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Practice Writing: Summarize Written Text
ID: #32072
The City of London
Who would have thought back in 1698, as they downed their espressos, that the little band of stockbrokers from Jonathan's Coffeehouse in Change Alley EC3 would be the founder members of what would become the world's mighty money capital?
Progress was not entirely smooth. The South Sea Bubble burst in 1720, and the coffeehouse exchanges burned down in 1748. As late as the Big Bang in 1986, when bowler hats were finally hung up, you wouldn't have bet the farm on London surpassing New York, Frankfurt and Tokyo as Mammon's international nexus.
Yet the 325,000 souls who operate in the UK capital's financial hub have now overtaken their New York rivals in size of the funds managed (including offshore business); they hold 70% of the global secondary bond market, and the City dominates foreign exchange trading. And its institutions paid out £9 billion in bonuses in December. The Square Mile has now spread both eastwards from EC3 to Canary Wharf and westwards into Mayfair, where many of the private equity 'locusts' and their hedge fund pals now hang out.
For foreigners in finance, London is the place to be. It has no Carbines Oxley and no euro to hold it back, yet the fact that it still flies so high is against the odds. London is one of the most expensive cities in the world to live in, transport systems groan, and there's an ever-present threat of terrorist attack. But, for the time being, the deals just keep on getting bigger.
Progress was not entirely smooth. The South Sea Bubble burst in 1720, and the coffeehouse exchanges burned down in 1748. As late as the Big Bang in 1986, when bowler hats were finally hung up, you wouldn't have bet the farm on London surpassing New York, Frankfurt and Tokyo as Mammon's international nexus.
Yet the 325,000 souls who operate in the UK capital's financial hub have now overtaken their New York rivals in size of the funds managed (including offshore business); they hold 70% of the global secondary bond market, and the City dominates foreign exchange trading. And its institutions paid out £9 billion in bonuses in December. The Square Mile has now spread both eastwards from EC3 to Canary Wharf and westwards into Mayfair, where many of the private equity 'locusts' and their hedge fund pals now hang out.
For foreigners in finance, London is the place to be. It has no Carbines Oxley and no euro to hold it back, yet the fact that it still flies so high is against the odds. London is one of the most expensive cities in the world to live in, transport systems groan, and there's an ever-present threat of terrorist attack. But, for the time being, the deals just keep on getting bigger.
* Summarize in the box below (between 5 and 75 words)
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Sample Answer
As late as Big Bang in 1986, when bowler hats were finally hung up, you wouldn't have bet the farm on London overtaking New York, Frankfurt and Tokyo as Mammon's international nexus, and the 325,000 souls who operate in the UK capital's financial hub have now overtaken their New York rivals in size of the funds managed; they hold 70% of the global secondary bond market, and the City dominates foreign exchange trading.
Explanation
Exceptions:
1) Removing 2nd SP word in the beginning of second line
2) Removing content within ()
As late as Big Bang in 1986, when bowler hats were finally hung up, you wouldn't have bet the farm on London
surpassingovertaking New York, Frankfurt and Tokyo as Mammon's international nexus, andYetthe 325,000 souls who operate in the UK capital's financial hub have now overtaken their New York rivals in size of the funds managed(including offshore business); they hold 70% of the global secondary bond market, and the City dominates foreign exchange trading. -> Both lines talking about London and financial markets
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