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Dave Way, managing director of accountancy and financial services recruiter, comments on the government’s spending review

Dave Way, managing director of accountancy and financial services recruiter, comments on the government’s spending review:

“The public sector is shrinking, but these cuts are crucial to reducing the deficit and ultimately providing the right conditions for Britain’s private sector to pick up the slack and restore strength to the economy. Without these austerity measures we may have seen damage done to the UK’s sovereign credit rating. The UK's financial services and its connected sectors, which are responsible for over 1 million employed and around 14% of the country’s GDP, depend on our global reputation as a stable and growing economy.

“However, while providing the right economic conditions for financial services to invest, the government should be wary of pushing business away through excessive regulation and prohibitive tax measures. Banks are already starting to report reduced profits and to reduce the UK’s competitiveness as an international financial and business centre would cause long-term damage to the country’s economic standing. The levy announced today, and £900m invested in efforts to combat tax avoidance and evasion, seems reasonable but it is vital that this is not a sign of populist punishment of the sector yet to come. The government must be very careful in its biting of the hand that feeds it.”

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