Rain Newton-Smith, Chief Executive, CBI,
said:
“The City of London stands at the heart of the UK economy, a
dynamic hub whose success ripples out to every corner of the
nation. It's clear that to genuinely improve the cost
of living for households across the UK, we must first
look to the health and dynamism of our businesses. The
CBI wants to see the government succeed in fostering an
environment where businesses can thrive, innovate, and contribute
to widespread prosperity.
“Today's launch of the Leeds Reforms spearheaded in
the Financial Services Growth and Competitiveness
Strategy send a positive signal for the UK's financial
services sector and wider economy ahead of this
evening's Mansion House speech. It's clear the
Chancellor recognises that when the Financial Sector
thrives so does the rest of the economy, and we particularly
welcome the focus on measures to help firms start and scale,
which is crucial for building the UK's future champions.
“This strategy reflects many member priorities the CBI has
consistently championed, from unlocking domestic capital to
strengthening the UK's appeal as a global hub for investment and
innovation. In our recent report Revitalising UK
Public Markets, we set out a number of practical
reforms to enhance the competitiveness and liquidity of UK public
equity markets, and we're pleased to see several of these
reflected here today. The establishment of a new Listings
Taskforce is particularly welcome, signaling the
government's intent to work
in close partnership with business to ensure that
more high-growth firms choose to scale and list in the UK.
“The announced reforms to the Financial Ombudsman Service
(FOS) has been strongly welcomed by CBI members. These
changes, together with reforms to the Payment Systems Regulator
(PSR) go some way to address long-standing
business concerns about regulatory bodies extending beyond their
original mandates. In our recently published A Good
Regulation Guide, the CBI highlighted the growing problem of
regulatory overlap and duplication. Today's announcement marks a
meaningful step toward a more proportionate, transparent
regulatory landscape and sends a clear signal that reform is
essential to unlocking growth and easing the administrative
burden on UK businesses.
“We also welcome the focus on culture around retail investment
and financial advice. The CBI is dedicated to improving equity
market access and participation to support the UK's growth
ambitions. Greater access to quality advice will be key to
unlocking the full potential of retail investment.
“We've long championed an internationally interoperable
sustainable finance framework that prioritises
real economy impact, and we welcome today's steps to
deliver on that ambition. The government's promotion of
international alignment in Sustainability Reporting
Standards are vital for many of our members. The
continued efforts to work with the Transition Finance Council to
scale finance for a whole-of-economy transition are critical. At
the same time, the decision not to proceed with a
standalone UK Green Taxonomy reflects a pragmatic understanding
that real economy policy will be the primary driver of investment
in net zero.
"The CBI is committed to working in partnership
with the government to deliver on this agenda.
Today's announcements, from strengthening public markets and
streamlining regulation to championing sustainable finance and
boosting retail investment, collectively lay the
groundwork for a more dynamic and prosperous UK. By
working together, we can ensure these vital reforms
translate into tangible growth, unlocking investment, fostering
innovation, and ultimately improving the cost of living for
households and businesses in every corner of the UK."
