The City of London Corporation has urged the Conservative party to “champion” Britain’s financial and professional services as both major parties in Westminster make the case for economic growth.
As the Conservative Conference kicked off in Birmingham, the Corporation highlighted the sector’s ability to create high-skilled jobs and attract investment.
Speaking at a roundtable alongside former deputy prime minister Sir Oliver Dowden MP, policy chairman Chris Hayward said: “Improving economic growth transcends political divide and calls for the efforts of both Government and the Opposition to develop strong policies.”
Hayward also pushed for the financial sector to play a central role in growth plans, and urged cross-party support to harness the sector’s strength to boost infrastructure and public services, calling financial services a “catalyst” for economic recovery.
Hayward referenced the City Corporation’s latest research showing that the sovereign wealth and public pension funds with UK offices have more than doubled their investments in the UK, “injecting an additional £13.4bn into sectors like infrastructure and innovative tech”.
He also emphasised the importance of sending clear signals from Westminster to investors, saying: “The UK must position itself as the premier investment destination. We cannot afford to lose out to global competitors.”
The financial services sector employs over 2.5m people nationwide, contributing nearly 10 per cent of the UK’s gross domestic product.
The City of London Corporation also said that London remains Europe’s top financial hub, but warned of increasing competition from rival cities like Paris and Frankfurt.