The City of London’s Policy Chairman, Mark Boleat, has advised of the dangers faced by London’s financial services as a result of new regulation.
Mark Boleat, the new Policy Chairman for the City of London, has warned of the dangers faced by London’s financial services as a result of fresh regulation.
He insisted “a full understanding of the economic consequences” is required to avoid threatening London’s financial services sector.
Voted into the key City role on Friday, Mr Boleat said it would be critical to monitor new financial rules in the pipeline for Europe and the US considering their impact on London’s international competitive position.
“It doesn’t mean you sacrifice everything to get business, but it does mean there’s no point in imposing a rule in London if it’s not going to apply somewhere else that can take all the business,” he says, citing the controversial proposal for a financial transaction tax in Europe.
One of Mr Boleat’s first tasks is to flesh out the deal made in January between George Osborne and Hong Kong’s authorities proposing the expansion of the Reminbi currency trade.
“Clearly there’s a shift in economic activity to the east, which is undeniable. And to some extent financial business follows. So whatever happens, Hong Kong, Shanghai and Singapore will get bigger as financial centres. That’s as it should be and is perfectly natural.”
However, he acknowledges that a shift in economic activity to the east would inevitably see some business follow.
Alongside the Lord Mayor, the chairman of the policy and resources committee is a mouthpiece for City views, representing its interests in Westminster and Brussels and promoting it abroad as an international financial centre.