Thu, Aug 25, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Economic adviser believes London is still top financial centre

Monday, September 05, 2011

Ruth Lea
Opalesque Industry Update - The City of London is still the top financial centre for now believes Ruth Lea, Economic Adviser to the Arbuthnot Banking Group, who discusses the economic importance of and the challenges to the City of London in a new paper. Her major conclusions are:
  • The City of London, in particular, and the financial sector more generally are economically very significant. According to the City of London Corporation the City produced nearly 3% of national income in 2010. The City also made a major contribution to the balance of payments (£35bn) and the financial sector contributed over 11% of total tax revenue in FY2009.

  • According to the Z/Yen Group’s 9th report on the Global Financial Centres Index (GFCI9, March 2011), London was still the top financial centre, with New York close behind. But the financial services “centre of gravity” is shifting towards Asian centres, specifically, and the emerging markets more generally.

  • Several reports commissioned for the City of London Corporation show concerns over lost competitiveness, with the risk of “over-regulation” and high personal and corporate taxes at the top of their list of concerns.

Ruth Lea said: “There is much discussion about a “desirable” switch from financial services to manufacturing industry in order to “rebalance the economy”. There is, in itself, nothing wrong with this objective. But if it comes about through the neglect of the City’s international competitiveness, the whole economy would be damaged. Concerns over lost competitiveness should act as wake-up calls for policy makers if they wish to maintain London as a supremely important financial centre.”

Source

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. LatAm hedge funds surge in 1H to +24.4%, emerging markets assets rise[more]

    Komfie Manalo, Opalesque Asia: Hedge funds investing in Latin America posted strong gains through mid-2016, reversing declines in four of the past five years, including the last three years, to lead all areas of hedge fund performance through the first half of 2016, according to the latest HFR Em

  2. Asia - LGT Capital Partners: Alternatives set for continued rise in Asia[more]

    From Asianinvestor.net: More flows are likely into insurance-linked strategies, private equity and trend-following strategies/CTAs, given the benefits of such investments, argues LGT Capital Partners. Despite the numerous quantitative easing programs and bailouts of recent years, the quest for

  3. Investors yank money from hedge funds after poor performance[more]

    From Marketwatch.com: A growing exodus from hedge funds extended to two of the biggest names in the industry Tuesday, Tudor Investment Corp. and Brevan Howard, as disenchanted investors increasingly shun what was once the hottest place to put money. The funds’ problem is clear: They just aren’t perf

  4. Banks look at hedge funds differently - and it should matter to allocators[more]

    From Valuewalk.com: Looking at two bank reports on the same topic can often yield interesting results. There are times when bank research is best viewed from the standpoint of how their analysis does or does not correlate with one another. Regarding hedge fund allocation decisions, one bank appears

  5. Legal - Hedge fund’s fixer kept deals flowing with bribes, U.S. says, Big four banks sued by U.S. hedge funds over BBSW, Lessons for hedge fund managers from the government's failed prosecution of alleged insider trading[more]

    Hedge fund’s fixer kept deals flowing with bribes, U.S. says From Bloomberg.com: With the Miami villa, stopovers at New York’s Plaza Hotel and millions channeled in bribes to win mining deals, Samuel Mebiame was the relationships guy in a corruption scheme that spanned continents, accord