TheCityUK unveils international strategy to promote UK's global financial services capabilities

14 October 2011

TheCityUK, the independent body promoting UK-wide financial and related professional services, will unveil its international strategy to help maintain the UK's position as the world's leading financial centre, detailed in a report to be published on Monday. With the full support of UK Trade & Investment and complementing its strategy, Britain Open for Business, TheCityUK will work closely with UKTI to ensure the financial and professional services sector remains a key sector to drive UK growth.

The international strategy has been developed by TheCityUK's Overseas Promotion Committee (OPC), which acts as the financial services sector advisory board for the Minister of State for Trade & Investment. This follows an extensive review undertaken during the summer of 2011.

Emphasising the importance of a stronger international focus to the UK's growth agenda by the financial and professional services industry, TheCityUK also announces the launch of the Turkey Working Group. This is in response to the changing economic landscape to be better placed to leverage the opportunities between the UK and this fast growing developing market.

Outlining the benefits of the initiative, Lord Green commented, “UKTI's strategy, Britain Open for Business, outlines our ambitions for successful promotion of the financial and professional services sector. This can only be achieved by close cooperation and assistance of TheCityUK to act as the voice for the sector in raising awareness of the UK's financial services capabilities abroad to enhance its profile and encourage future investment.”

Chris Cummings, CEO of TheCityUK commented, “TheCityUK and the Government, together with the rest of the industry will work to support the UK's ongoing success and reputation as a world-leading global financial centre. The UK's financial services and related professional services contribute a surplus of £40bn to the UK's balance of payments. Additionally, financial services accounts for 10 per cent of GDP and related professional services contribute a further 4 per cent of GDP. This international strategy is critical to maintaining the UK's competitiveness in the face of new and evolving growth markets. We are committed to securing the UK's ongoing attractiveness as a global financial hub, imperative to driving the UK's recovery and growth.”

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