US financial giants back Osborne’s bid to protect London’s int’l finance centre position

The UK’s Chancellor of the Exchequer, George Osborne and leaders of international investment banks have today taken the unprecedented step of issuing a joint statement, as a part of what it has called, “a common aim to help London retain its position as the leading international financial centre”.

The statement was issued by Osborne himself alongside some of heads of some of the largest US investment houses including Goldman Sachs, Morgan Stanley and JP Morgan, as it bids to safeguard London’s position in the international financial community following Brexit.

The timing is also relevant, given today’s news, as reported, of the French government offering tax breaks and other incentives for those looking to move from London to Paris.

The statement read:

“Britain’s decision to leave the EU clearly presents economic challenges which we are determined to work together to meet.

We will also work together to identify the new opportunities that may now become available so that Britain remains one of the most attractive places in the world to do business.

One of Britain’s key economic strengths is that it is a world leading financial centre. It has one of the most stable legal systems in the world, a brilliant workforce and deep, liquid capital markets unmatched anywhere else in Europe, all of which are underpinned by world class regulators.

In recent years it has established itself as a global hub for renminbi, rupee, Islamic finance and green finance, as well as leading in new markets such as FinTech.

Today we met and agreed that we would work together to build on all this with a common aim to help London retain its position as the leading international financial centre”.

The statement was signed by UK Chancellor of the Exchequer, George Osborne, Alex Wilmot-Sitwell, president (Europe and Emerging markets excl. Asia), Bank of America Merrill Lynch, Robert Rooney, chief executive, Morgan Stanley International, Bill Winters, CBE, group chief executive, Standard Chartered, Michael Sherwood, vice chairman and co-chief executive, Goldman Sachs International and Viswas Raghavan, deputy chief executive and head of investment banking (EMEA), JP Morgan.

ABOUT THE AUTHOR
Gary Robinson
Deputy Editor, International Investment and Head of Video at Open Door Media Publishing. A fully qualified journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as an IFA.

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