New Darling group to ensure London keeps its edge
New Darling group to ensure London keeps its edge
Monday 14th July 2008
A new government industry group chaired by Alistair Darling is being set up to make sure London's crown as a world-leading financial centre does not slip.The chancellor will co-chair the Financial Services Global Competitiveness group with Citi chairman Sir Win Bischoff.
Its aim will be to ensure the capital maintains its place as a leading destination for financial services in the face of new global trends and challenges.
The new forum will report directly to the High Level group set up by then chancellor Gordon Brown in the 2006 Budget.
Meeting monthly it will analyse trends affecting the international financial services industry such as the continued impact of the sub-prime crisis and the rapid growth of financial centres in emerging markets.
The City's financial services sector currently provides more than a million UK jobs and accounts for ten per cent of GDP.
Mr Darling said the new group would play a crucial role in shaping government policy.
"It is vital it can respond to the rapidly changing nature of international financial markets, with major shifts in financial flows and players to growing centres of influence and new sources of profit," the chancellor explained.
"I have asked Sir Win to lead an assessment of these global trends and on their impact on financial centres over a ten-15 year horizon, to help London and the UK maintain and enhance its leading place in the world's financial markets."
Related News
New town failures not examined - 11/07/08
Plans to create ten new eco-towns have ignored lessons from the last wave of new towns after the second world war
Plans to create ten new eco-towns have ignored lessons from the last wave of new towns after the second world war
Shopper numbers fall - 11/07/08
Shopper numbers in June fell back, after a May rises bucked the downwards trend
Shopper numbers in June fell back, after a May rises bucked the downwards trend
Third straight rate hold from Bank - 10/07/08
The Bank of England today maintained interest rates at five per cent for the third month running
The Bank of England today maintained interest rates at five per cent for the third month running
FTSE 100 falls 1.75% - 10/07/08
Volatility continued to reign in London this morning with the FTSE 100 falling 1
Volatility continued to reign in London this morning with the FTSE 100 falling 1
News Article Search
Quick Apply
News Archive