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British banks and financial services will be at the centre of the UK's economic recovery, the British Bankers' Association [BBA] said today. Welcoming the report of the Financial Services and Global Competitiveness Group, and its recognition that UK banks are well placed to keep their position at the front of the grid of world finance, the BBA said banks were working with individual customers, businesses and government to ensure the UK comes out of the global economic downturn as soon as possible.
BBA chief executive Angela Knight said the UK as a whole - both the City and its strong regional financial centres - has the experience, skills and people to keep the UK at the forefront of financial excellence:
"British banks and financial services have traditionally played a huge role in bringing investment and skills to the UK as well as contributing to the domestic economy. The current global downturn and well publicised problems in the financial sector worldwide may have dented confidence but our banks are working closely with customers, businesses and government to ensure we are well placed to come out the recession. Banks have already addressed many of the issues which caused problems and, ahead of many other centres, are already moving to rebuild.
“The report underlines the UK’s place in the global financial system and the importance of international financial services to the UK economy. As we move from recession to recovery a responsible financial services industry can contribute to a return to growth within a sustainable environment.
“UK financial services employ over 1 million people, not only in London and the South East but across the country. We need to ensure that the right conditions continue to be put in place for the industry to help customers and restore confidence now and for the future.”
The report identifies the following as being critical to the UK’s long term position as an international financial centre:
- Regulation – taking a leading role in the formulation and implementation of global and EU regulation.
- Tax – the maintenance of a stable, sustainable and competitive regime in the longer term.
- Skills – supporting a flexible labour market with enhanced skills and training.
- Innovation – innovating responsibly with effective oversight to meet the challenges of the next 10-15 years.
- Promotion – so that the sector fulfils its potential in meeting future economic opportunities of the UK and global economy.
