LONDON, Nov 11 (Reuters) - It may be too late to changecourse once the harmful impact of extra bank taxes on Britain'slong-term competitiveness becomes clear, according to JohnMcFarlane, the new chairman of financial services lobby groupCityUK.
McFarlane, who is also chairman of Barclays,reiterated that a "clear majority" of CityUK members want tostay in a reformed EU as Prime Minister David Cameron seekschanges to the bloc ahead of a UK referendum on whether toremain a member of the EU.
A new surcharge on bank profits being introduced next yearand existing levies on big lenders pose longer-term threats toBritain's attractiveness, McFarlane said in excerpts of a speechreleased ahead of the group's annual dinner on Wednesday.
"They may have negative implications over the longer-termthat we risk realising only when it is too late," he added.
He called on the government to remove hurdles like visarestrictions that could crimp Britain's ability to compete infinancial services globally.
He urged the government to make Britain open to thebrightest global talent, a reference to business concerns thatcurbs on foreign workers shrink the pool of available employees
"London is the world's leading financial centre andTheCityUK's priority is to keep it that way. We need to advanceour strengths and eliminate disadvantages," McFarlane said.
The group's membership is drawn from banking, insurance,asset management, law, accountancy and market infrastructurecompanies and lobbies on behalf of the broader financial sectorin Britain and abroad. (Reporting by Huw Jones; Editing by Keith Weir)
Barclays (BARC)