UK opens new concierge service in bid to woo more finance investment

[WASHINGTON] Britain’s government said on Friday (Oct 17) that it has launched what it hopes will be one-stop, concierge service to make it easier for financial services firms to invest in the country.

The new Office for Investment: Financial Services will seek to attract investment to cities around Britain, finance minister Rachel Reeves said. The service will include helping investors pick locations and navigate British regulation.

She announced the plan earlier this year as part of a broader push to reduce regulatory uncertainty. The new agency will involve the Treasury, financial regulators and the City of London Corporation.

On Thursday, Reeves said she did not disagree with arguments from finance firms that taxes on them in Britain were relatively high, suggesting they will not bear the brunt of tax increases she is expected to announce in her Nov 26 budget. REUTERS