London could begin consuming NYC’s lunch

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Over the past few decades, London has benefited from US policy failures many times. In the 1960s, lawmakers introduced a tax on the purchase of foreign securities to help reduce the US balance of payments deficit. The tax drove New York issuance abroad and created the Eurobond market – with London at its center. In 2002, thanks to the deluge of bureaucracy and bureaucracy sparked by the Sarbanes-Oxley Act, talented American financiers and capital were once again pushed across the Atlantic into London’s arms.

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