The new financial services global competitiveness group will be jointly chaired by Chancellor Alistair Darling and Citi chairman Sir Win Bischoff and will report directly to the high level group on city competitiveness.
Senior financial services representatives will meet monthly to analyse global trends affecting the international financial services industry and report back to the high level group in Spring 2009.
The Chancellor has also announced the creation of a professional services global competitiveness group, jointly chaired by Sir Michael Snyder and economic secretary to the Treasury Kitty Ussher and a working party to review the efficiency of the UK’s capital raising process, chaired by Ussher and FSA chief executive Hector Sants. Darling is expected to announce further details of two new groups which will focus on UK-based wholesale financial services and the insurance sector.
Chancellor Alistair Darling says: “The financial services sector provides more than a million jobs in the UK and accounts for over 10 per cent of GDP. It is vital it can respond to the rapidly changing nature of international financial markets, with major shifts in financial flows and players to growing centres of influence and new sources of profit.”