British lawmakers need to take “urgent action” to ensure the U.K. maintains its position as the leading global financial center or risk the departure of banks to cities such as Singapore and Hong Kong, according to the British Bankers’ Association.
New regulations, taxes and depressed economic activity in Europe have resulted in an 8 percent drop in British banking jobs, with two-thirds of BBA members saying they’ve moved business elsewhere since 2010, the lobby group said in a report Friday. The BBA recommends a softening of the law separating retail operations from investment banking, further tax cuts and a reworking of visa limits to make it easier to hire from abroad.
