The Economist as I have come to expect is opinionated and narrow. It didn't occur to them that the UK is attempting the same strategy as GE but not a as clear since you can't compare a country to a company. GE sold its hugely successful arm as it restructure post Great Financial Crisis and reinvented itself through rebuilding from its industrial roots.
Economists in general are not known to be creative or imaginative. Did they think the British are so dumb to simply revive their losing past? I think they are going to do their own version of GE.
My other question is what is happening to finance? The Americans seem to want to turn as much of it as possible into boring utilities. To me the more creative and most valuable aspects would simply escape in the guise of their most innovative workers to set up business next door but no longer billed as finance. In this way finance would be made less risky and manageable for regulators but the risk didn't disappear. It would just have escaped tagging and monitoring into new fintech startups.
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