TheCityUK Budget 2011 representation

TheCityUK Budget representation was submitted to HM Treasury on 4 March 2011. We asked the Chancellor to consider proposals for policy on growth strategy, tax and regulation.

Growth strategy

We asked the Government to acknowledge the crucial role which financial services will play in its growth strategy and to work with the industry to ensure that financial services help the Government to realise its long-term growth objectives as part of its growth review.

Taxation

We asked for a commitment to the principals of stability, consultation and competitiveness in taxation; a commitment to repeal recent extraordinary tax rises in due course; and a reappraisal of the tax treatment of equity investments in SMEs.

Regulation

We recognise that changes in the regulatory environment which address failures that arose during the financial crisis are to be welcomed. In the context of a period of rapid and substantial regulatory reform, we asked the Government to consider new regulatory requirements with a view to their impact on the availability and affordability of financial products to companies and consumers, and on the international competitiveness of UK financial services.

Chris Cummings, Chief Executive, TheCityUK, comments:

"TheCityUK is committed to working in partnership with Parliament, Government and society to deliver a sustainable and successful financial services industry at the heart of UK plc.

"These policy proposals will help towards re-establishing the international competitiveness of the UK as a place to do business, enabling the financial services sector to work with UK businesses and consumers to make the most effective contribution to job creation and growth across the UK economy."