Also in attendence were Secretary of State for Transport, Ruth Kelly, Secretary of State for Scotland, Des Browne, and BAA Chairman Sir Nigel Rudd and CEO Stephen Nelson.

Speaking after the meeting, Alistair Darling said:

"As one of the world leaders in financial services Britain should be confident about the opportunities that come with globalisation.  We must also remain vigilant about the challenges ahead. Today, we have taken further forward our discussions on what more business, the City and Government can do together to ensure London retains its pre-eminence in the sector.  I want to remain in close touch with the City on these issues."

 Kitty Ussher said:

"To ensure continuing success of the financial services sector we need the Government and the industry to continue to work together.

Where there are problems we will work to address them. But we have also shown that the Government listens to business and finds solutions. The recent announcement on Crossrail and the progress on Islamic finance shows that working together we can make a positive impact."

The Group discussed recent market events, reiterating support for a principles-based regulatory approach focused on outcomes and good business governance.  It was agreed to establish an experts group of financial sevices representatives to inform the Government's approach to international discussions affecting the financial services industry.