TheCityUK: Comment on HM Treasury response to ICB final report

19 December 2011

CEO Chris Cummings stressed that financial services employ over 1 million people in the UK, providing 10 per cent of GDP, and therefore have a vital role to play in supporting business growth, creating jobs and putting the economy on a sustainable path.

Chris Cummings, CEO, TheCityUK: “The financial services sector recognises that the public needs reassurance that the banking system is more secure than before the financial crisis and offers them a competitive market where they have a choice of banks. Recent years have seen new regulations introduced, and a new range of regulations under preparation at a European level with just that intent. The measures announced today are the latest step in that journey – where we must all try to ensure the public’s desire for more stability is aligned with keeping the UK a globally competitive financial centre.  
 
"It is critical for the UK’s economy that London remains a competitive global financial centre, and this can best be achieved by implementing regulation at a global level. All changes should be subject to impact assessment to make sure they meet the public's desire for stability while enabling growth. It is vital that the steps outlined today enable the UK to maintain its leading role in the global financial services sector and without jeopardising its standing, particularly against greater competition from new financial hubs around the world.”

Press release

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