Making business easier for international firms

If we get key decisions right, as we are doing with regulation of exchanges… I believe we can entrench London as the key financial centre of the 21st century.

Ed Balls
UK Economic Secretary to the Treasury

By Anna Rooke, OurWorld Editor

The UK chancellor Gordon Brown has promised to keep a “light regulatory touch and a competitive tax environment” for businesses in the UK.

This week, UK Trade & Investment’s CEO Andrew Cahn met with Gordon Brown, Economic Secretary Ed Balls, Mayor of London Ken Livingstone and senior figures from across the financial services sector to discuss how the City of London can maintain and enhance its globally competitive edge.

Coinciding with the meeting, the chancellor set out proposals to reduce the burden of regulation on UK businesses by 25%.

Working with financial services sector

Financial services businesses will be involved in a consultation to ensure that the burden of EU regulation is minimised.

In partnership with the Financial Services Authority, the Government will also look at ways of lightening the regulatory regime for insurance companies.

Skills boost

Research will be undertaken to ensure that the UK has the right skills to meet the needs of its growing financial services sector.

“We will work with the Financial Services Skills Council to examine long-term skills needs and work with Britain’s world-class universities to redouble training,” the Chancellor said in an article for the Financial Times newspaper.

Avoiding Sarbanes-Oxley

New legislation is also being brought in to ensure that the USA’s Sarbanes-Oxley reporting requirements cannot affect businesses in the UK.

“If we get key decisions right, as we are doing with regulation of exchanges, and continue to attract the best talent from around the world, I believe we can entrench London as the key financial centre of the 21st century,” commented the UK Economic Minister Ed Balls.