End of London as financial center?

Blog entry after a long time.
I came across this article in respectiable (and left leaning) Gaurdian news paper.
For 300 years Britain has outsourced mayhem. Finally it's coming home
The author tracks the colonial history of Britain and its linakge to present economic woes. Please read this article and I would love to read your comments.

http://www.guardian.co.uk/commentisfree/2009/jun/08/british-empire-colonies-banks-reform