TheCityUK responds to the WEF Global Competitiveness Report

Responding to the latest World Economic Forum Global Competitiveness Report, Chris Cummings, Chief Executive, TheCityUK, commented:

While the UK has slipped one place in the global ranking this year, it remains in the top ten and scores particularly strongly in its ability to attract overseas talent, its highly educated workforce, and its strong financial markets. 

As this report highlights, the UK’s financial and related professional services industry is one of the world’s best developed and through its sectors – including banking, insurance, fund management, accountancy, consultancy and legal services – provides the financial infrastructure for our daily lives. A strong, competitive industry is essential to a strong economy and its success and the continued attractiveness of the UK as a place to invest are inextricably linked to competitiveness.

We cannot be complacent. The government should continue to implement bold and ambitious policies that will support its greatest tax paying industry – financial and related professional services. The WEF report highlights the correlation between competitiveness and an economy’s ability to attract and nurture talent. In line with that, issues such as caps on migration of international skilled workers, or policies that hinder investment and growth should be fully considered for their potential impact on the UK’s continued global attractiveness.