Response to HSBC’s decision to remain headquartered in the UK

Responding to HSBC’s decision to remain headquartered in the UK, Chris Cummings Chief Executive, TheCityUK, comments

This announcement is a vote of confidence in London’s position as the world’s leading international financial centre.

It’s clearly in the UK’s interests that HSBC, one of the leading global banks, remains headquartered here. At a time when other centres are fighting hard to attract business, HSBC’s serious consideration of alternative locations brings into focus the importance of short and long-term decisions by government to advance the attractiveness of the UK.

We know from our member firms that there are many reasons why London is an attractive place to do business, not least because of its position as the gateway to Europe and its Single Market of 500 million people, but also because of the access to international talent, its openness to investment and as a centre for innovation.

To maintain this competitive advantage, it is critical that the Government continues its pursuit of policies that spur growth and support international trade and investment. This will continue to attract as well as retain business in London and across the UK.