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

"We welcome the Government’s ambition to make the UK a global leader in science and tech. The Mansion House Reforms are a welcome start and the industry led Compact will provide vital capital to support homegrown businesses in industries of the future to start, stay and scale in the UK.

"Ultimately, escaping the low-growth trap is the best route to creating jobs and raising investment levels, which will improve wages over the long-term.

 "As the largest contributor to the UK economy, the financial services sector has a crucial role to play here. This is why we're calling for a new financial services council chaired by the Chancellor. The council would convene Government, regulators and senior financial services executives from across the UK. 

“They would design a long-term strategy for financial and professional services to help drive growth by pinpointing areas of competitive advantage such as harnessing the power of artificial intelligence and innovation which the Chancellor rightly points to; and look at areas where we need to be keeping our edge such as ensuring we have a competitive tax regime. Cutting taxes isn't a silver bullet on its own nor is increasing them. A long-term strategy will allow the sector to continue to contribute to the economy and national purse for the rest of the decade and beyond.”

Notes to editors:

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK –  www.cityoflondon.gov.uk