Interview with Lord Brittan of Spennithorne 

Lord Brittan: The current situation is, for the reasons you have given, one of the most challenging that we have faced in recent years.  Nonetheless, if we respond in a calm and mature way to the separate challenges, I believe we can meet them successfully.

Tomorrow you will be speaking to the British-Swiss Chamber of Commerce in Zurich. Is the relationship between the British and the Swiss in good shape?

Lord Brittan: I think the relationship between Britain and Switzerland is in excellent shape.  The extent of the commercial relationship as well as the personal relationship between citizens of the two countries is very substantial and very positive.

Have there been moments when you’ve been jealous of Switzerland?

Lord Brittan: Britain is a very active player in most major world events and that represents huge challenges, costs and responsibilities.  So it is natural that at times some of us in Britain should envy countries such as Switzerland which have to shoulder such responsibilities less actively and frequently.  But historically we have been used to assuming these responsibilities and would not want to shirk them.

And when have you been particularly proud of the UK recently?

Lord Brittan: I have been proud of Brittan’s readiness to confront terrorism actively whether in our own country or elsewhere.

A few years ago you withdrew from politics and moved to the private industry. Has this change of perspective brought a change in the way you see things now?

Lord Brittan: It has brought a new dimension to my life, but it has not fundamentally changed the way in which I see things now, as I continue to be involved in politics, no longer in Government, but for example through my membership of the House of Lords.

You currently deal with the challenges of the international financial centers. What, in your opinion, is the most crucial touchstone for London and Zurich?

Lord Brittan: The most crucial requirement for both London and Zurich is rapid and close co-operation and having the tools to respond to crises effectively.  Considerable progress has been made internationally in this direction since the recent international financial crisis.

What are the biggest challenges – looking at Basel III and elsewhere – for UBS Investment Banking?

Lord Brittan: As always the challenge is to be nimble and effective in our commercial activities, but, also to be fully aware of the regulatory framework in which we operate and to be vigilant to ensure that we operate within that framework.

And where is investment banking going in general?

Lord Brittan: Investment banking will continue to play a crucial and positive role in the global economy, while the recent experiences will ensure a higher degree of prudence than in the past.  This should lead to greater confidence in the industry and a more sustainable path in the future.

Interview: Andreas Hammer, Marketing & Communications