Diversification from the UK capital is now a sensible precaution, writes Waheed Nazir, strategic director, economy, at Birmingham City Council
The news that the Federal Reserve raised US interest rates in December set UK pulses racing.
On the one hand, some felt that the UK should quickly follow suit. On the other, some commentators pointed to the low oil price, volatility in China and previous mis-steps by the European Central Bank and Swedish Central Bank in 2011 to caution against raising rates.
In a carefully measured announcement, on 19 January the Bank…