In response to the Prime Minister’s speech today at the Conservative Party Conference, Chris Cummings, Chief Executive, TheCityUK, said:
TheCityUK welcomes the Prime Minister’s commitment to EU reform. He noted that the EU would be weaker without the UK. This is true and it is important for the UK to set out a constructive reform agenda which will address the reforms other European leaders want to see. The UK can now set out a vision for the EU to become more competitive, dynamic and outward looking. A Europe based on completion of the Single Market, benefiting from global trade agreements, will set the framework to drive jobs and growth right across the EU.
We welcome the Prime Minister’s commitment to delivering the most competitive corporation tax rates in the G20. This will bolster the UK’s continued economic recovery by making the UK even more attractive to foreign direct investment. The UK’s financial and related professional services industry attracts more FDI than any other sector, is our nation’s largest tax paying industry and leading export earner.
A commitment to long-term financial planning is essential for our economic recovery. Changes to pensions must make it more attractive for people to take personal responsibility for their long-term finances. They are also potential contributors to the recovery, adding to business funding and growth and stimulating infrastructure investment, making the UK even more attractive to foreign investors.