'A seriously important and highly credible study was published five months ago last October. It was completely ignored by all of the mainstream media. Not one took the opportunity to publish the stunning revelations for fear of what might happen if they did. The report has unpalatable political consequences for the government – in fact, both Labour and Tory are implicated by the exposure of this colossal crime.
On the 5th October the 2018 SPERI report was published. The Sheffield Political Economy Research Institute made some stunning statements. Its first paragraph stated that – “(this report) suggests that the total cost of lost growth potential for the UK caused by ‘too much finance’ between 1995 and 2015 is in the region of £4,500 billion. This total figure amounts to roughly 2.5 years of the average GDP across the period.”
To put that statement in context we need to deconstruct it a little. We are talking £4.5 trillion over two decades. That’s £225 billion a year.
Each year, the banking and financial services industry in the City of London is sucking out of Britain’s economy the equivalent of 160 per cent of total government spending on all health care including the NHS, or 100 per cent on social protection, which includes that of all pension payments per year, or 700 per cent spent on public order and safety or 230 per cent of spending on education.
To go further, this sum of money represents the equivalent of £67,500 of wealth losses to every person in the country.
The SPERI report breaks it down into current losses and losses incurred as a result of the 2008 banking led financial crisis. The report says that it – “provides the first-ever numerical estimate for the scale of damage caused by the UK’s finance sector growing beyond a useful size. Of the £4,500 billion loss in economic output, £2,700 billion is accounted for by the misallocation of resources where resources, skills and investments are diverted away from more productive non-financial activities into finance. The other £1,800 billion arises from the 2008 banking crisis.”
News reports galore tell us that the financial crisis cost Britains economy about £500 billion. Some say more, some less. Not one, anywhere, has stated that in the first decade it cost the economy £1.8 trillion. And it’s not over yet.'
Read more: City of London: The shocking study no mainstream media outlet dared to publish
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