London Economics, a consultancy, prepared a report for the City of London that predicts the City will deteriorate 9.6% this year and 0.4% next year. Starting in 2011, wholesale financial markets in the UK will grow 2.1% to 2.8% annually for the next three years, according to the report. "The report emphasises the important role that appropriately regulated financial services will play in the European and global recovery and the need to maintain deep pools both of capital and expertise within the EU, whether in London or across the range of other financial centres," said Stuart Fraser of the City of London.

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