TheCityUK respond to John McDonnell’s speech at Bloomberg’s London HQ

In response to Shadow Chancellor, John McDonnell’s speech at Bloomberg’s London headquarters today, Miles Celic, Chief Executive Officer, TheCityUK, said,

It is good to hear John McDonnell call for a ‘new start’ with our industry and we look forward to exploring this with him. We are Britain’s biggest net exporter and provide one in every 14 UK jobs right across the country. There are 22 towns and cities in the U.K. with over 10,000 jobs from our industry, making it a critical part of this country’s future economic growth and prosperity.

“A UK Financial Transaction Tax, however, is not the way to support growth in cities such as London, Manchester, Birmingham and Edinburgh. It would raise everyday costs for large and small businesses. Savers across the country would be hit and the value of their pensions and investments eroded.

“Our industry is already the UK’s biggest taxpayer, paying £14 out of every £100 of UK tax revenue raised. Countries across the world regularly go to great lengths in their attempts to attract financial and professional services jobs from the UK. They do this because they recognise the huge national asset that this industry represents. We are the world leader in this area but our lead will not last long if we start booting balls into our own net.”