Capitulation, capitulation, capitulation: the UK government’s relationship with the City of London

The current crisis exposes weaknesses in a development strategy that puts financial services at the heart of Britain’s political economy. But the City of London depends heavily on its role as a major tax haven in its own right. John Christensen, Director and International Coordinator of the Tax Justice Network, explains how the UK has led the world in de-regulating financial services, in promoting tax havens, and in resisting moves to strengthen international cooperation. Having become the victim of its own follies, the UK urgently needs a new development strategy, but how can any government – progressive or otherwise – resist the strongest political lobby in the world?

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