The UK’s financial services sector is a “national and international asset” which should politicians should avoid punishing or paralysing by regulatory changes, according to Ian Luder, the Lord Mayor of the City of London.
Lord Mayor, who acts as ambassador and advocate for the City, offered a “robust” defence of the UK’s financial services industry when he addressed the annual City Banquet at Mansion House last night
Recognising the need for regulatory changes, Lauder said they “must be designed to strengthen and help grow the financial services sector, not to first paralyse and then shrink it” and will call on politician and regulators “to regard the financial services industry in its true light, as a major national and international asset – they are duty-bound to preserve the growth and international competitiveness of this sector.”
Setting out the importance of the financial services industry, the Lord Mayor warned that “unless the public’s confidence in the banks is regained the whole of the financial services sector will be irreparably damaged and this issue will continue to be used as a political football in a match which could last until the next general election and beyond.”
Luder also cautioned that altough “the excesses and misjudgements of some have dismayed us all, we need to remember that it is banking activity, international banking activity, which makes the world go around. No other industry has the potential to help lift so many people out of poverty, especially in emerging economies.”