Britain's tax system was deterring overseas insurers from relocating to the UK and risked damaging the long-term competitiveness of the world's oldest insurance market, Richard Ward, the chief executive of Lloyd's of London, said yesterday, reports The Times.
The country is facing an unprecedented opportunity to attract overseas insurers, particularly from Bermuda, after the proposed crackdown on offshore tax havens by President Obama.
But Mr Ward said that Lloyd's was finding it hard to convince insurers to come to London because of its tax system, with corporation tax at 28 per cent and unresolved issues about the treatment of foreign profits. President Obama's move has prompted companies based in Bermuda to consider quitting the region. Willis, the broker, is understood to be leaving Bermuda, but will go to the Irish Republic rather than to the UK. Full story...
THE UK WILL lose its dominance in financial services if bankers continue to be demonised, the head of the bankers' lobby group warned last night, says The Guardian.
Angela Knight, chief executive of the British Bankers' Association, insisted the industry had "learnt the lessons of the credit crunch, we accept the public anger ... and we understand it".
Addressing criticism by Lord Turner, chairman of the Financial Services Authority, that parts of the City are "socially useless", Knight said banks were part of the modern economy.
"If we continue to demonise our own banking industry, there is no shortage of other jurisdictions which will leap at the chance of taking the business if we chose to discard it in this way, as we have done with many of our great industries in the past," said Knight. Full story...
BRITAIN'S ROLE IN the International Monetary Fund is under threat as the US lobbies for an extended role at the global body, according to The Telegraph.
According to a leaked draft version of the final communiqué of the summit, the IMF should play a leading role in monitoring the extent to which major economies stick to "balanced and sustainable growth".
Under President Barack Obama, the US is pushing for G20 members - including the UK - to sign-up to proposals which would aim to prevent future imbalances in the global economy.
His G20 delegation, led by chief negotiator Michael Froman, envisages the IMF playing a central role in ensuring countries stick to their promises. It would also drastically reorganise the IMF to reduce the role of established members such as the UK and France. Full story...
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created