London takes aim at New York with five-year financial plan
September 7, 2021, 3:05 am

London takes aim at New York with five-year financial plan

UK city

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.

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.

Source: businesshala

Myanmar's National Unity Government unveils new strategy to oppose military rule UK authorities launch 270 mln stg fund to progressively transition away from fuel boilers

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.