Briefly noted

▪ The High Level Group on City Competitiveness met for the third time since it was formed in 2006 at the instruction of then Chancellor Gordon Brown in November. Chancellor Alistair Darling and economic secretary to the Treasury Kitty Ussher hosted the meeting which was attended by representatives from the financial services sector. The Treasury said financial services businesses continued to support principles-based regulation, despite recent market events, and Ms Ussher said she will hold an informal High Level Group meeting in 2008 with MPs to discuss the UK’s principles-based regulatory approach. It was also agreed at the meeting that an expert group of financial services representatives would be established to develop the UK’s involvement in the international arena and “inform the Government’s approach to international discussions affecting the financial services industry”.