Press releases
Our latest press releases, statements and commentary.
TheCityUK Extends International Financial Centre Network
Toronto becomes latest financial hub to join global financial alliance.
UK banks improve stability and see assets hit record high, as global investment banking fee revenue drops
UK banks have improved their capital and funding positions and are in a better position than other large European countries, according to TheCityUK’s Banking 2012 report. Banking sector assets in the UK were up 3% to a record £8,119bn in 2011, although profitability declined by approximately 10% during the year.
‘We need to encourage a savings culture’: Chris Cummings, CEO of TheCityUK
Speaking at TheCityUK’s ‘Making Pensions Work’ conference, CEO Chris Cummings is today calling for more to be done to encourage a savings culture and improve consumer confidence in the savings and pensions industry. The keynote speaker at the conference is Pensions Minister Steve Webb MP who will speak about 'defined ambition' pensions, as well as auto-enrolment and the wider savings challenge issues.
TheCityUK: Lords Committee recognises danger of FTT
TheCityUK has welcomed today’s report from the House of Lords EU Sub-Committee on Financial and Economic Affairs on the European Commission’s proposals for a Financial Transaction Tax (FTT).
Global Islamic finance assets reached $1.3 trillion in 2011
A new report from TheCityUK’s UK Islamic Finance Secretariat (UKIFS) indicates that Islamic finance assets worldwide continued a long run of growth to reach an estimated USD$1.3 trillion in 2011, 150% up over the previous five years.
New Anglo-Russian Initiative Delivers Interim Arbitration Report
The Interim Report of the Alternative Dispute Resolution (ADR) work-stream of TheCityUK’s UK-Russia Liaison Group on Moscow as an International Financial Centre was published today. The report was prepared by its ADR work-stream members, including representatives of law firms Herbert Smith, Hogan Lovells, Muranov Chernyakov & Partners and White & Case, under the chairmanship of Khawar Qureshi QC.
Budget provides grounds for optimism
Welcoming the Chancellor’s Budget statement, Chris Cummings, CEO of TheCityUK, said: “The reductions in both corporation tax and personal tax send a strong signal that the ‘open for business’ sign over the UK is well and truly lit.
Global pension assets hit $30.9 trillion in 2011
A new report from TheCityUK estimates that global pension assets enjoyed their third successive year of recovery in 2011 rising by 3% to $30.9 trillion. The increase follows an upturn of 10% in 2009 and 11% in 2010. TheCityUK’s Pension Markets report notes that the UK, with pension assets totalling $3 trillion (or 91% of GDP), remains the second largest market in the world accounting for 10% of total assets. UK assets are only exceeded by the US market where assets of $17.4 trillion make up more than half (58%) of the global total.
Global hedge funds see $70bn net inflow of funds in 2011 as launches outpace liquidations for second year running
Global hedge funds’ assets totalled $1,902 billion at the end of 2011 according to TheCityUK’s report Hedge Funds 2012. Although a 3% reduction from the previous year, it follows two successive years of growth that have seen assets increase by around a quarter.
TheCityUK calls for UK to play leadership role against maritime piracy
In a letter sent to the Prime Minister ahead of today’s London-Somalia conference TheCityUK, the body responsible for promoting financial and professional services, has called for the UK to take a leadership role in the fight against maritime piracy.
