Professional Services Global Competitiveness Group Releases Its Report On Challenges That Face UK Professional Services

The Professional Services Global Competitivnesss Group (PSGC) has published its report into the medium and long term challenges facing professional services in the UK. The group was set up in September 2008 to look at issues affecting the Professional Services

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The Professional Services Global Competitivnesss Group (PSGC) has published its report into the medium and long-term challenges facing professional services in the UK.

The group was set up in September 2008 to look at issues affecting the Professional Services sector. It is co-chaired by the Financial Services Secretary Lord Myners and Michael Snyder, Senior Partner at Kingston Smith LLP.

The findings will be reported to the Chancellor’s High-Level Group on City Competitiveness, which will meet later this year. The analysis will enable the High-Level Group to prioritise the challenges for the UK-based Professional Services industry and related public policy challenges.

The group’s report outlines a number of areas of focus for the Government, the professional services industry and professional bodies, to ensure that the sector remain competitive, including:

* The role of professional services firms in setting global standards and promoting good corporate governance

* Raising skills levels across the economy, to the benefit of both professional services firms and their client companies

* Combining a tradition for quality and expertise with flexible working practices to deliver innovative products and services

* The UK’s continued attraction as a global headquarters for international professional services firms

* Seeking opportunities for synergies with other major professional services centres, particularly in emerging markets

* Continuing to develop an open and constructive relationship with government.

“The UK’s professional services industry will continue to be an immensely valuable part of our economy,” says Paul Myners, financial services secretary. “This report sets out both a compelling vision for the sector over the next 10 to 15 years, and highlights further work required to ensure London retains its place as the leading international financial centre.”

“Professional services firms play a significant role in the UK economy, making up the largest business sector in terms of both employment and output,” says Michael Snyder. “Safeguarding their competitiveness in today’s turbulent times and building on a vision that allows them to emerge from the international financial crisis able to compete in an ever tougher global market are crucial. The Professinal Services Global Competitiveness group has demonstrated the value of the Government and the professional services sector working together. This is a forward-looking report, which is not the end of a process but rather the start of a durable and constructive dialogue between professional services practitioners and policymakers.”

D.C.

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