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Financial Sector to Play Major Part In London’s Success

26/02/15

Financial services are part of the plan for London's future economic growth, Chancellor George Osborne has said.

Chancellor of the Exchequer George Osborne has outlined the government's long-term plan for London's economic growth, noting that the financial sector will have a major part to play in the capital's future success.

He listed six elements of the plans, ranging from housing to more local decision making, transport to digital infrastructure.

After listing the first four elements, Mr Osborne said: "The fifth part of that plan is to back unashamedly London’s strengths in science and finance and technology and the arts." Fintech will be among the areas of growth.

Mr Osborne said the plan is to create more than half a million new jobs, commenting: "There is nothing our great capital city cannot achieve if it applies determination and vision and optimism to our future".

The emphasis on London's growth comes despite the views of many that there is too great a gap in performance between the capital and the rest of the UK.

Mr Osborne agreed this has been a problem, but said addressing that will be achieved "by building a Northern Powerhouse, connecting up the south-west, making the Midlands an engine of growth - in other words by pulling up the rest of the country, and not by pulling London down."

The Chancellor added that he wanted the metropolis to match the growth rate of New York, which would add £600 to GDP per year for every person in Britain by 2030.

For financial sector recruiters looking to expand in London, the endorsement of the Chancellor may be heartening, although the policy announced may be largely contingent on the outcome of the general election.

However, those seeking the services of a skilled recruitment agency can still seek to bring in the best staff to help continue the growth of the sector as it bounces back from the financial crisis.

Mr Osborne said Britain will benefit from keeping London as the "greatest capital city on Earth". It may be that, ultimately, this is a view shared by other parties and will be preserved in the wake of the election, whoever is in power.

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