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☆ London's financial heart is sizing up a win for center-left Labour party at next year's UK election
▼ + stars: | 2023-10-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesLIVERPOOL, England — The U.K.'s main opposition Labour party is seeking to woo London's powerful financial center as it sets its sights on winning power at next year's General Election. At the party's conference this week, lawmakers were unanimous in emphasizing Labour's renewed focus under leader Keir Starmer on spurring economic growth as its number one priority. Speaking at a fringe event on Sunday, Shadow Financial Secretary to the Treasury James Murray reiterated the party's mission of achieving the highest growth in the G7 and engaging the private sector. It really is crucial to underpin the encouragement of businesses to invest, to underpin everyone working together for economic growth," Murray added. Shadow Chancellor Rachel Reeves announced a host of new economic pledges aimed at stimulating growth, vowing to "rebuild Britain" if Labour wins the 2024 General Election.

Persons: Keir Starmer, James Murray, Murray, Rishi, Liz Truss's, Kwasi Kwarteng, Rachel Reeves, Reeves, Jeremy Corbyn, Starmer, Emma Reynolds Organizations: Bloomberg, Getty, Labour, Shadow, Conservative Party, Treasury Locations: Canary, London, LIVERPOOL, England, Britain, Liverpool

The Viking Star cruise ship is moored at Greenwich with the City of London financial district in the distance, in London, Britain, August 29, 2023. It is absolutely the time for action over words," Alasdair Haynes, CEO of Aquis Exchange, a share trading platform, and chair of financial industry body TheCityUK's Business Council, told Reuters. The main problem for trade bodies is the vast scope of Britain's financial services industry, with each sub-sector and TheCityUK presenting their own reform priorities and ideas, often overlapping. In the meantime, top financial sector executives running global teams of bankers and traders are increasingly bewildered by Britain's inability to make faster progress on a matter of such economic significance. ELECTION LOOMINGSome senior financial industry sources say politics may hamper the City's reform agenda even further, with a general election expected next year.

Persons: Kevin Coombs, Alasdair Haynes, Jeremy Hunt, Nicholas Lyons, TheCityUK, ” Samuel Gregg, Richard Gardner, Huw Jones, Sinead Cruise, Hugh Lawson Organizations: Viking, City, REUTERS, London’s, Mayor, European Union, Aquis, Business, Reuters, Finance, stoke, of, Arm Holdings, Labour, Conservative, American Institute for Economic Research, Investment Funds Association, EU, Thomson Locations: Greenwich, London, Britain, Europe, Asia, United States, Edinburgh, of London, New York, Amsterdam, City, France

☆ UK's Hunt to detail plans to steer pensions into growth investment
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 9 (Reuters) - British finance minister Jeremy Hunt will spell out on Monday long-awaited plans to encourage pension funds and other asset managers to invest in high-growth sectors, the Treasury said on Sunday. But the pensions industry has said it opposes mandatory investment quotas. Financial services lobby group TheCityUK said government policy should aim for pension funds to invest in growth and in turn deliver higher returns. "On average, Australian and Canadian pension funds currently provide better performance. Hunt was also expected to reiterate that bringing down high inflation remained his priority, saying there could be "no sustainable growth without first eliminating the inflation that deters investment and erodes consumer confidence".

Persons: Jeremy Hunt, Hunt, TheCityUK, Muvija, William Schomberg, Helen Popper Our Organizations: Treasury, Reuters, Financial Times, Thomson Locations: British, London's

To revive its fortunes, the government late last year published its Edinburgh Reforms agenda comprising over 30 proposed changes to existing rules. "There are a variety of factors that keep somewhere attractive in terms of investment, listing and being an international finance centre." "We want the UK to be the world's most innovative and competitive global financial centre," the spokesperson added. CHALLENGING ASSUMPTIONSSupporters of a more vibrant UK stock market are also increasing pressure on bankers managing IPO processes to challenge assumptions about London's poorer liquidity or post-IPO performance, relative to rival venues. Proposed changes to UK listings are encouraging, but may not be enough, said Steve Bates, BIA CEO.

☆ Cross-border remote working could boost London financial centre, says report
▼ + stars: | 2023-04-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Britain's leading role in financial services investment faces challenges from three continents, as Singapore, France and Germany also quickly catch up. "Britain attracted just three more financial services projects than France in 2021, 63 vs 60," the report, compiled with law firm Freshfields Bruckhaus Deringer, said. While some recommendations refer to existing reforms, such as tweaking insurance rules to encourage green investments, the report also wants cross-border remote working made easier. Business visa rules should be amended to allow staff based overseas to work remotely for financial firms in Britain, and vice-versa, the report said. "Adopting an innovative cross-border remote working system would ...also support manufacturing businesses across the UK," the report said.

☆ British banking damaged by slow supervisors warns industry report
▼ + stars: | 2023-01-26 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

[1/2] People walk over the Millennium Bridge with the City of London financial district in the background, in London, Britain, January 13, 2023. REUTERS/Henry Nicholls/File PhotoLONDON, Jan 26 (Reuters) - Britain's regulators can be slow, inefficient and unpredictable, raising costs and slowly damaging the financial sector's global competitiveness, industry body TheCityUK said in a report. Complex, opaque and slow authorisations, such as for a new chief executive or a new product, can discourage growth and investment, the report published on Thursday said. It said The Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority (PRA) were taking steps to speed up authorisations, but further action was needed. The Bank of England said it recognised the need to improve the timeliness of approving senior managers in particular and was taking steps in line with many of the recommendations.

[1/2] People walk along the South Bank with the Houses of Parliament in the distance, in London, Britain, January 17, 2023. Some hires need vetting by the Financial Conduct Authority (FCA) and the Bank of England (BoE). Britain introduced the accountability rules in 2016 in response to public anger that so few individuals were punished over taxpayers having to bail out banks in the 2007-2008 financial crisis. Regulators sought to reassure that the rules would not be used to put "heads on sticks" and discourage people from taking on senior roles. Reporting by Iain Withers and Huw Jones, editing by Sinead Cruise and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ The UK just had a major market scare. Now it wants to relax financial rules
▼ + stars: | 2022-12-09 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

London CNN —Just two months after UK markets suffered their worst meltdown since the global financial crisis, the British government is promising a major relaxation of financial regulation in a bid to shore up the country’s banking and insurance industries against growing competition from cities such as Amsterdam and Paris. “We are committed to securing the UK’s status as one of the most open, dynamic and competitive financial services hubs in the world,” Jeremy Hunt, the UK finance minister, said in a statement. The effort was initially touted as a “Big Bang 2.0” — a nod to the rapid deregulation of UK financial markets under former Prime Minister Margaret Thatcher in 1986. Yet they also come on the heels of a major financial shock. The industry lobby representing UK’s financial services, TheCityUK, said the measures should “help boost the UK’s attractiveness as a place for businesses to list, invest, grow and do business.”But there are some in the sector who back regulations such as the “ring-fencing” rules.

"Policy stability is absolutely critical," Miles Celic, chief executive of finance lobby group TheCityUK told Reuters. Finance chiefs want Sunak to balance spending on infrastructure with easing immigration policy for skilled workers and investing in education, Celic added. Sunak confirmed on Tuesday that he was keeping Hunt as his finance minister, after he was appointed late in Truss' brief premiership to shore up confidence in Britain's finances - and tear up much of her planned tax-cutting agenda. Britain's 164 billion pound ($185 billion) financial industry was largely locked out of directly serving EU customers after Brexit. Any moves to extract more tax from banks are likely to be met with industry opposition.

☆ Bank of England and City square off over new government powers
▼ + stars: | 2022-10-19 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

A general view of the Bank of England (BoE) building in London, Britain, August 4, 2022. While Britain remains Europe's biggest financial sector after its exit from the European Union, banks are keen for regulators to help boost the City's global competitiveness. Britain's finance ministry will use a financial services and markets bill now before parliament to give itself powers to intervene in financial rulemaking, when in the public interest. David Postings, chief executive of UK Finance, a banking lobby, said powers to override regulators should be tightly drawn and used sparingly. A source at the ministry confirmed this was still the plan under new finance minister Jeremy Hunt.

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