City lobby group warns on risk of emerging market slowdown

Billy Bambrough
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London Markets Plunge On Global Economy Fears
The Square Mile generated £66bn in tax revenue last year, 11 per cent of total tax (Source: Getty)

The boss of City lobby group TheCityUK has warned that slowing emerging markets pose a rising risk to London’s financial sector.

“Emerging market risk is featuring more on firms’ balance sheets,” chief executive of TheCityUK Chris Cummings told City A.M.

The warning comes after ONS numbers showed the combined gross value added to the UK economy by financial and related professional services dipped to £177.6bn in 2015, down from £190bn the year before.

The fall means the combined industries contributed less than 11 per cent to the UK economy for the first time since 2005.

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