Britain needs finance sector strategy to tap foreign billions, report says

New research from the City of London Corporation suggests that the UK could attract more foreign investment by developing a long-term strategy for its financial services sector.

The report, entitled 'A Strategy for UK Financial Services', argues that the government should focus on three key areas:

1. Making the UK a more attractive destination for foreign investment
2. Boosting the UK's competitiveness in key financial services sectors
3. Developing a more sustainable and inclusive financial services sector

The report's authors argue that the UK has a number of advantages that could make it a more attractive destination for foreign investment, including its strong regulatory environment, its skilled workforce, and its access to global markets.

However, they also identify a number of challenges that the UK needs to address, such as the rising cost of doing business in London, the uncertainty created by Brexit, and the increasing competition from other financial centers.

The report recommends that the government take a number of steps to make the UK a more attractive destination for foreign investment, including:

• Reducing the cost of doing business in London
• Providing more support for businesses that are looking to invest in the UK
• Promoting the UK as a global financial center

The report also recommends that the government focus on boosting the UK's competitiveness in key financial services sectors, such as asset management, banking, and insurance.

To do this, the government should:

• Invest in research and development
• Support businesses that are developing new products and services
• Create a more favorable tax environment for businesses that are operating in the UK

Finally, the report recommends that the government develop a more sustainable and inclusive financial services sector.

To do this, the government should:

• Encourage businesses to adopt more sustainable practices
• Support businesses that are working to make financial services more accessible to everyone
• Promote diversity and inclusion in the financial services sector

The report concludes that the UK has the potential to become a leading global financial center, but that it needs to develop a long-term strategy to achieve this.

If the government takes the steps recommended in this report, it could help to attract more foreign investment, boost the UK's competitiveness in key financial services sectors, and develop a more sustainable and inclusive financial services sector.