Financial workers warn on dangers of UK going it alone on bank regulation

AN OVERWHELMING majority of City workers are concerned at the new government’s avowed intention to go ahead with sweeping reforms to financial regulation even without cooperation from its G20 partners, a new report has shown.

84 per cent of those surveyed for law firm Berwin Leighton Paisner’s “Driving UK Growth: Review, Reform, Revive” report said they favoured close cooperation with the G20 on financial reforms.

The news comes a matter of hours before chancellor George Osborne is due to outline his plans for changes to banking regulation at his Mansion House speech tomorrow.

Almost half of respondents opposed the introduction of a financial stability levy, while 63 per cent said the private equity industry should not be subjected to stifling regulatory changes.

However, the findings were bullish on the prospects for the UK economy, with 85 per cent of those surveyed anticipating continued growth in GDP during 2010. A third were confident growth figures would match or outperform official targets.

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