Keeping our capital working for the UK

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London First response to the Independent Commission on Banking

London First today responded to the Independent Commission on Banking (ICB) report

Baroness Jo Valentine, Chief Executive of London First, said:
“We welcome the Commission’s approach of weighing the benefits of increased stability with the impact on growth, in particular their more flexible approach to timing of increased capital requirements and the operation of the proposed ring-fence. Before these radical proposals are put into practice, the Government must undertake and publish a detailed impact assessment which considers the cost to UK competitiveness of all the post-crisis reforms. We need to get the maximum increase in the stability of the UK’s banking system with the minimum hit to our competitiveness.”

Ends

Notes to Editors

London First is a business membership organisation with a mission to make London the best city in the world in which to do business. London First undertakes this by mobilising the experience, expertise and enthusiasm of the private sector to develop practical solutions to the challenges facing London. London First also seeks to persuade central and London government to make the investments that London needs in its infrastructure

London First delivers its activities with the support of the capital’s major businesses in key sectors such as finance, professional services, property, ICT, creative industries, hospitality and retail. Membership also includes further education colleges and all of London’s universities. London First members represent over a quarter of London’s GDP.

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