What’s in store for London’s financial services sector?

first_imgWith the onslaught of regulation post-financial crisis, and the rise of other financial centres like Hong Kong, many have been left wondering what’s in store for the future of London’s financial services sector?It’s an important question. London’s financial sector  Financial and related professional services contributed £174bn to the UK economy in 2012, accounting for 12.6% of the total. Assuming positive economic conditions and balanced regulation, the industry can add 0.2% to GDP growth for each of the next six years, creating nearly 50,000 new jobs in the sector according to theCityUK. One risk posed to London’s financial sector comes from the so-called “Brexit” – or the UK leaving the EU. The conservatives have pledged to hold an “in/out” referendum if they win this year’s general election.While the European Union hasn’t delivered much in recent years due to the financial crisis and bad management “since 1956 it’s delivered an awful lot [and a Brexit] would be a big loss for the UK in economic terms,” Professor Stephany Griffiths-Jones, … at Columbia University, said.”I’m surprised business which is so international is not more active in making the case,” she said. “Thought leaders and politicians and important business people aren’t explaining what Europe stands for public opinion sceptics.”However, Sean McGovern, chief risk officer and general counsel at Lloyds of London, said this wasn’t true.”there’s a negative result period two years uncertainty what will excit be like will have negative drag economy. “Aside from this, on the international stage, Britain is very tiny and needs its membership to the European Union to have international influence.”Largest single trading area in the world, entity with which US and toher countries want to change with, if we’re not part of that club we kid ourselves we’re big enough an economy that other countries want to trade with … goes beyond trade relationship w/ Europe but our standing on int’l stage.”Another risk to the future of the financial sector is companies’ ability to adapt to financial regulation,  as well as the uncertainty it creates.Sean McGovern, chief risk officer and general counsel at Lloyds of London, said that it was regulation, rather than taxation, which was the biggest source of concern.”must be mindful of risks of creating level playing field that will upset balance of bringing business to London longer term.”Another threat to London’s financial sector is technological advancement which has cut communication costs, meaning it’s now possible to trade or do business from pretty much anywhere in the world.”We’ve had good communications for a long time but the opposite has happened,” Professor Richard Roberts, financial historian at King’s College London, said. “Rather, the financial sector has intensified.”He described financial information as a commodity, and what you need to derive value from it is analysis. And being in the heart of London, surrounded by professionals, experts is the perfect place to do this.   What’s in store for London’s financial services sector? Friday 27 February 2015 7:25 am whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesComedyAbandoned Submarines Floating Around the WorldComedyFlight 10Secret Car Features Most Don’t Realize Their Car Is HidingFlight 10TheFashionBallPrince Harry Admits Meghan Markle May Not Be The OneTheFashionBallNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyMoneyWise.com15 States Where Americans Don’t Want To Live AnymoreMoneyWise.com Share whatsapp Jessica Morris Show Comments ▼ Tags: NULLlast_img read more

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