Politics
City Lobby Group Demands ‘Tax Roadmap’ for 2024 Election to Boost UK’s Financial Sector
General Election 2024: Leading Urban Advocacy Group Calls for Detailed Tax Strategy
TheCityUK has presented a series of electoral requests, such as enhanced regulatory consistency and initiatives to strengthen London's financial markets, according to a report from Sky News.
City editor @MarkKleinmanSky
Thursday, June 6, 2024, 6:
A leading lobbying organization from the City has emphasized the need for the forthcoming administration to establish "a definitive strategy for tax policy" to maintain the competitive edge of the UK's financial services sector.
Sky News has reviewed an electoral manifesto from TheCityUK, the advocate for the financial and professional services industries, calling on leading political parties to prioritize economic expansion by improving trade and investment and supporting regulatory consistency.
The report, set to be distributed to members of the trade group this week, details the agenda of a prominent urban organization that has established strong connections with both the Conservative and Labour parties.
In its policy recommendation document for the upcoming administration, TheCityUK asserts that the next government, taking office post-July 4, should formulate a comprehensive strategy to secure sufficient long-term savings to address the needs of social care.
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The text also emphasizes the need for reforms in capital markets to strengthen London's stock exchanges, a matter that has recently become a key concern in the financial district.
Over time, the report recommends new initiatives to enhance the stability of the UK's regulatory framework, citing worries that current unpredictability is hindering innovation and economic expansion.
Before the election was announced, both the Conservative and Labour parties voiced criticisms against the financial regulatory authority for its proposals to revamp its enforcement strategies.
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"The manifesto emphasized that thorough reporting, monitoring, and responsibility are crucial for upholding the UK's high standards, which in turn bolster its competitiveness."
Discover further details at Sky News: Eurozone receives a reduction in interest rates. Authorities planned to remove Paula Vennells from her role at the Post Office.
Several other organizations in the City, such as UK Finance that advocates for banks, have also released their main requests for the election.
Labour is reportedly set to launch a week-long focus on economic issues following the release of its manifesto next week, as a key element of its campaign strategy.
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