logo-loader

London the football financial capital of the world

Published: 12:30 19 Jan 2017 GMT

Premier League trophy

London is often touted as the financial centre of Europe, if not the world, much to the annoyance of its European counterparts in Paris and Frankfurt.

But today, it can officially stick that label on its back – at least in a footballing sense anyway.

The city has four teams – Arsenal, Chelsea, Tottenham and West Ham – ranked among the 20 richest clubs in the world.

That gives London as many entries as the whole of Italy, and more than Spain or Germany who each have three teams apiece in the Deloitte Football Money League.

Outside of the capital, English football on the whole reigns supreme in the boardroom (if not on the pitch).

Manchester United top the charts having generated €689mln in the 2015-16 season, while their neighbours Manchester City, along with Liverpool and last year’s Premier League champions Leicester City also make the list.

London will still be ‘financial lungs’ of Europe

The good news for the capital didn’t stop at football. Barclays chief executive Jes Staley declared that London will still be the “financial lungs” of Europe regardless of the political fallout from Brexit.

Speaking at the World Economic Forum in Davos, the bank boss said London will fend off any attempts at a power grab from Paris or Frankfurt.

“I don’t believe the financial centre of Europe will leave the City of London,” Staley told the BBC.

“There are all sorts of reasons why I think the UK will continue to be the financial lungs for Europe.”

A lithium industry in Cornwall?

Cornwall is famed for its long history of tin mining (look no further than BBC One’s Poldark TV series) but lithium mining? That’s a new one.

If junior miner Cornish Lithium has its way, we’ll be speaking of the area’s tradition of lithium mining in twenty years’ time.

It has secured the rights to prospect for lithium from other mining companies and a private estate, covering an area more than 15 miles wide.

Cornish Lithium is now looking for some investor backing to raise around £5mln to fund exploration work at the site to heklp it figure out the best place to start drilling.

“It would be good not just for the local economy but for all of the UK,” said the start-up’s chief executive Jeremey Wrathall.

“Lithium demand will exceed supply for the foreseeable future and I don’t think the industry can cope.”

FTSE rises ahead of Easter weekend, JD Sport gains on upbeat outlook -...

The FTSE 100 gained on the final morning of this shortened Easter trading week. Festive cheer was limited though, as Thames Water confirmed shareholders would not provide it with a £500 million rescue package, prompting speculation over the London supplier’s future. On a more positive...

49 minutes ago