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London's position as a leading financial services centre is under threat from fresh regulation and a shift of power to the East, a survey conducted by the Confederation of British Industry and PricewaterhouseCoopers among top finance executives in the city revealed.
London's position had not been dented by the global downturn, said figures interviewed in the survey. But the economic shift towards the East and the risk of unilateral regulatory action taken by UK authorities posed "very serious threats".
"London will lose market share, though it won't diminish in importance," Stephen Green, chairman of HSBC, told the CBI. "This is not because of the financial crisis, but because of shifts in the global economy."
Michael Spencer, chief executive of Icap said London could be damaged if regulation became too burdensome. Lord Levene, chairman if Lloyd's of London, voiced concern about what he described as "politically motivated changes to the tax system".
In December, British Chancellor Alistair Darling announced plans for a one-off super-tax on bankers' bonuses as part of his pre-Budget report. The move attracted criticism from London Mayor Boris Johnson, who claimed over 9,000 bankers could leave the city as a result of the move and accused the chancellor of "fast-tracking the departure of talent pool out of Britain".
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