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18 February 2013
Comment from Baroness Jo Valentine:
“We want to see growth in all parts of the UK , but you don't encourage growth in the regions by stamping on the city whose success is subsidising them. London actually helps attract financial sector jobs and investment into the UK. More than half of the 1 million or so jobs in the finance sector are already based outside London, often in areas earmarked for regeneration.
London is a global financial centre that competes against just a few foreign hubs such as New York, Singapore and Hong Kong, not Manchester, Cardiff or Glasgow.”
“The UK is not Germany, the USA or India – we need to recognise that and get behind those sectors that give us strength rather than trying to bring everything down to the level of the weakest link.”