UK financial sector 'could be damaged by new regulations'

20/01/2010 UK financial sector 'could be damaged by new...

The finance sector in the UK could be damaged by the amount of new regulations being introduced.

This is according to Chris Jones of tax jobs provider PricewaterhouseCoopers, who was speaking ahead of the publication of a new report produced by the Big Four firm and the Confederation of British Industry.

He warned that "too much or inappropriate regulation or tax will ... have a negative impact on incoming investment to London", adding that the capital is facing "significant challenges" due to the changes currently underway in the financial sector.

The focus of the global economy is currently shifting to eastern countries, he remarked, adding that while global finance giants will retain their power in London, the gaps left by "traditional investment banks" may be filled by hedge funds.

His comments echo those made earlier this month by Michael Baxter of Investment and Business News, who warned that excessive tax may push companies out of London and towards cities with less regulation.

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