London aims for New York with a five-year financial plan


London — The UK needs to ease taxes on banks and facilitate the hiring of staff from abroad, and its financial and professional services lobby has made London the world’s top international financial center within five years. Said in a blueprint to help dominate.

Tuesday’s strategic paper from TheCityUK reiterated government-backed reports and some ideas already aired elsewhere to help the city of London reclaim the land lost after Brexit.

“The UK has lost its position, according to some indicators. London is now lagging behind New York each year, but other centers are strengthening,” the newspaper said.

US financial capital said it overtook London in 2018 in a major annual survey, adding that New York was the dominant stock market listing.

“Therefore, the UK needs to constantly focus on strengthening its international competitiveness in order to regain its award as the world’s leading international financial center,” said The City UK Lobby, which promotes the wider financial sector abroad. The group has been added to the paper.

The UK’s departure from the European Union has effectively closed London from its largest financial services customer, adding additional pressure to catch up.

The Treasury has already begun reforms to make London’s capital markets more competitive, and TheCityUK “beats its rivals” by amending taxes, visas and other rules. Set a five-year goal for.

To help the UK overtake New York, according to TheCityUK, it is also important to be a global hub for financial data, sustainability investment, investment and risk management.

He added that London banks have a total tax rate of 46.5%, which is 13% higher than New York-based banks.

However, it may be difficult to persuade the government to cut taxes on finance to repair the economic hole from COVID-19.

According to Miles Celic, CEO of TheCityUK, the most important issue for financial companies is the ability to hire globally.

“I think it’s definitely understood in the conversations we had with the government,” he told reporters.

Hugh Jones