JAMES Anderson has hit the nail on the head (" Dearth of great UK firms is a 'tragedy'", The Herald, May 28).

The City of London creates wealth for the few by the manipulation of money. This does not create real wealth for the country. This is done by growing companies making products the world wants. The City of London sucks in our brightest and may be seen as a cancer in the UK, stifling real economic development.

Richard Morris,

9 Letham Drive, Newlands, Glasgow.