The Liberal Democrats today launched their manifesto for the City of London entitled A New Deal for the City: Liberal Democrat Proposals.

Click here for the full paper (PDF)

The document sets out the party's plans to create a new relationship between the Government and the City by reforming the regulatory structure and simplifying the tax system.

Commenting, Liberal Democrat Leader, Nick Clegg said:

"The City of London is one of the most dynamic and creative parts of the British economy, but as the credit crunch has shown it is by no means perfect.

"For too long the Government has refused to stand up to or consult with the City when there are problems.

"The success of the financial sector and the wider UK economy is dependent on the Government creating a stable environment which encourages innovation but protects against abuse of the system.

"It is critical that the Government creates a more intelligent system of regulation which prevents the boom and bust excesses which threaten the economy as a whole.

"Ministers must recognise that slapdash tax changes have already damaged the City and that knee-jerk reform can only do more harm.

"I want the Liberal Democrats to be the party that the City can trust, but also the party that will take on injustices and bad practice, for the benefit of the country and the economy as a whole."

Click here for the full paper (PDF)