Boris Johnson defends the UK financial sector
Boris Johnson, the Mayor of London, has today come out fighting in defence of the UK financial sector in what he believes is an ill-advised attack from the UK government. Highlighting the fact that the UK financial sector accounts for 9% of Britain's annual gross domestic product and 13% of "value-added" in the economy he believes the sector should be supported rather than attacked.
While many leading figures in the UK business arena are of the same opinion as Boris Johnson, very few have been able to make their voices heard over the constant criticism of the sector. Perhaps now we can have an honest and open debate regarding the UK business arena and how influential the UK financial sector actually is. There is some concern that by clamping down on the financial sector the government could in some way put out the fire of the UK economy's engine room which will impact on future economic growth.
Many believe that the competitiveness of the UK financial arena has been compromised over the last two years amid constant attacks from politicians and governments of the day. As the public continues to demand more and more regulations for the sector it seems as though the attacks could continue for some time to come.
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