
One major reason for the surge of money coming into
is “capital flight” whereby wealthy persons living in other jurisdictions in
financial trouble try to move their money to somewhere, anywhere, where the
value might be retained during the upheavals. London
What the Roundheads argue is that large scale inflows of money can be disruptive and damaging in very many ways. If the receiving country has a finite amount of land or assets they will inflate in value. If it does not produce the consumables that the extra money requires then the balances of trade will be affected.
Then when or if the dust settles this money moves on, action breeds reaction; thesis, antithesis and synthesis and all that; or just straightforward chaos. These days it can go out as fast as it came in, notably if there are plenty of rival financial centres to choose from.
Also, the Roundheads point to the impact on the businesses and other key services that are useful, profitable to both the
and world trade. This is where there is real and valuable work
done in the City, substantially disregarded by the financial game players and
their political fan clubs. UK
All I know at the moment is that my “investment” in London is sharply down on the past and will not revive. It is the same for many other people.