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Reform needed but Britain can remain an economic world leader, Chancellor tells LSE audience

The Chancellor predicted a reformed financial services sector will play an important role in Britain's economic recovery as he launched a report on the future of the UK's financial services sector at the London School of Economics and Political Science (LSE).

Alistair Darling and Sir Win Bischoff, former chair of Citi, introduced the report - published by the Financial Services Global Competitiveness Group (FSGCG) in an event at LSE's Sheikh Zayed Theatre which was chaired by the School's Director, Howard Davies.

The report argues that the UK's financial services sector can continue to be a world leader by working as a genuine partner of British business and emerging economies while embracing the need for global regulatory reform.

The group has proposed a 10 to 15-year framework for strengthening the UK's place in the rapidly changing global financial services industry.

Before an audience of LSE staff, students and invited guests, the speakers explained why financial services matter to the UK and examined the report's recommendations.

Effective regulation - with the UK taking a leading role in formulating global and European standards - will be the most important determinant of the sector's future success the report argues.

The report also highlights the importance of maintaining effective long-term performance in areas such as the UK's skills base, tax environment, innovation and promotional efforts to ensure that the financial services sector is well positioned to play a role in meeting the future economic opportunities of the UK and global economy.

The full report is available at http://www.hm-treasury.gov.uk/d/uk_internationalfinancialservices070509.pdf|

Ends

8 May 2009

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