Addressing leading members of the investment management sector, Economic Secretary to the Treasury, Sajid Javid, and Financial Secretary to the Treasury, Greg Clark, spoke of the importance of the investment management sector to the UK economy as they officially launched the government’s UK investment management strategy.
The government first published its UK investment management strategy alongside Budget 2013 on 20 March.
In the interest of creating jobs and spurring growth, the UK investment management strategy follows three broad areas where the government will act to best help the sector: taxation, regulation and marketing.
Drawing on the three areas of the strategy the Financial Secretary spoke of the importance of a “simple, fair and stable tax regime”.
The industry identified part of the UK’s tax system, known as schedule 19 stamp duty reserve tax, as a major deterrent to locating funds in the UK. The government has taken action and announced that it will abolish the tax.
The Financial Secretary also highlighted the work the government is conducting on regulation:
We are working with the Financial Conduct Authority to create a more responsive regulatory environment.
The Economic Secretary spoke of the natural strengths of the UK for investment management, and the reasons why it is the right time to act in support of this industry.
In short, our mission is to make the UK the most competitive location for funds. We want funds domiciled here. And we want funds managed here.
The government will work closely with United Kingdom Trade and Investment (UKTI), the CityUK and industry bodies to market the UK as a centre for investment management.
Photo by Images_of_Money on Flickr. Used under Creative Commons.