City of London’s Losing Ground and Needs Reforms, TheCityUK Says

Sept. 7, 2021, 7:44 AM

London’s role in the global financial system will be eroded further without changes to taxes, visas and international investment, according to one of the City’s main lobbying groups.

TheCityUK said there were already signs that British financiers were losing ground to other hubs, particularly in Asia. It said the country’s global share of cross-border bank lending fell from 17.8% in 2010 to 15.2% last year, while the share of hedge fund assets fell from 20.7% in 2010 to 14% in 2019.

“Europe is littered with cities that were once the leading international center of their day,” said Miles Celic, ...

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