City Brics

By THIS IS MONEY
Updated:

 

The Daily Mail City team explains 'City Brics' - how the industries of the rapidly growing emerging market economies of Brazil, Russia, India and China want to set up in London.

I thought we'd sold all our brick-making to foreigners?

Don't be daft, we are not talking about the red things used to build houses.

This is about the fast-growing emerging market economies of Brazil, Russia, India and China.

So what is your point?

There is a view, if you listen to some hedge funds and City bankers, that the City of London is finished as a financial centre.

The toxic combination of the 50% tax band and Alistair Darling's bonus tax is sending the best and the brightest to Switzerland. But now someone says it doesn't matter because the Brics will replace them.

Who says?

Chief economist of the Toscafund, Savvas Savouri.

What does opera have to do with the City?

Tosca invests in emerging markets. It argues that aspirational nations want representation in London and within 10 years this could create 100,000 jobs.

Is there any evidence?

Quite a bit of anecdotal stuff. Many emerging markets including Brazil and Russia and the former Soviet republics have chosen the London Stock Exchange for initial public offerings. India is among the countries which has been buying up UK industrial assets, including Jaguar and steel-maker Corus.

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