UK Chancellor of the Exchequer Gordon Brown suggested on Monday that the government may be prepared to use tax breaks in order to maintain the City of London as Europe’s pre-eminent financial centre.
Whilst opening the new European headquarters of Lehman Brothers in London’s Docklands district on Monday, Brown pointed out that the City accounted for 5% of the nation’s GDP, and was responsible for more financial serives firms in euro terms that any of the twelve euro-zone nations.
"I can affirm to you that, in all the decisions we make, the government will continue to do all in our power to ensure that London remains a pre-eminent financial centre," Mr Brown stressed.
He added that the Labour government would "continue to look at the business tax regime so that we provide incentives for investment in wealth creation and greater rewards for success.”
“We will continue to make the wider reforms that are necessary to create a more competitive environment - reforms in planning, transport and housing," the Chancellor pledged.
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