TheCityUK outlines plan for UK to regain market share after warning financial centre status 'at risk'

Suggests putting UK ‘at heart’ of global ESG markets

clock • 2 min read
London faces competition from New York, Hong Kong and Singapore
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London faces competition from New York, Hong Kong and Singapore

Industry body TheCityUK has set out a new strategy to ensure the UK regains its status as an international financial centre within five years, after it warned that the growth of financial centres in Asia and the US has caused the UK to “lose ground” in global market share.

TheCityUK, which represents UK-based financial and related professional services, said that the UK has seen a decline relative to its international competitors such as New York, Singapore and Hong Kong over the past decade and that its reputation as a "world-leading financial centre", which it was until 2018, is "at risk". In its new global strategy, which the body has developed with firms, business groups and partners, it outlines a plan to boost the UK's competitiveness and attractiveness through strengthening capital markets and related infrastructure, attracting talent and ensuring t...

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