Warning over UBS HQ listing

Banking giant UBS warned Culture Secretary Jeremy Hunt that it could be forced to scale back its presence in London if the Government blocked the redevelopment of its City HQ by listing the building.

English Heritage had recommended a Grade-II protection of the Eighties Broadgate office complex. UBS plans to build a new 700,000 sq ft base.

Carsten Kengeter, chief executive of UBS's investment bank, reportedly wrote a letter to Mr Hunt on June 3 saying the decision to list the buildings and prevent their demolition would force the bank to "fundamentally reconsider our occupation strategy in London". The letter added UBS would be forced "to find alternative future accommodation that we can occupy by 2016". Mr Hunt rejected the recommendation to list the building on June 15. A spokeswoman for the minister told the Financial Times the decision had been taken on the basis of architectural merits alone.