British Chancellor plans to court India
Gordon Brown is expected to use the budget this month to give a major push to British investment in India.india Updated: Mar 06, 2006 22:35 IST
UK Chancellor Gordon Brown is expected to use the budget this month to give a major push to British investment in India.
The Chancellor will set out plans to promote London as the world's leading financial centre and improve its links with India and China, The Daily Telegraph said.
The plans will form a significant part of the budget on March 22, which is expected to be one of the least economic and most political in recent years.
As part of the emerging interest in India, the City of London is to open a two-man office in Mumbai to increase links between London and fast-growing Indian companies.
The London Stock Exchange is also understood to be examining a link with the Indian stock market in Mumbai.
Michael Snyder, Chairman of the City's Policy and resources Committee, said the Treasury was "very supportive" of the plans.
He has just returned from a whistle-stop tour of India, when he met senior banking and industry executives.
Snyder said there was immense goodwill towards the UK, particularly because of the shared language between the countries. He said the issue of the Raj and Empire "is history".
Separately the LSE is understood to be in early cooperation talks with the National Stock Exchange in Mumbai.
The LSE's Indian representative, Hugh Sandeman, is responsible for attracting issuers from India.
First Published: Mar 06, 2006 22:35 IST