Promoting UK interests internationally
The Government supports the financial services industry’s efforts to promote itself overseas. The UK is home to a wide and varied financial services industry, which has a lot to offer an expanding international client base. As such, the Government welcomes the establishment of TheCityUK – a new independent membership body for promoting the UK-based financial and professional services industry.
The Government is committed to helping UK businesses compete effectively in the single European market and enjoy the benefits of world trade. The competitiveness of financial services is therefore factored into all negotiations with EU and international partners when discussing the agenda for financial services reform. The UK Authorities – the Treasury, Bank, and Financial Services Authority FSA – work closely with international colleagues to ensure that the implementation and sequencing of regulatory changes are taken forward effectively to improve the health, structure and governance of the industry.
The Government believes it is essential that ambitious regulatory reform is developed in such a way that is effective, supports financial stability, and also allows for responsible growth in the future. A healthy and competitive industry that supports the wider economy – as well as being an important part of the economy in its own right – is in the interests of everyone.
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