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Michael Johson's letter to the Financial Times

    Michael Johnson wrote "We’re making less and less that is useful and valuable" to the Financial Times on 2 December 2016

    "Sir, The Financial Conduct Authority’s recent report concerning asset management provides robust, independent and damning evidence that skewers any justification that active fund management of listed assets is worth the candle. As I read it, a misquote of Sir Winston Churchill came to mind: never is so much being taken by so few from so many, and for so little in return.

    In parallel, the UK has some 586,000 members of the major accounting bodies, more than the rest of the EU put together (France and Germany each have roughly 34,000). We are making less and less that is useful, and creating less and less that is valuable.

    Could the financialisation of our economy be the root cause of our productivity malaise?

    Michael Johnson

    London NW5, UK

    Research Fellow, Centre for Policy Studies"

    Date added: Friday 2nd December 2016