Junaid Iqbal Memon started Cloud 9 Group back in 2014. Coming from a family with a prolific business background, he decided to use his knowledge and experience as a businessman and entrepreneur to carve a path for himself in real estate development. Always known to look out for exciting business opportunities, he founded the company three years ago establishing ventures in Dubai, India, and the UK. Below he shares about the UK’s oversized financial sector that has cost the economy £4.5 trillion in losses.
A new report reveals that UK’s oversized financial sector has cost the economy £4.5 trillion in lost economic output between 1995 and 2015 equivalent to £67,500 for every person in the UK, or 2.5 years of economic output.
The report finds that the UK economy would likely have performed much better in overall growth terms if its finance sector was smaller, and if finance was more focused on supporting other productive areas of the economy.
Professor Andrew Baker, co-author of the report and Professorial Fellow at the University of Sheffield, said: “The ‘too much finance’ problem has been identified in previous studies.“UK economic strategy in a post-Brexit world needs to make addressing this the central challenge, recognizing that where finance is concerned, more can sometimes be less, and less could be more,” he added.
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