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HSBC announcement highlights risks to London’s competitiveness

Following HSBC’s announcement that it is considering moving its head office from London, David Lutton, Director of Financial Services Policy at London First, said:

“The City is an easy target for politicians, but there is a point at which the combined burden of increasing regulatory costs with uncertain and unstable taxes like the Bank Levy become uncompetitive and inflict so much pain they put London’s status as the global centre under threat.

“The risk is compounded by uncertainty over our EU membership. One of the main reasons companies come to London, bringing jobs and opportunity for the whole of the UK, is because the city is a springboard to Europe – the biggest economy in the world.

“If we are left outside the EU after a referendum we would no longer be able to offer that prize to businesses and London would suffer because of it.”

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