9 October 2009
City comments on World Economic Forum research
Speaking in response to the report from the World Economic Forum
released yesterday (Thursday) that lists the United Kingdom as the
world's leading financial centre Ian Luder, Lord Mayor of the City
of London, said:
"The UK continues to play a huge role in the global financial
services sector and this new research confirms the findings of our
most recent Global Financial Centres Index.
"When it comes to financial services the UK and the US are more
closely intertwined then ever. Although London and New York are
competitors, it is actually not of crucial importance whether
London or New York is 'the leading financial centre' by a whisker.
What matters is being in the premier league of financial centres,
and with our common heritage and values, we have a joint interest
in developing a global financial system that works both for us and
for our counterparts across the world.
"Therefore we must do nothing in the tax regulatory or
administrative areas which damages the conditions which enable our
financial services sector to remain world class."
Stuart Fraser, Chairman of the Policy and Resources Committee at
the City of London Corporation, said:
"London suffered like all financial centres during the recent
crisis but is now beginning to shows signs of recovery. However, we
cannot afford to ignore the threat from rapidly developing centres.
The centre of economic gravity is inevitably shifting towards Asia
and Latin America in the long-term but London will continue to grow
its banking sector as the absolute size of the global financial
services industry increases.
"When it comes to issues such as regulatory reform we need to be
doubly vigilant. New legislation coming out of Brussels must
recognise London's position as a leading European financial centre
and be rigorously assessed, carefully targeted and implemented on a
global basis."
Ends
World Economic Forum Global Competitiveness report
Press contact
Sanjay Odedra
020 7332 1835
sanjay.odedra@cityoflondon.gov.uk