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Response to the Independent Commission on Banking (ICB) interim report

Responding to the Independent Commission on Banking interim report

Baroness Jo Valentine, Chief Executive of London First, said:

“The concern of London First, on behalf of the capital’s business community was that UK competitiveness shouldn’t be undone through dogmatically driven structural upheaval. John Vickers and his commission have assuaged this concern. Nevertheless, while increased capital requirements may reduce risk, they will make it harder for new banks to break into the market and could result in higher credit costs for UK business, compared to their European competitors. As the country looks to the private sector to create the growth and jobs required to fuel the economic recovery, we should avoid inadvertently stifling the ability of business in the UK to expand.”

Ends

For further information, please contact:
Emma Apter on 020 7665 1427 / 07535977004

Notes to Editors
London First is a business membership organisation with a mission to make London the best city in the world in which to do business. London First undertakes this by mobilising the experience, expertise and enthusiasm of the private sector to develop practical solutions to the challenges facing London. London First also seeks to persuade central and London government to make the investments that London needs in its infrastructure

London First delivers its activities with the support of the capital’s major businesses in key sectors such as finance, professional services, property, ICT, creative industries, hospitality and retail. Membership also includes further education colleges and all of London’s universities. London First members represent over a quarter of London’s GDP.

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