The ambassador for the City of London says the UK must do more to support risk-takers, saying there needs to be a mindset shift around wealth creation and more capital funneled towards growth companies to allow them to scale and compete.
(Bloomberg) — The ambassador for the City of London says the UK must do more to support risk-takers, saying there needs to be a mindset shift around wealth creation and more capital funneled towards growth companies to allow them to scale and compete.
“We need to get on the front foot,” Lord Mayor Nicholas Lyons said in an interview with Bloomberg Radio Wednesday when asked if the UK’s agenda was ambitious enough after leaving the European Union. “We’ve got massive assets to push but there is a broader cultural point about the creation of wealth in this country has become almost a dirty topic to talk about.”
His comments come amid concern among some that the City is in danger of losing its global preeminence after Brexit. Lyons said there was too much pessimism, emphasizing the breadth and depth of London’s capabilities but called for a rethink around risk tolerance and regulation.
“We have been so risk averse as a country that we have prevented people from getting the returns that they need,” he said. “You can overregulate.”
Lyons said on an earlier Bloomberg TV interview that he was advocating for a £50 billion ($62.3 billion) growth fund to back startups. He said the City was in “good dialogue” with both the government and the opposition Labour Party as the financial center explores ways to maximize its assets.
Read more: City of London Hopes for Concrete Change to Boost Growth in 2023
“Technology is our friend and that is where the future wealth of this country is going to come from,” the 694th Lord Mayor of London, who touted London’s fintech industry as a core strength. “Let’s be strategic about what we do with the great jewel of the UK.”
–With assistance from Dani Burger, Manus Cranny, James Woolcock and Caroline Hepker.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.