City Corporation: Conservatives should prioritise competitiveness to boost UK’s economic revival

The City of London Corporation last night called on the Conservative Party to prioritise financial services competitiveness to support the UK’s economic revival.

The governing body of the Square Mile says the move will be vital to the success of the government’s pro-growth agenda.

Speaking at a Conservative Party conference dinner to an audience of senior Government ministers, business leaders, and local councillors, City Corporation Policy Chairman Chris Hayward said that financial and professional services will play their part in the UK’s economic revival.

He told guests that a stronger City will “ensure that investment and capital from the industry is channelled to nations and regions across the UK, supporting people, businesses, and communities to thrive.”

The UK financial services sector plays a major role in supporting the UK economy by creating jobs, encouraging investment, and facilitating trade.

It contributes over £75bn in tax annually and employs 2.3 million people across the country - two thirds of whom are outside of London.

Policy Chairman of the City of London Corporation, Chris Hayward, said:

“Financial services’ competitiveness will be a vital enabler of this government’s pro-growth agenda.

“We must ensure that the path to prosperity is underpinned by fierce competitiveness, first-rate regulation, and sustainable growth.

“And as such, we are pleased that the Government is pressing ahead with the Financial Services and Markets Bill.

“In the immensely challenging days, weeks, and months ahead, the City stands ready to support the country through these tough economic times.

“Be in no doubt that a strong City is good for the country.”