The fabled city’s apparent wealth is illusory and the UK has lost its lustre
27 June 2024 - 04:00
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
True wealth: A bus casts light trails as it passes Harrods in London. Picture: Reuters/Luke MacGregor
The Finance Ghost (Ghost Train, June 20-26) has been so blinded by the neon lights and overpriced electric vehicles on their recent trip to Radlett that the learnings from London are confused.
The UK is economically bust and largely irrelevant on the world stage, resulting in a forced sale of its assets. The poor-performing pound — once the world’s primary reserve currency — and falling property prices make these assets (including the mentioned Arsenal Football Club)cheaperfor wealthy Americans, oligarchs and the beneficiaries of oil-rich nations who prefer to park their wealth outside less democratic abodes.
Wander outside London and the average Brit is economically locked out as they struggle with the exorbitant cost of living and negative real wages. And now for the Labour government and its fiscal attack on the wealthy, which will result in capital flight. All that glitters may not turn out to be gold.
Raymond Goss Cape Town
The FM welcomes concise letters from readers. They can be sent to fmmail@fm.co.za
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
LETTER: Confused learnings from London
The fabled city’s apparent wealth is illusory and the UK has lost its lustre
The Finance Ghost (Ghost Train, June 20-26) has been so blinded by the neon lights and overpriced electric vehicles on their recent trip to Radlett that the learnings from London are confused.
The UK is economically bust and largely irrelevant on the world stage, resulting in a forced sale of its assets. The poor-performing pound — once the world’s primary reserve currency — and falling property prices make these assets (including the mentioned Arsenal Football Club) cheaper for wealthy Americans, oligarchs and the beneficiaries of oil-rich nations who prefer to park their wealth outside less democratic abodes.
Wander outside London and the average Brit is economically locked out as they struggle with the exorbitant cost of living and negative real wages. And now for the Labour government and its fiscal attack on the wealthy, which will result in capital flight. All that glitters may not turn out to be gold.
Raymond Goss
Cape Town
The FM welcomes concise letters from readers. They can be sent to fmmail@fm.co.za
THE FINANCE GHOST: Learnings from London
LETTER: The ANC has failed South Africans
LETTER: Wake up from Stockholm syndrome, Adrian Gore
LETTER: It’s about stability, or the lack of it
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.