World First: The City will return ‘leaner and fitter’


The City will return ‘fitter and leaner’ in 2009, according to foreign exchange broker, World First.

Its chief economist, Jeremy Cook, said the UK’s recovery will be lead from the London city offices of the square mile.

He noted that 12 per cent of Gross Domestic Product is made up from the financial services sector and as far as investment goes “we sill see a pick up in 2009”.

“A reinvigoration of a leaner meaner City will come to the fore in 2009 and start bringing valuable investment inflows into the UK again,” he predicted.

Financial firms drawn by the City sometimes pay a premium for their commercial property, but always know they are at the cutting edge of global financial change.

One key economic indicator is the performance of the pound on international markets.

It reached a record low today against the Euro, trading at only 1.1385, it has been reported.