this post was submitted on 21 Feb 2024
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London wasn't the centre of a global empire in 1960 either, but it was still one of the main global financial centres. The fact that GBP isnt as important as the euro or USD isnt really a factor there as far as I understand (that's more important to the British government and how much leeway it has in monetary and fiscal policy).
Where we are againt at the point that these changes dont happen over night, as there is oportunity costs associated with moving.
until 1940 London was a the centre of a global empire, albeit a dying one. Then when the last remains of the empire died off, the EU predeccessory came and Thatchers violent neoliberalization to safe London as a finance hub.
But unless we see another push like Thatchers, that this time would basically need to enslave the average Britain to the markets, i don't see how London will keep itself afloat in the long run.