London takes aim at New York with five-year financial plan
The Business Hala reported according to Reuters, Britain needs to reduce taxes on banks and make it easier to hire employees from abroad.
The Business Hala said, this comes as Britain financial and professional services lobby has said in a blueprint that calls for London to be built within five of the world. It will help to position London as the top international financial center of the country years.
According to the Business Hala, the strategy paper on Tuesday from The City UK reiterated some of the views already circulated in recent months in government-backed reports and elsewhere as the City of London seeks to regain lost ground following Britain’s departure from the European Union.
The paper said: “By some metrics, the UK is losing ground: London is currently slipping further behind New York every year while other centers are strengthening.”
The US financial capital surpassed London in a major annual survey in 2018, saying New York dominates the stock market listing.
“The UK needs a continued focus on strengthening its international competitiveness to win back the prize of being the world’s leading international financial centre,” added the paper, The CityUK lobby group, which promotes the wider financial sector overseas. gives, added to the paper.
Britain’s departure from the European Union effectively stripped London of its largest financial services client, adding further pressure to catch up.
The Finance Ministry has already outlined reforms to make London’s capital market more competitive, and The CityUK has made five changes to London to “get ahead of its competitors” by amending tax, visa and other rules. The target for the year has been set.
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TheCityUK said becoming a global hub for financial data, sustainability investing and investment and risk management will also be key to helping the UK overtake New York.
It added that the overall tax rate for a London-based bank is 46.5%, which is 13% higher than a New York-based bank.
But persuading the government to cut taxes on finance as it repairs a hole in the economy from COVID could be challenging, as the Brexit referendum pledges to crack down on high levels of international dynamism.
TheCityUK CEO Miles Selick said the most important issue for financial firms is to be able to hire globally.
“In our conversations with the government, I think this is something that can be fully understood,” he told reporters.