Investment banks have increased their recruitment efforts in the City and this growth should be protected.
Such is the assertion of Chancellor of the Exchequer George Osborne, who was speaking at his prestigious annual event at Mansion House, in the EC4 part of London.
Compared with 12 months ago, there are 25,000 more jobs in
City offices, he said, adding that the insurance, accountancy and law sectors are all thriving in the "number one place to do business".
One way in which the financial centre can be protected is for banks to ring-fence their retail divisions to separate them from their investment arms.
Agreeing with the suggestion by the Independent Commission on Banking to shake-up the banking system, Mr Osborne stated: "I also strongly welcome the commission's proposal on increasing competition in retail banking. For healthy competition is a powerful defender of consumers' interests."
The chancellor addresses delegates at Mansion House each year, which is a base for the lord mayor of the City of London.
Ten banquets a year are held at the building, as well as a number of conferences and business meetings.
Posted by Emma Davies
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