Great Britain is attempting to rebuild its empire, step by step, in the midst of the meltdown of the trans-Atlantic system. Earlier this month while on tour in China, Chancellor of the Exchequer George Osborne announced that the City of London hopes to become China’s offshore banking center, and it wants to corner 80% of the renminbi foreign exchange trade. Now both Osborne and Prime Minister David Cameron have announced that they want London to become the Islamic banking center of the world, as well.
This is the British-Saudi genocide policy at work, Lyndon LaRouche commented today. That is exactly what is behind these moves.
Writing in today’s Financial Times Osborne said, “I have already set out to ensure that the City of London is the home to fast growing new markets from Indian infrastructure funds to offshore Chinese renminbi. Now we have set ourselves this ambition: to be the unrivaled western center for Islamic finance.” He pointed out that Britain is already a major center of Arab finance.
Cameron will make the same announcement today before more than 1,800 delegates at the first meeting of the World Islamic Economic Forum in London. He announced the creation of the first Islamic bond, or Sukuk, to be issued by the British Treasury. Furthermore, the London Stock Exchange will launch the first Islamic Market Index. Osborne writes that the government-issued Sukuk treasury bond could soon be followed by private corporate issues. This will give Britain a slice of the £1.3 trillion of Islamic investments.
Osborne pointed to the fact that the Islamic countries are already investing in British infrastructure with a £1.5 billion investment by Dubai into the London Gateway, the newest, modern deep-sea container port in England.