The role that the City should play in Britain’s economic recovery was the main topic of debate at the third YN Finance reception, which raised £16,000 for Norwood. More than 150 young finance professionals attended last night's fundraiser at the offices of leading law firm Mayer Brown.
The event, Can the City put the Great back into Britain?, featured a lively discussion between Lord James Sassoon, Commercial Secretary to the Treasury, Anthony Alt, Deputy Chairman of Rothschild and Chairman of Global Financial Advisory, Rothschild, and Mick Davis, CEO of Xstrata Plc. The panel was chaired by the BBC’s well-respected Economics Editor, Stephanie Flanders.
The evening, which also included a drinks and canapés reception, provided a great opportunity for YN supporters to network while raising vital funds for Norwood, which supports people with learning disabilities, and children and families in need.
During their debate, the panel broadly agreed that the worst of the financial crisis was over, although there may still be significant issues ahead, and that the City was still a crucial part of Britain’s economy. However, Anthony Alt argued that more should be done to encourage the commercial banks to invest in the country’s small and medium-size enterprises and manufacturing base to offset the loss of public sector jobs.
Lord Sassoon agreed and used the success of the companies based in ‘Silicon Roundabout’ in Old Street to highlight the potential gains to be made from investing in Britain’s scientific and technological industries. He also highlighted the fact that the City has become the world hub of commercial law and said that it should do more to support deprived communities in East London and charitable organisations like Norwood. “It’s deeply shocking in a way that there is such a close conjunction between some of the wealthiest and some of the poorest parts of the UK,” he added.
He pointed to the Government’s own green investment bank initiative as an important step in the growth of a low-carbon technology industry, although Mick Davies questioned whether it would have much impact, while both he and Anthony Alt suggested the government should take a much greater role in planning a national investment strategy. During the debate, the panel also discussed the role of credit rating agencies in the financial crisis, interest rates and banking reform.
The evening also featured a competition to guess what level the NASDAQ 100 index would close at. First prize was a £1,000 suite voucher kindly donated by 40 Saville Row.
YN Fundraiser Daniel Sandford said: “The panel may not have reached a definite conclusion about how the City could put the Great back into Britain, but I think everyone will agree that they provided a great discussion and plenty of food for thought.
“We are delighted that this event was such a success and would like to thank our hosts, Mayer Brown, and our special guests, Lord James Sassoon, Anthony Alt, Mick Davis and Stephanie Flanders. I would also like to thank the YN Finance Committee for all their hard work and, most importantly, our guests, whose generosity will enable Norwood to continue providing such a vital safety net to some of the most vulnerable people in our community.”
