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City of London Says UK Needs Better Financial Services Strategy - BLOOMBERG
(Bloomberg) -- The City of London thinks the UK could attract as much as £7.7 billion ($10.2 billion) more investment by 2030 if it did a better job of attracting foreign sovereign wealth.
The government should establish a long-term financial and professional services strategy and create a dedicated agency to implement it, the financial district’s governing body said in a statement. A key aim should be to encourage investors like sovereign wealth funds and public pension funds to open a UK office, which prompts higher levels of investment.
Research by the City of London Corporation found that investors who opened a UK office more than doubled their investments in the country compared to the preceding five years. That includes Singapore’s Temasek fund and Canada’s British Columbia Investment Management Corp.
Altogether, sovereign investors with UK bases have committed £119.5 billion over the past decade, it found.
