LONDON (Thomson Financial) - The competitiveness of the City of London, and how to increase it, came under discussion at a meeting between Chancellor of the Exchequer Gordon Brown and senior representatives from financial services today.
The Chancellor and the high-level group on financial Services, meeting for the second time, discussed proposals including a package of measures to improve the global competitiveness of UK hedge funds, which would cut their costs by up to 290 mln stg a year.
Among the other measures proposed were the creation of a new International Centre for Financial Regulation (ICFR) in London, which would research and offer training on international regulation, and a package of reforms to modernise the wholesale insurance market.
'Britain is a world-leader in financial services but it must never be complacent about the challenges ahead,' Brown commented after the meeting. alex.brittain@thomson.com abr/ss COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.