Financial services sector set for key role in designing
first-ever Financial Services Growth and Competitiveness
Strategy.
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Chancellor to host series of Industry Forums with key
sub-sectors such as banking, insurance, and asset management
leaders over coming months.
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Strategy will set out support for the financial services
sector to innovate, grow and finance investment across the
country, as part of Plan for Change to put more money in
people's pockets.
The financial services sector is set to play a key role in
designing the first ever Financial Services Growth and
Competitiveness Strategy.
The Chancellor will host a series of Industry Forums with
industry – covering the entire breadth of the financial services
sector – 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, as
part of the Plan for Change to grow the economy and put more
money in people's pockets.
Recognising its importance, financial services has been
identified as one of the eight key growth-driving sectors in the
government's Modern Industrial Strategy.
The Industry Forums, alongside extensive further engagement at
official and ministerial levels, will ensure that industry and
senior stakeholders are closely involved in the development of
the upcoming Financial Services Growth and Competitiveness
Strategy, so that it tackles the key issues that matter most to
the industry.
This will 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 these 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 government's Call for Evidence
to inform the Strategy, which closed in December
2024.
The Chancellor of the Exchequer, said:
Growth is my number one mission. It's the only way to put more
money in people's pockets and key to our Plan for Change.
The financial services sector is at the heart of this mission,
supporting economic activity and financing investment across the
country.
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 government's
publication of the Financial Services Growth and Competitiveness
Strategy as part of the Industrial Strategy later this year.
The government will continue to work closely with industry
following the publication of the Strategy, to ensure that it is
implemented effectively.
