We must focus on opportunities ahead
Looking to the future means looking outwards and investing in our people and their skills
In the past 18 months, the global financial market place has changed beyond recognition, but now more than ever we must strengthen our relationships and look to the future. Yes, mistakes have been made and these must be rectified. Once this has been done, we must focus on the opportunities ahead.
Looking to the future means looking outwards and investing in our people and their skills a priority for us in the UK and of course for the UAE. It is a truism that a growing market for financial and professional services needs educated young people with strong values and an international outlook. Training in business education, and gaining professional qualifications together form a highway to jobs, development and economic vigour and, in effect, a passport to the growing industry of financial services.
These young people will also need a global outlook: those who work in financial services may find themselves qualifying or taking an MBA in Dubai, training in Singapore, seconded to Mumbai before settling in London, New York or Paris. They will be well placed to benefit in the years ahead, which I believe will see many interlinked financial centres across the globe, supporting the real economy by providing the necessary financial services.
The increasing shift of the global economy towards the East does not change this reality and London has long recognised the need to welcome foreign ownership and talent both young and old. It is a financial centre which is truly internationally owned, managed and staffed: we play host to nearly 300 foreign-owned banks; many languages and dialects are spoken, 19 per cent of international bank lending makes the UK the largest in the world for crossborder banking.
Indeed, since the financial crisis we have focused on developing partnerships across the globe, which will foster future economic growth. We're currently seeing a revival in the issue of bonds, new IPOs on the London Stock Exchange and more corporate activity including investment in real estate especially from the Gulf and much of it into London's accessible and liquid property market.
That said, developing partnerships also means drawing on the experience of our partners and learning lessons from them. The world is seeking common answers to questions of regulation and how to deal with future risks. We must ensure that together we find the right regulation that works for us all emerging centres such as the Gulf as well as those in Europe and North America. Reform should be both practical and effective and enable coordinated participation by all the relevant world-wide authorities.
The writer is The Lord Mayor of the City of London.
