The UK financial sector is warming to Labour's pro-business overtures and pledges to provide stability and support, but many in the City remain wary it could be targeted to prop up Britain's stretched public finances further down the line.
Buses cross Waterloo Bridge with the City of London financial district seen behind, in London, Britain, March 5, 2024. REUTERS/Toby Melville/File PhotoLONDON, July 4 - The UK financial sector is warming to Labour's pro-business overtures and pledges to provide stability and support, but many in the City remain wary it could be targeted to prop up Britain's stretched public finances further down the line.
"The most important change is that there has been a big shift in mindset by Labour towards the City in the past few years," William Wright, managing director of think-tank New Financial told Reuters. Michael Moore, chief executive of BVCA, a private equity industry body, said Labour was, however, showing willingness to back up its "pro-business mood music with engagement on substance".
France's central bank said last year transactions between French-based financial services firms and the rest of the world hitpublished by CityUK in January, the UK had a 16% share of cross-border bank lending in 2016 but this fell to 14% by end Q2 2023. This is equivalent to 12.3% of total UK tax receipts, more than the UK government's education budget, or more than half the health budget.The Financial Conduct Authority is set to publish its listings revamp after the election, which could spur a flurry of corporate activity from end-July.at a faster pace than previously thought in the first three months of this year, but the broader economic backdrop remains fragile.
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