16 March 2009
Reforms needed to retain professional services' potential
Tax and legal liability reforms are needed to help professional
services, the UK’s largest employer regain its "extraordinary"
growth rates after the downturn, according to the Professional
Services Global Competitiveness Group report, commissioned by
Chancellor of the Exchequer Alistair Darling.
Sir Michael Snyder, Deputy Chairman of the Policy &
Resources Committee at the City of London Corporation said:
"Safeguarding the competitiveness of professional services in
today’s turbulent times and developing a future vision that allows
them to emerge from the international financial crisis able to
compete in an ever tougher global market are crucial."
Professional services firms play a major role in the UK economy.
They make up the largest business sector in terms of both
employment and output.
The professional services global competitiveness group includes
leaders in law, accountancy, property, architecture and
consultancy.
Download a full copy of the report
here (338kb)
For further information please contact:
Laura Citron
Press Office
020 7332 1835
laura.citron@cityoflondon.gov.uk
About the City of London Corporation: The City
of London Corporation provides local government services for the
Square Mile, the financial and commercial heart of Britain. The
Corporation works nationally and internationally to maintain and
enhance the City as a world-leading international financial and
business centre. It also serves London and the UK with special
responsibilities such as the Barbican Arts Centre, the Central
Criminal Court at the Old Bailey, 10,000 acres of open space
including Hampstead Heath and Epping Forest, three wholesale food
markets, three inner-London City Academies, the City Bridge Trust,
economic regeneration programmes in neighbouring boroughs and
acting as London’s Port Health Authority.
About the Report: The report explores future
market challenges and opportunities facing the professional
services sector. It sets out a vision for a cutting-edge
professional services industry which is flexible, innovative and
internationally focused, and which leverages its reputation for the
highest standards and skills to achieve success in an increasingly
knowledge-based economy.