TheÂ Financial Services Trade and Investment Board (FSTIB) brings HM Treasury, UKTI, and TheCityUK together to identify trade and investment priorities and to support UK based firms in pursuing these vigorously across the globe.
Welcoming the Chancellor's 2013 Budget and commenting on the creation of the FSTIB, Chris Cummings, Chief Executive of TheCityUK said:
"We look forward to working with the Government, our members and the wider financial and related professional services industry to extend the promotion of the sector overseas, helping the UK to compete more effectively in those regions and countries that offer the most opportunities for growth.
"This will be vital to promote the UK as a place to do business and to continue to bring jobs and growth across the UK. There are international markets which offer great potential to the UK, including the BRIC nations, GCC countries and Turkey as well as other Asian markets and Latin American economies.
"UK financial and professional services are vital for the UK's economic wellbeing and future prosperity, contributing Â£195bn to the UK economy in 2011 and accounting for 14.5% of total economic output. The sector has generated a trade surplus of Â£55.5bn, roughly the same as the combined surplus of all other net exporting industries in the UK.
"TheCityUK also welcomes the wide range of positive measures announced in today's Budget in support of the UK's financial and related professional services industry."
Gerry Grimstone, the Chairman of TheCityUK said:
"We will be carrying the message around the world that London is the International Financial Services Capital of the World and a huge European and global asset."
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