Regulation key to London’s competitiveness

In his early days as the new economic secretary to the Treasury, Ed Balls promised to champion London’s financial services sector in Europe and internationally. As one of the most influential players in the regulation of the sector, Mr Balls tracks the development of London’s competitive position as one that embraced globalisation to its benefit. Mr Balls says it is important that the FSA is a light-touch regulator and added that he is watching the industry’s backs for competitive threats, noting the rise of Bermuda as an international insurance centre. We feature some of his most significant comments below.

Government & the City: pre-1997

London’s history as a trading and financial centre over the last three centuries and our long-standing traditions of openness, internationalism and of flexibility explain why modern Britain is responding to the challenge of globalisation without the kinds of protectionist and nationalist reactions that hold back many of our trading partners.