Warning over damage to UK’s financial reputation

The UK’s reputation for financial stability was dented by a year of political turmoil, says the boss of insurance giant Lloyd’s of London.

John Neal said confidence in the UK had been hit by a high turnover of prime ministers and a mini-budget which saw the pound drop and mortgage rates soar.
He said he believed the government could recover its credibility by working with business to get it right.

The government said it had taken action to “restore economic stability”.

As the world’s largest insurance market, Lloyd’s of London is one of the leading financial institutions in the City of London. It insures a variety of risks from all over the world and is sensitive to the UK’s reputation.