The City’s standing was said to have been damaged by continued manipulation of financial indices, and questions over the UK’s place in the European Union.
The call will be made by Chris Cummings, chief executive of TheCityUK, at the Conservative conference as he attempts to win political support for the industry.
He will present a paper at the conference – entitled Investing in Britain’s Future: Finance for Jobs and Growth in the UK – which focuses on several policy challenges facing the UK. Those challenges include jobs, growth, tax, infrastructure and SME’s.
Rather than the usual shopping list of demands such lobby groups present to political parties, the document aims to show the financial industry can help meet the economic challenges the next Government will face.
The paper contains a range of statistics, not least that the financial services industry paid £65bn of UK tax in 2012-13, more than any other sector.
It also aims to show constituencies with high numbers of financial services workers outside London – including Leeds Central, Liverpool Riverside and Edinburgh Central – to demonstrate that the industry is more than just the Square Mile.
To that aim, Mr Cummings is calling on all political parties to take a long-term view of proposed legislation.
“To ensure the UK continues to attract international companies and foreign direct investment, it is crucial to send a very clear message that the UK is a genuinely competitive place to do business. A competitiveness impact assessment would be a real statement to that effect,” he told The Telegraph.
“Getting the parameters of this competitiveness impact assessment right will be crucial, and TheCityUK is committed to working with all parties to develop this further.
“Whichever party wins the next General Election, it will face the significant challenge of keeping the UK globally competitive, as well as ensuring a strong economy that delivers jobs and growth domestically.”
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