London will get financial help group


London is to get a new financial help group to aid it retain its competitiveness.

Chancellor, Alistair Darling is setting up the Financial Services Global Competitiveness Group, which he will co-chair.

Mr Darling said it is vital the body "can respond to the rapidly changing nature of international financial markets".

Citi chairman, Sir Win Bischoff, will join the chancellor in heading the group, which will meet monthly to analyse trends affecting the international financial services.

The world’s leading financial companies are drawn to London’s commercial property because of its prime location and established communication networks.

The new organisation will focus on the continued impact of the sub-prime lending crisis and the rapid growth of financial centres around the world.

"I have asked Sir Win to lead an assessment of these global trends and on their impact on financial centres over a ten to 15-year horizon," Mr Darling explained.