Looking ahead to the Chancellor’s speech at the Mansion House this evening, following the release of the Government’s Financial Services Growth and Competitiveness Strategy, BusinessLDN’s Chief Executive John Dickie said:
“The financial services industry is an economic powerhouse that creates jobs and drives investment in itself across the UK. The sector is also a catalyst for the wider economy and has a vital role to play in delivering the Government’s growth mission by providing the financing that companies need to scale up.
“In the face of fierce global competition, however, it’s vital that the Government redoubles its efforts to boost the City’s appeal. This welcome new concierge service will provide international companies with a single front door to navigate a tangled web of issues – such as visas and regulation – that often hold up investment decisions or push them elsewhere. There are good arguments for replicating this approach across other key growth sectors.
“Embedding a focus on growth in regulatory decision-making is a step in the right direction. Regulators have understandably prioritised consumer protection in recent years but without growth this risks turning into the stability of the graveyard.
“It’s also encouraging to see the new financial services strategy putting significant emphasis on the importance of access to international talent for the sector.”