TheCityUK responds to the Mansion House speech

Chris Cummings, Chief Executive of TheCityUK comments

The Government's plans to begin a phased privatisation of RBS sends a strong message to international investors of the industry’s strength and stability and signals the next stage of normalising of the UK’s banking sector.

TheCityUK supports the Chancellor’s and the Governor’s commitment to ensuring the UK has the most attractive and competitive financial services market in the world. We now need bold and ambitious policies to ensure that London remains the world's pre-eminent financial centre. Critical to this is putting the continued competitiveness of the UK at the heart of the policymaking agenda.

"We agree with comments made that those who commit financial crime should be subject to the full force of the law. Important lessons were learnt as a result of the financial crisis and the industry has been working closely with regulators and government to ensure better regulation and better practices. The crimes committed by a small number of individuals undermine the reputation of the whole industry. There are 2.1m people who work in financial and related professional services, two-thirds of whom are outside of London. The actions of a few must not be allowed to damage the good standing of our employees across the country.