Ever since the government announced that there would be an independent commission to investigate banking reform, the financial lobby has gone into public relations overdrive, defending its contribution to the UK economy and threatening to quit the country if regulation gets too tight.
But nef research has found that London is a soft-touch compared with many other financial centres. It will take much more than a bit of rule tightening to convince them to up-sticks and leave.
And even if the banks decide to take their most profitable activities elsewhere, would this really be so bad? Wouldn't we be better off with a slightly less profitable financial sector, but one which actually serviced the needs of the real economy?
Watch nef's Tony Greenham give his take on how much the banks are really worth, catch his appearance on BBC Newsnight and check out this report from Reuters asking whether London's big banks are really worth all the fuss.
nef's Great Transition campaign will continue to focus on financial reform, so sign up to receive updates if you haven't already.
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