50,000 jobs likely to go in the City of London’s Financial sector

The City is set to be rocked by the possibilty of massive job losses following a report by the Financial Services Authority. Proposals in Lord Adair Turner’s review of UK financial regulation have been heavily criticised with many feeling that it could put the UK back some 10 years.

The Centre for Economics and Business Research report that there is likely to be an exodus of companies from London as banks look to do business with more flexible regulatory regimes.

Lord Turner’s review calls for the EU to crack down on offshore tax havens (see my article on Jersey); and it also wants a sparate body to coordinate financial regulation with the European Commission. Any incoming regulator would impose restictions on hedge funds and “shadow banking” entities

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