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British banks – we’ll spearhead revival

British banks – we’ll spearhead revival

Category: Economy

Updated: 08/05/2009
First Published: 08/05/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The banks and financial services in the UK will be at the centre of the country's economic recovery, the British Banking Association (BBA) has insisted.

The bold statement comes after a report by the Financial Services and Global Competitiveness Group found that UK banks are well placed to maintain their position at the forefront of global finance.

It also concluded that emphasis in regulation, tax, skills, innovation and promotion will be critical to the financial sector fulfilling potential economic opportunities, both at home and abroad.

The BBA said banks were working with customers, businesses and government alike in a bid to ensure the UK overcomes the downturn in the near future.

Chief executive of the association, Angela Knight, said both the City and regional centres of finance in the UK have the necessary skills and experience to lead the country back to economic excellence.

"British banks and financial services have traditionally played a huge role in bringing investment and skills to the UK as well as contributing to the domestic economy," she continued.

"The report underlines the UK's place in the global financial system and the importance of the international financial services to the UK economy."

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