HM Treasury has published a report entitled UK international financial services – the future (the Report). The objective of the Report is to consider how the UK can maintain and develop in the long term its international competitiveness in financial services.
In summary the Report recommends that the Government and financial services industry should:
- Establish a clear direction for the UK international financial services industry in partnership with the wider economy and overseas markets. The Report recommends ensuring that the benefits of the UK's position as an international financial centre continues to accrue broadly across the UK domestic economy. Also by recognising the UK's status as an international financial centre depends on the maintenance of an open economy and cooperation with other financial centres.
- Reaffirm the UK's reputation for competence, responsibility and trustworthiness. The Report suggests:
- Taking a leading role in the formulation and implementation of global and EU regulation.
- Generating strong and purposeful engagement between the Government and the industry to ensure that the UK tax system remains stable, sustainable and competitive in the long term.
- Supporting flexible labour markets, with enhanced skills and training.
- Innovating responsibly with effective oversight to meet the challenges of the next 10 to 15 years.
- To ensure the effective delivery of the above recommendations, the Report suggests building on and enhancing the close dialogue between the Government and the industry.
View UK international financial services – the future, 7 May 2009