Analysts estimate that almost £30bn flowed out of the UK after Mrs Thatcher's decision to drop the controls. However, the liberalisation has subsequently enabled the UK to cash in on its geographical position as a bridge between the US, Europe and the Far East.
IFSL said the UK had a string of additional advantages as a centre for foreign exchange trading. They include: a large fund management sector; a large number of investment banks and brokers; easy access to global markets combined with a tradition of welcoming foreign firms; high-quality professional services; efficient telecoms infrastructure; and the use of the English language.
In addition, Mr Maslakovic said that while some domestic financial services companies believe the City of London is over-regulated, foreign currency traders' "perception [is] of a proportionate approach in the regulatory climate".
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