London's status as a world financial centre in doubt
A new report commissioned by the Mayor of London shows the UK capital in danger of losing its status as a world financial centre
LONDON - London could be in danger of losing its status as global financial capital unless urgent action is taken, warned a report published today commissioned by the Mayor of London, Boris Johnson. The report, 'London: Winning in a Changing World' was compiled by Bob Wigley, chairman of Merrill Lynch Europe during the past six months. It warns that the city is facing a serious threat from international rivals.
The report refers to expensive living costs, the lack of expansion at London Heathrow airport, and the perceived danger from rising levels of knife crime as well as an increasingly inefficient energy supply, as the main factors contributing to London's demise as a business centre.
The report said: "London's status as a must-visit roadshow destination has been damaged by long queues and delays at Heathrow and complaints about congested roads. In 2007 Heathrow was ranked the worst airport in Europe for delayed flights, while the average speed of a car in London during the day was 10mph."
A lack of high-quality mathematics, finance and IT graduates in the UK was also cited as a problem for the city to be able to meet the financial services industry's demands.
In light of the findings of the report Johnson has promised to fight back by focusing on implementing favourable tax regimes, improving infrastructure as well as vowing to lobby the UK Government to make circumstances more favourable for overseas companies and to create a single body tasked with promoting London abroad.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Revealed: the three EU banks applying for IMA approval
BNP Paribas, Deutsche Bank and Intesa Sanpaolo ask ECB to use internal models for FRTB
FCA presses UK non-banks to put their affairs in order
Greater scrutiny of wind-down plans by regulator could alter capital and liquidity requirements
Industry calls for major rethink of Basel III rules
Isda AGM: Divergence on implementation suggests rules could be flawed, bankers say
Saudi Arabia poised to become clean netting jurisdiction
Isda AGM: Netting regulation awaiting final approvals from regulators
Japanese megabanks shun internal models as FRTB bites
Isda AGM: All in-scope banks opt for standardised approach to market risk; Nomura eyes IMA in 2025
CFTC chair backs easing of G-Sib surcharge in Basel endgame
Isda AGM: Fed’s proposed surcharge changes could hike client clearing cost by 80%
UK investment firms feeling the heat on prudential rules
Signs firms are falling behind FCA’s expectations on wind-down and liquidity risk management
The American way: a stress-test substitute for Basel’s IRRBB?
Bankers divided over new CCAR scenario designed to bridge supervisory gap exposed by SVB failure