The problem is our party political system, governments only look short term, they can't see beyond the next election.
We need proper representation not career politicians who show loyalty to a party or its financial backers.
Put the good of the country 1st and plan long term, or nothing changes.

J Whiteside, Lytham,Lancashire, England

We were told not to worry about manufacturing,or that most of our utilities are in foreign hands.Financial Services,it was said are the UK's specialism.Well,most of the banks that are still solvent are now foreign-owned too,and could move at short notice. Where are our City 'wealth creators' now?

Richard, Bexhill, UK

people really need to get there facts stright the city does around the 20-25% mark, which still mean it affect them it affect us all in the long run.

James Lawton, pontefract, UK

That's the "special relationship" for you; the Iraq embroglio and economic meltdown due to the uncritical embrace of capitalist fundamentalism: market deregulation, destruction of industry, reliance on financial services for the creation of health, inflationary house prices. An Anglo-saxon mess.

AL, Lisbon, Portugal

Jon, City only contributes 5% to economy?? It's actually closer to 40%. There has been mis-selling but a lot of these so calles "bloodsuckers" are as innocent bystanders as you feel you are. Stop being so righteous. We all need to take responsibility, how many "innocents" took cheap credit card debt

Phil, London,

This should push house prices down another 10% at least. It might even start to force second homeowners to sell up their country homes allowing ordinary folk to afford to move in. Happy days

BW, London,

12,000 redundancies still leaves an awful lot of people poking computer screens and shouting acronyms. It's not quite the End of Civilisation.

Frank Upton, Solihull,

It takes two parties to enter into a mortgage. If you only earn £40 grand you can't afford a £250 grand mortgage Similarly, you cannot always rely on rental income to pay mortgage costs if you're a buy-to-let landlord. The demise of the 'amateur' property developer/landlord will be positive.

Paul , Kent, UK

There are always winners and losers in life, it is a fact of capitalism. Albeit many losers in the finance sector. Think of all those poor individuals in the past who invested heavily in war bonds - £500 invested in 1960 meant £130 collected of in the 1990s - not much profit here!

Jacqui Downes, Cirencester, Glos

snouts in the money troughs for all these years, ludicrous bonuses paid to incompetents, by incompetents...no tears shed for these people...

rocky, london, uk

After the last few weeks a few less guys inventing ways to create the illusion of wealth seems like a good thing.

The taxpayer seems to have well and truly been leveraged.

Mike Carter, Bristol, UK

The bloated finance sector was an unsustainable bubble. You cant build a productive economy with financial services, and more importantly it incredibly susceptible to a downturn as we are seeing.

The ex city workers will now have to compete against the immigrants and get a real job.

L McKay, North Shields, uk

I find john, london 's comments offensive, my son works very hard in the city and isnt paid a kings ransom, he is no leach just a hard worker.

john carden, sunderland, tyne@wear

At least young graduates will realise that " all that glitters is not always gold".
Perhaps there will a rethink and bright young people will opt for traditional careers in pure sciences,engineering,teaching etc.
Skilled people should be adequately compensated to retain them

Gaurav, Bromborough, UK

Thousands of city jobs yet to go? Off they go then; they won't be missed outside the city. Leaches.

the problem with this comment, is that most of these jobs are not always finance related. think of the admin, catering, IT, HR, marketing staff plus the knock-on effect in other industries ex city

neil borland, london,

"i hope you people who sit and preach have your cumupance soon"

Yes, I'm sure we will. But, we generally do on a regular basis thanks to the banks anyway. This time, the silver lining is that the bankers will also be signing on. I hope the scum suffer as I did in 1990 thanks to the Bank!

ian, Brisbane, Australia

The government and the regulators have been up to their necks in the City trough for a long time. The same goes for the Americans. They are accountable, not the taxpayer. Resign now, you incompetent leeches and stop ruining our way and standard of living. No boom and bust? Tell us another one Gordon

Ram, London,

To the inverted-snobs spouting here, "The City" comprises a great deal of normal people with normal salaries, credit card debits and mortgages. These people don't get the massive bonuses and will largely be the ones that go. Also, if the UK's financial markets crumble so does the rest of the UK.

Richard, "The City", London Town

It really annoys me how bankers are getting all of the blame for the current situation. What about the investors? Those who knowingly borrowed more than they could afford thinking that the housing market would continue going up are more to blame. The banks were just trying to meet demand.

MW, London,

i hope you people who sit and preach have your cumupance soon. As these city people are only doing a job just like you!!! If it hits the city, it will be getting to other jobs in the country aswell soon!

nicky, surrey, uk

To Jon Steven, and the other ignorant people out there gloating over the demise of our financial sector, in fact it accounts for nearly one third or OVER 30% of our economy.

Stop gloating because this will affect all of you in your pockets. We are fast becoming one of Europe's poorer nations

Richard , Nottingham,

Jon Steven, sorry but you are badly wrong. The financial sector is 30% of our economy, according to the figures from the ONS, and is vitally necessary to our balance of payments. The wheels will come right off the public sector if the City can no longer pay the taxes to support it. Be very afraid.

Martin, Twickenham, UK

and the key point people miss is the fact that "these people" actually fuel other peoples lives. No city jobs and bonuses. No cleaners, no ironing ladies, no nannies, no house extensions for self employed builders, no jobs for carpenters. Unless you understand the market and it's impact, be quiet!

Paul Maynard, London , City, Essex

A positive that may come from this is that bright young minds may no longer all want to study finance and economics at uni, rather other technical subjects such as science/engineering.
UK needs to improve its energy infrastructure, and will need many nuclear engineers so this area could get a boost.

JB, Seef, Bahrain

The "financial services" sector, i.e., The City only contributes about 5% to the national economy. Why should anyone shed any tears for some of these bloodsuckers who are about to lose their jobs.

Jon Steven, London, UK

Thousands of city jobs yet to go? Off they go then; they won't be missed outside the city. Leaches.

John, London, UK

Financial theory advocates using a diversified portfolio to reduce risk. In contrast the UK economy is overly dependant on the financial sector alone, and therefore offers few opportunities to the newly unemployed from the financial sector to switch careers. More manufacturing and less services?

Martin Neil, Horsham, UK

For a nation in which financial services are so important to the economy it is hard to believe that the industry/Government failed to do a risk assessment on the direction it has taken and to risk so many jobs and so much money. For the sake of a few egos in the City we will all pay a heavy price

Mike, London,