By Huw Jones
LONDON, March 21 (Reuters) - Top officials from
Britain's financial sector said on Tuesday they would set out a
blueprint later this year to "kickstart" London's role as a
post-Brexit global financial centre by 2030.
The City of London, home to Britain's historic financial
district, said that Lloyd's insurance market, asset manager
Schroders, auditor KPMG, Barclays bank and others will work on a
roadmap to compete better with centres such as New York and
Singapore.
"What I feel is that there is no overarching vision and
strategy for UK financial services," Chris Hayward, the City of
London's policy chairman, told Reuters.
The roadmap will be presented to Britain's political parties
in the autumn as they prepare manifestoes for a likely general
election in 2024, he said.
"What it is not about is deregulation. I genuinely believe
that good, proportionate regulation and good growth are two
sides of the same coin," Hayward said.
The sector, which accounts for 12% of UK economic output,
was largely cut off from the European Union by Britain's
departure from the bloc in 2020.
London remains the world's second most important financial
centre after New York, but Asian centres like Singapore are
snapping at its heels.
Amsterdam's overtaking of London as Europe's biggest share
trading centre since Brexit and the decision by UK chip designer
Arm to only list in New York have added to the City's
soul-searching.
Britain has already proposed the "Edinburgh Reforms"
comprising over 30 changes to existing rules, with the EU and
U.S. doing likewise in some areas.
The City's Finance for Growth initiative would be an
umbrella, long-term strategy sitting above reforms of individual
rules, Hayward said.
It will focus on tech and innovation, sustainable finance,
competitive marketplace and international trade, and aim to
deliver "ambitious, actionable recommendations for the
competitiveness of UK financial services" in the third quarter.
City Minister Andrew Griffith has ruled out radical
divergence from the U.S. and EU, saying this would bump up costs
for global firms.
(Reporting by Huw Jones; Editing by Paul Simao)
Messaging: huw.jones.thomsonreuters.com@reuters.net))
