To be precise, they are signals of a dangerous ideology, one that prioritises the interests of mobile financial capital over those of broad populations and democracies. The words ‘competitive advantage,’ or ‘competitiveness’ when applied to a financial sector, are clear warning signals for those of us who look closely at these things.
The latest speech just given by the current Chancellor, Rishi Sunak, was no exception, praising ‘ground breaking’ new financial services deals with the tax havens of Singapore and Switerland, defending “the global norms of open markets,” and “sharpening our competitive advantage in financial services.”
Every year Britain’s Chancellor (finance minister) makes a speech at Mansion House, a spiritual home of Britain’s financial sector and the official residence of the Lord Mayor of London, where he (the Chancellor is always a ‘he’) declares his love and support for the country’s oversized financial sector, promises to tread lightly on tax and regulation, and urges it on to greater glories.