London Lord Mayor Says City Working to Attract Financial Firms

Roger Gifford, Lord Mayor of the City of London, said the U.K. capital is working to maintain its attractiveness as a base for financial firms amid efforts to overhaul the country’s banking regulations. He spoke in an interview in Mexico City on July 18.

On whether he has seen evidence regulation has deterred financial firms from London:

“You need to look at each individual sector. So, for instance, in asset management we’ve seen substantial numbers of funds coming to London. The insurance market hasn’t been affected at all. And let’s remember that most of the market isn’t banking: it’s insurance, asset management, commodities, maritime, law, and accounting. So if you just take that one sector, banking, no we haven’t, but I think there’s definitely a threat.”

“It’s not that people are moving away, but I think new investment decisions are looking more broadly than they did before. We’re very concerned that companies who are looking to invest in a new lending operation or a new retail operation, that they still think of the U.K. as a very attractive place to come. So we’re working hard to keep the place looking good and looking attractive.”

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