Meanwhile, in Europe, several countries are moving to exploit London's woes. awareness on Wall St that the Conservative government, already low on political capital, is running out of time to enact anything that will make the UK financial sector more competitive,” Samuel Gregg, a fellow in Political Economy at the American Institute for Economic Research, told Reuters. So far, Labour has indicated no shake-up for the City, which it calls "perhaps Britain's greatest asset", but a new government usually means some policy unpredictability. Parliament is also likely to refocus on issues with greater chance of capturing positive headlines that sway a fickle electorate, the sources said, with lawmakers seen likely to avoid backing policies seen as enriching affluent bankers while inflation erodes average household wealth. Some senior financial industry sources say politics may hamper the City's reform agenda even further, with a general election expected next year. In the meantime, top financial sector executives running global teams of bankers and traders are increasingly bewildered by Britain's inability to make faster progress on a matter of such economic significance.Īccording to TheCityUK, financial and related professional services contributed 254 billion pounds ($315 billion) to the UK economy in 2021 and employed almost 2.5 million people. TheCityUK said it backs the mayor's proposal after having suggested a similar collaboration between government and the industry in 2017. "We need to have government and private sector and regulators sitting together taking collective responsibility for monitoring the delivery of this strategy." "TheCityUK is the convening of all of the players in the City with the regulators joining in, but it's partly a talking shop, partly a body to make recommendations to government," he said. This council of industry, finance ministry and regulators would focus on pushing through reform to stem the leaching of top stock listings like Arm Holdings (O9Ty.F) and derivatives trading to New York, and share trading to Amsterdam. 7 for a council to knit together the vested interests and improve the competitiveness of the whole sector. The main problem for trade bodies is the vast scope of Britain's financial services industry, with each sub-sector and TheCityUK presenting their own reform priorities and ideas, often overlapping.Ĭue Lord Mayor Nicholas Lyons, ceremonial leader of the City of London, who called on Sept.
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