Advantage: the UK

There has been much speculation that the UK, and specifically London, has beaten New York to become the world’s leading financial centre. While there are many reasons for this advance, regulation is said to be the UK’s secret weapon and in this edited speech from Ed Balls, economic secretary to the Treasury, he explains the role of regulation in creating a competitive advantage.

It is not often that Government ministers are able to talk about regulation as a ‘competitive advantage’ for our economy. But over the past year, as I have seen at first-hand the strength and depth of talent that underpins our global financial services industry and how London has continued to grow and innovate to cement its place as the world’s leading financial centre, I have seen that in the wholesale financial services field this is indeed the case.