- One-stop shop to cut red tape and remove barriers for global
firms investing in UK financial services
- Partnership between Treasury, regulators and City of London
to deliver growth for working people
- Targets high-value job creation in every region – from Leeds
to Liverpool, Belfast to Bristol
The Chancellor has launched a new one-stop support
service to make the UK more attractive to global investors and
create jobs and opportunities for working people across the
UK.
The new ‘concierge' service will help global financial
services firms pick locations, navigate regulation and get to
grips with the Britain's business environment – removing barriers
to investment in the UK.
The Chancellor announced the fully
operational Office for Investment: Financial Services during the
IMF's Annual Meetings in Washington DC.
The free service, delivered by the Office for Investment, is a
partnership between HM Treasury, financial regulators and the
City of London Corporation and delivers on commitments made in
Reeves' Mansion House speech to reduce regulatory uncertainty and
make Britain the best place in the world to invest and do
business.
Chancellor said:
“We said we would make it easier to create jobs and grow a
business in our country and we're delivering.
“This service will drive investment across our United Kingdom,
making sure that the world's most innovative businesses can
access the talent found in every corner of our country and that
working people feel better off.”
Financial services employ 1.2 million people across the UK, with
more than half of those jobs located outside London. The
Chancellor's Leeds Reforms outlined her vision to strengthen
Britain's position as a global financial hub, and overseas
investment – particularly from the US – helps deliver on the
government's plan for national renewal.
The Office for Investment: Financial Services will draw on the
strengths of our financial services clusters - from Leeds to
Liverpool and Belfast to Bristol - to actively promote actively
promote investment opportunities and help deliver the
infrastructure that matters to working people across all of the
UK's nations and regions.
These deeper financial services links between the UK-US come
after an historic State Visit, which renewed the special
relationship between the two countries for a new era.
A record £150 billion of inward investment from US companies was
secured, creating more than 7,600 high-quality jobs across the UK
in places like Glasgow, Warrington and the Midlands. The first
ever UK-US tech agreement was also signed, focused on developing
technologies which will drive growth like AI, quantum and
nuclear.
Notes to editors
- The Chancellor of the Exchequer and the US Treasury Secretary
recently established a Transatlantic Taskforce for Markets of the
Future to enhance collaboration on capital markets, digital
assets and other innovative financial activities: Boosting collaboration between
UK and US financial systems to drive innovation and growth in
global markets - GOV.UK
- The US is the UK's biggest investor and our top investment
destination. At the end of 2023, the UK and US had over £1.2
trillion invested in each other's economies across key sectors
including financial services, renewables, and technology.
, chief executive of the
Financial Conduct Authority, said:
“We want international financial services firms to expand
in the UK - investing, creating jobs and fuelling growth while
delivering great outcomes for consumers.
“We're making it easier for firms to set up, thrive and grow,
maximising the UK's attractiveness as a place to do
business.”
Chris Hayward, Policy Chairman of the City of London
Corporation, said:
"This marks a defining moment in the United Kingdom's approach to
foreign direct investment. Co-located in Westminster and the City
of London, this important step moves us from ambition to action
in less than six months.
"The service embodies the strength of public–private partnership,
harnessing industry, government, and regulatory expertise to
create a streamlined and fully integrated offer. It
will make the UK the most attractive destination in the world for
financial services.
"For investors worldwide, this represents an unparalleled
opportunity to engage with a world-class ecosystem built for
growth, innovation, and long-term success."
Sam Woods, CEO of the Prudential Regulation Authority,
said:
“This new service will help financial services firms around the
world invest and grow in the UK, and represents the latest
development in the PRA's ongoing push to boost UK growth and
competitiveness.”
