§ Lord Pattenasked Her Majesty's Government:
Whether they have any plans to assist in the promotion of the activities of the City of London. [HL3731]
§ Lord McIntosh of HaringeyThe Government work with the Corporation of London and the Office of the Lord Mayor, the Bank of England and, where appropriate, the Financial Services Authority, as well as with British Invisibles and other promotional bodies, in promoting the activities of the City of London. The Government add value by supporting those activities, 137WA for example through ministerial speaking engagements and visiting programmes promoting UK-based financial services. Developments in the City, such as the preparations for the introduction of the euro, are presented as illustrations of London's competitiveness in international financial services business. The Government have also announced plans to legislate to amend the UK's financial services regulatory regime to ensure that it is fit for the new millennium and that London's reputation as a clean place to do business will be maintained and enhanced.
With the aim of developing government support further, Treasury officials have been liaising with the City and with other government departments, notably the Department of Trade and Industry and the Foreign and Commonwealth Office, to draw up a list of important markets in which promotional activity should be concentrated to identify achievable objectives in those markets and to ensure that there is better co-ordination among the various bodies involved. This will enable future visits by Ministers to those markets to concentrate on the issues of importance to the financial services industry, will streamline the activities of accompanying business people from the City and will complement the overseas programmes of other parties, such as the Lord Mayor.