Britain needs to ease taxes on banks and make it easier to hire staff from abroad, its financial and professional services lobby said in a blueprint to help London unseat New York as the world's top international financial centre within five years.
The strategy paper on Tuesday from TheCityUK reiterated some ideas already aired in government-backed reports and elsewhere in recent months as the City of London looks to recoup ground lost following Britain's departure from the EU."By some metrics, the UK is losing ground: London is currently slipping further behind New York each year while other centres are strengthening," the paper said.
"The UK therefore needs to adopt a relentless focus on strengthening its international competitiveness to win back the prize of being the world's leading international financial centre," TheCityUK lobby group, which promotes the wider financial sector abroad, paper added in the paper. The finance ministry has already set out reforms to make London's capital market more competitive, and TheCityUK set a five-year target for London to "out-compete its rivals" by amending tax, visa and other rules.
The single most important issue for financial firms is being able to hire globally, TheCityUK CEO Miles Celic said.
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