Responding to Chancellor's 2026 Mansion House speech...
...Rain Newton-Smith, CBI Chief Executive,
said: One year on from the launch of the Financial Services
Growth and Competitiveness Strategy and the introduction of the
Leeds Reforms, the Chancellor's Mansion House speech struck the
right tone reassuring financial markets, global investors and
businesses of the UK's commitment to investment, innovation and
growth.
The priority now is to continue the translation of those reforms
into practical changes that strengthen the financial services
sector and support firms across the wider economy that rely on
it.
The recently announced package to support SMEs was welcome and
will help more businesses to scale, export and adopt new
technologies here in the UK. That investment should pay dividends
by boosting productivity, strengthening local economies and
supporting long-term growth.
The next step is delivery across key reform programmes, including
reform of the Financial Ombudsman Service, pensions reform and
streamlining the Senior Managers and Certification Regime. The
key measure of success will be whether these changes can unlock
further domestic investment, help ambitious firms to scale and
grow, deepen UK capital markets and make regulation clearer,
faster and more predictable.
...Kate Shoesmith, Policy Director at the British
Chambers of Commerce, said: There were clear themes in tonight's speech by
the Chancellor that businesses
will hope are carried on by Andy
Burnham's new administration.
Over the last two years,
the Chancellor has supported important steps
in the right direction. Her clear ambition to build a
closer trading relationship with the EU is also something
that will resonate with many firms. Reducing barriers with our
largest trading partner can lower costs, boost
export opportunities and support growth for firms of
all sizes.
The commitment to further devolution
is also encouraging. Business leaders on the
ground understand the strengths and challenges of
their local economies, so any transfer of
powers must be accompanied by meaningful engagement with the
Chamber Network. It remains rooted in communities and
connected to firms in every region and
nation.
A focus on strategic procurement
is another important step. Our recent Great British Supply Chain
report highlighted the
opportunities to use public procurement more effectively.
Revamping the system could strengthen domestic supply
chains, support SMEs and create growth across the whole
country.
Businesses will be keen to
see these ambitions carried forward and translated into
practical action that delivers investment, growth and prosperity
in every part of the UK.
... CB MBE, Chief Executive,
Building Societies Association said: We welcome the
Chancellor's support of the vital role building societies and
credit unions can play in driving growth and
focus that sit at the heart of the customer-owned building
society model. We look forward to working with Government to
remove barriers in legislation for building societies who want to
lend to SMEs.
...Irene Graham, CEO, Scale Up Institute said:
Making the UK the best place to start, scale and stay is an
essential part of delivering growth in every area of the UK and
across sectors. The continued focus on
and access to horizon and Erasmus remain vital to our innovative
and internationally oriented scaling firms. "We look forward to
continuing our work with Government as these initiatives are
built upon.
...David Postings, Chief Executive, UK Finance,
said: Financial services are vital to the UK economy, and I
strongly welcome the Chancellor's support for our world-leading
sector. Expanding the Growth Guarantee
meaningful change through its financial services strategy, with
the clear focus on delivery being key to further strengthening
the sector's ability to support people, businesses and growth
across the UK
...Henri Murison, Chief Executive, Northern Powerhouse
Partnership said: The Chancellor has been steadfast in
her support for the Northern Growth Corridor, backing places on
both sides of the Pennines through
to achieving the critical goal of extending opportunity and
prosperity by putting the levers needed for unlocking private
investment, through retaining the benefits of growth, into the
hands of places.
...Miles Celic OBE, Chief Executive Officer,
TheCityUK, said: The Chancellor has rightly recognised
that a strong and successful financial and related professional
services industry is vital for Britain. Our
devolution and driving capital into the regions is also welcome.
As ever, ambition and pace of implementation remain essential to
ensure the industry can catalyse growth across every corner of
the country.
