London takes aim at New York with five-year financial plan
September 7, 2021, 3:05 am

London takes aim at New York with five-year financial plan

UK city

The Business Hala reported according to Reuters, Britain needs to reduce taxes on banks and make it easier to hire employees from abroad.

The Business Hala said, this comes as Britain financial and professional services lobby has said in a blueprint that calls for London to be built within five of the world. It will help to position London as the top international financial center of the country years.

According to the Business Hala, the strategy paper on Tuesday from The City UK reiterated some of the views already circulated in recent months in government-backed reports and elsewhere as the City of London seeks to regain lost ground following Britain’s departure from the European Union.

The paper said: “By some metrics, the UK is losing ground: London is currently slipping further behind New York every year while other centers are strengthening.”

The US financial capital surpassed London in a major annual survey in 2018, saying New York dominates the stock market listing.

“The UK needs a continued focus on strengthening its international competitiveness to win back the prize of being the world’s leading international financial centre,” added the paper, The CityUK lobby group, which promotes the wider financial sector overseas. gives, added to the paper.

Britain’s departure from the European Union effectively stripped London of its largest financial services client, adding further pressure to catch up.

The Finance Ministry has already outlined reforms to make London’s capital market more competitive, and The CityUK has made five changes to London to “get ahead of its competitors” by amending tax, visa and other rules. The target for the year has been set.

TheCityUK said becoming a global hub for financial data, sustainability investing and investment and risk management will also be key to helping the UK overtake New York.

It added that the overall tax rate for a London-based bank is 46.5%, which is 13% higher than a New York-based bank.

But persuading the government to cut taxes on finance as it repairs a hole in the economy from COVID could be challenging, as the Brexit referendum pledges to crack down on high levels of international dynamism.

TheCityUK CEO Miles Selick said the most important issue for financial firms is to be able to hire globally.

“In our conversations with the government, I think this is something that can be fully understood,” he told reporters.

Source: businesshala

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”