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Financial services growth targeted by the Chancellor
The UK government is prioritising the financial services sector as a key driver of economic growth. To further this mission, HM Treasury has announced that the Chancellor of the Exchequer will host a series of Industry Forums during January and February. These forums aim to gather insights and feedback from industry leaders to shape the Financial Services Growth and Competitiveness Strategy.
A Core Component of the Modern Industrial Strategy
As highlighted in the government’s Modern Industrial Strategy, the financial services sector is critical to boosting economic growth across the country. The upcoming forums will ensure that the key challenges and opportunities within the financial services industry are addressed.
The strategy aims to focus on:
- Driving long-term growth in financial services.
- Enhancing the UK’s global competitiveness in the industry.
- Supporting innovation and investment in financial services infrastructure.
Industry Leaders at the Table
The forums, chaired by the Chancellor and the Economic Secretary, will include representatives from:
- Retail banking
- Wholesale and international banking
- Insurance and reinsurance
- Asset management
- Fintech
- Mutuals and co-operatives
This collaborative approach ensures that the strategy reflects the priorities and concerns of key stakeholders in the financial services sector.
Chancellor’s Commitment to Growth
Rachel Reeves, the Chancellor of the Exchequer, stated that the financial services sector is central to the government’s mission for economic growth. By engaging directly with industry leaders, the Chancellor is laying the groundwork for a strategy that strengthens the UK’s position as a global leader in financial services.
Looking Ahead
The Financial Services Growth and Competitiveness Strategy is expected to be published later this year, outlining the government’s plans to support the financial services industry and boost its contribution to the economy.
If your business operates within this sector, it’s essential to stay updated on these developments and prepare for the opportunities they bring.