View from City Road: Room to improve City figures
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The City is immensely important to the prosperity of this country, but it should have enough self-confidence not to exaggerate its role. When the Central Statistical Office gave up publishing the disreputable annual figures for the City's overseas earnings, the City's luminaries on the trade body - British Invisibles - should have taken the hint and improved them.
It would be valuable to have statistics that looked in depth at the City's service earnings (including the earnings of accountants, management consultants and law firms, overlooked by yesterday's figures) and its market share. But figures that attribute the total pounds 11.7bn of overseas investment income flowing into pension funds, unit trusts and so on to the City are simply propaganda.
The City adds its management expertise. But someone else saved the money first - and earns the return.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments