The next government must deliver “a clear roadmap for tax policy” in order to preserve the competitiveness of Britain’s financial services industry, one of the City’s top lobbying groups has urged.
Sky News has seen a general election manifesto prepared by TheCityUK – which represents the financial and professional services sectors – in which it urges the main parties to focus on boosting economic growth through enhanced trade and investment and promoting regulatory stability.
The document, which is being released to members of the trade association this week, outlines the priorities of an influential City body which has forged close ties with both the Conservatives and Labour.
In its manifesto for the next government, TheCityUK says that whoever comes to power after July 4 should develop a strategic plan aimed at ensuring the UK has adequate levels of long-term savings to meet social care demands.
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It also calls for a focus on capital markets reform to bolster London’s equity markets – an issue which has become a central focus in the City in recent months.
In the longer term, the document urges fresh efforts to improve the predictability of Britain’s regulatory environment amid concern that this is stifling innovation and growth.
Both the Tories and Labour criticised the City watchdog prior to the election being called over its plans to overhaul its enforcement regime.
“Effective reporting, scrutiny and accountability will help to ensure the UK maintains high standards that support its competitiveness,” the manifesto said.
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