US subsidies make UK financial reform urgent, business warns

📆 4/26/2023 2:16 PM
📰 ChannelNewsAsia

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LONDON : U.S. clean technology subsidies are sucking capital from Europe, making it more urgent to improve London as a global financial centre, business bosses told UK lawmakers on Wednesday.The Inflation Reduction Act (IRA), which offers $369 billion of tax credits, research loans and grants for clean te

LONDON : U.S. clean technology subsidies are sucking capital from Europe, making it more urgent to improve London as a global financial centre, business bosses told UK lawmakers on Wednesday.

Pension funds in Britain, which have long preferred safer assets like government bonds to stocks, need consolidation to achieve scale for investing in start ups, Symonds said. "The effect of what's happening through the Inflation Reduction Act across the whole of Europe is like a dirty great hoover on full suction mode," said Jonathan Hill, who authored a government-backed report on reforming UK listing rules.

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