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Is London making enough of its other strong industries, notably legal services, media, education, medical research, tourism and culture?
Germany still has some strong industries, but as a country its growth is too little to cope with its shrinking and aging population.
London's startup scene is flourishing in its traditionally strong industries of music and fashion, but also now in financial services and big data.
While Germany has strong industries, it doesn't have the Internet, biotech, and robotics hubs that make the U.S. so attractive to foreign investors.
Look at Germany – it's so much stronger because it has a set of regional cities with strong industries that give people equal opportunities to live and work.
"It's a pretty good quarter when the two traditionally strong industries went up and we still saw other industries land funding as well," Phillips said.
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"Very strong industry volumes are propping up the whole industry's results, including G.M.'s".
It has been almost impossible for large countries to become developed economies without strong industry.
It also helps when a price increase is triggered by a strong industry leader.
Its long border, heavy trade and strong industry links with America made capital controls impractical.
By contrast, Hong Kong, Australia and South America have seen a strong industry recovery and conditions are also improving in Russia.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com