Monday, October 04, 2010

Leading Tory Calls for End to London's Dominance

Today's Financial Times leads with an article claiming that George Osborne, Britain's Chancellor of the Exchequer, will be pledging in his speech to the Conservative Party conference to end the City's overwhelming dominance of the U.K.'s political economy. We agree that this should be a priority, and not just for the reason that financial services has become too dominant and the British economy needs to diversify towards more productive export sectors.

We also want action taken against London's leading position at the heart of Britain's tax haven empire. This not only harms the British economy (take a look at the U.K. tax gap), and sours relations with our European partners, but also causes havoc with the economies of potential trading partners in Africa, Middle East and elsewhere.

We hope that George Osborne will take the appropriate actions.


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