The financial services sector is set to play a key role in designing the first Financial Services Growth and Competitiveness Strategy.
The Chancellor will host a series of Industry Forums with industry to seek views about the best way to deliver long-term in the sector and across the country.
The Strategy, set to be published in the spring, aims to develop policies that foster growth in the financial services sector – one of the eight key growth-driving sectors in the UK Government’s Modern Industrial Strategy.
The Industry Forums, alongside further engagement at official and ministerial levels, aim to ensure that industry and senior stakeholders are closely involved in the development of the upcoming Financial Services Growth and Competitiveness Strategy.
The UK Government said this was designed to ensure that policy is informed by financial services professionals who know first-hand what is needed to deliver growth in each of the significant areas of financial services.
Over the coming weeks, the Chancellor and the Economic Secretary will chair the first of the Industry Forums bringing in leaders from retail banking, wholesale and international banking, insurance and reinsurance, asset management, fintech, and the mutuals and co-operatives sector.
These sessions will build on the UK Government’s Call for Evidence to inform the Strategy, which closed in December 2024.
The Chancellor of the Exchequer, Rachel Reeves said:
“I am committed to working hand-in-hand with the industry to make sure that our plans are informed by those who both provide and utilise financial services, including those who know first-hand what is needed to unlock growth in, and drive prosperity through, our world-leading financial services sector.”
The first meetings of the Industry Forums will run throughout January and February, reconvening ahead of the publication of the Financial Services Growth and Competitiveness Strategy as part of the Industrial Strategy later this year.