According to CEBR, the City of London is at risk of losing 27K financial jobs by late 2011 due to the prolonged eurozone crisis and the UK economic stagnation.
According to the preliminary estimation, this year London’s financial center will be able to provide only 288K jobs, the lowest amount since 1998. Most financial companies around the world have decided to reduce their expenses, which will eventually result in massive job cuts.
This will increase the rate of unemployment and may also undermine London’s image of a global financial center.
Some experts say that extra taxes and tougher regulation of the British financial sector will reduce the difference between the UK and Asian financial centers (Singapore and Hong Kong ).
FOREX.
According to the Department of Masterforex-V Trading System , GBPUSD keeps rallying in long-term perspective. A break above the high 1.614 will continue the mid-term sub-wave C (C ). In this case the currency pair may encounter resistance at the following levels: 1.6179, 1.6201/07, 1.6238, 1.6264, 1.6297/99. Once the price breaks below the MF pivot 1.5977, this will be the first sign of a potential reversal.
