ICAS President calls for action on City’s future
ICAS President Jim Pettigrew CA has called on politicians and business leaders to create the right environment to ensure the future success of The City as the global capital of the global capital markets.
In a speech in front of the Lord Mayor, Alderman Alan Yarrow (pictured with Jim, below left), at the Mansion House today (5 June 2015), City veteran Jim Pettigrew outlined five areas of focus for the next five years to ensure the success of The City for the next generation.
Jim said: "The City has been the most remarkable success story for the UK economy since the industrial revolution.
"But we believe that we are now at an important moment where tough leadership is required from Government and business to ensure that we build on this success for the future. Over the next five years we must act together in a way that we haven't done for the wider benefit of the UK economy.
Jim added: "With a new Government in place, we call on politicians and City leaders alike to unite around five key areas for the next five years."
Five key areas
1. The right skills
We need the right people to be available in the right numbers and with the right skills for today and tomorrow. This means a far more joined up approach between business, Government and the education sector.
2. We need a competitive tax regime
Around the world countries are seeking competitive advantage in corporate taxes and the right balance needs to be struck to simplify taxes and to keep the City competitive in that global context.
3. We need the right regulatory oversight
At a time when there is such huge change in the regulation of our banks and other financial institutions, we need the right combination of checks and balances and the freedom to take the considered entrepreneurial risks which create wealth, generate more taxes for our public services and lead to more investment and more jobs.
4. We need the best technology and the best digital culture
If we don't have the very best innovation and delivery of technology we won't regain the top spot as capital of the global financial markets and keep it. We must prioritise and change our mind-set in the City to ensure we achieve this.
5. The right access and relationships with the global markets
That's not just about the current debate on Europe but it is how we connect the City in the most productive way with Asia, the United States and with the emerging capital markets of Africa and South America.
Jim Pettigrew has worked in The City for nearly 30 years. He was the Chief Financial Officer for the world's largest money and derivatives broker ICAP PLC before joining Ashmore Group PLC as Chief Operating Officer. He then became Chief Executive of CMC Markets PLC. Jim is currently Chairman of Edinburgh Investment Trust plc, Chairman of Clydesdale Bank plc, Deputy Chairman of Royal Bank of Canada Europe and Chairman of Audit Committee at Aberdeen Asset Management plc. He is Non-Executive Director and Senior Independent Director of Crest Nicholson.