Mark Boleat statement on HSBC HQ staying in London

Commenting on the news that HSBC has decided to keep their headquarters in London, Policy Chairman at the City of London Corporation, Mark Boleat, said: 

“HSBC’s decision to keep their headquarters in the UK is a significant boost for the City and sign of our competitiveness. London is a leading global financial centre and the fact we have, in HSBC, one of the world’s leading banks based here only backs up that position. The City of London Corporation has worked in close partnership with HSBC in developing London as an offshore RMB centre.”

“All multinational businesses review what the alternatives are across the globe, but today’s announcement is welcome news for financial services in this country – a mainstay of the UK’s economy, which employs over 1.1 million people and accounts for 7.5% of our total national income.”