Red tape bonfire to unlock £40bn

A WAVE of City deregulation under Jeremy Hunt’s Chancellorship will “turbocharge” £40bn of investment and help the City remain ahead of its European rivals, according to the chief executive of the London Stock Exchange.

Julia Hoggett said the so-called Edinburgh Reforms, which are aimed at increasing the City of London’s competitiveness, will allow tens of billions of pounds of new capital to be directed into British companies, infrastructure and green investment.

She also insisted that the Square Mile is unchallenged in Europe. Although the Paris stock market has overtaken London’s in its total size, shares only account for a small fraction of London’s overall trading activity.

Ms Hoggett pointed to the annual Global Financial Centres Index, compiled by Zyen, which puts the City in second place globally behind New York, with Paris tenth.

Writing in The Daily Telegraph, she said: “The latest Global Financial Centres Index recognises London leads Europe when it comes to business environment, human capital, infrastructure, financial sector development and reputation.”