>Continental Europe has its banks

UK has City of London that dwarfs the banks of continental Europe. we're talking big banks, Fintech, HFT, etc. When you deal with Austrian banks you realize they're 10-20 years behind the UK.

> and industrial policy

Continental Europe has a large but somewhat inefficient(compared to Asia) and heavily subsidized industrial policy, acting more a a jobs program for politicians chasing votes and state subsidies, that the UK gave up on during Thatcher(for better and worse), and stayed in the niche, low volume but highly important aerospace and defense parts that dwarfs that of continental Europe.

Ofc that also means the labor market in UK is very K-shaped. Highly paid skilled niche jobs in London and the university research centers, and then a wasteland everywhere else.