To maintain London’s status as a global financial hub, Britain is faced with the decision to reduce taxes to attract more foreign investments.
The threat to London’s status as the financial centre was created by Britain’s exit from the European Union, leaving a lacuna.
Cities such as New York, Hong Kong, Singapore, and Geneva stand in line and are ready to fill the position.
Expressing concern is a UK financial lobby group, TheCityUK, in a statement that said, “The UK’s status as a world leading financial centre is at risk unless industry, government and regulators work together to boost long term competitiveness, deepen key trade links, and focus on new key areas of future global growth.”
Explaining the cause of the slowed momentum of the financial strength of the United Kingdom in relation to its “international competitors”, TheCityUK’s Chief Executive Officer (CEO), Miles Celic, attributed it to “the highly impressive growth of new financial centres in Asia and the ongoing progress made by the United States.
“It has resulted in the UK losing ground in global market share in some areas of financial and related professional services.”
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A five-year strategy themed, ‘Making the UK the leading global financial centre’ and created by the group stated competitiveness and attractiveness as its “clear focus”.
“Delivering the strategy will create more high-skilled, high-value UK jobs, and attract more foreign direct investment into businesses in all sectors across the UK.
“It will put the UK at the forefront of technology and innovation and position the UK as a leader in financing the growth of the green economy.
“The strategy highlights that significant and sustained effort will be needed by industry, government and regulators for the UK to become the world-leading international financial centre. Industry is convinced it is achievable with the right mindset and a clear focus on competitiveness.”
