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.
More on Regulation
Benefits depend on "safe space" for mistakes and questions, seminar hears
Graduates must be warned of the serious risks of market abuse
New office will use data-driven tools to assist the US regulator
Huge losses will affect risk modelling and capital calculation
Sign up for Risk.net email alerts
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
In the February 2014 editorial video, OpRisk's latest industry survey finds room for improvement in risk management
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.