For centuries, Britain has been a leader in finance and banking. Today we are setting out how we can remain world leaders. Not at the expense of others, but in partnership with them. And not by returning to business as usual, but by reforming, renewing and championing our financial sector so that it is ready and able to seize future opportunities

Over the past ten months, the treasury's "Group on Financial Services Competitiveness" has been looking at the global trends that will determine the future prospects for the sector, and its recommendations are published today. Across the world, we are seeing the most disruptive financial crisis in generations, which has completely shaken up the global financial services industry. Our goal is to maintain a competitive and vibrant sector in Britain.