Financial services is at the heart of Britain’s plan for growth, the Chancellor has announced – as she calls for evidence to help with its development.
Speaking in her inaugural Mansion House speech in London yesterday, Rachel Reeves revealed that the government will publish the first-ever Financial Services Growth and Competitive Strategy in the spring.
She said the strategy would provide the financial services sector with the “confidence it needs to invest”.
Financial services is one of eight growth sectors that the government is focusing on.
Removing barriers to growth
She said: “Financial services is one of the eight growth sectors in our modern industrial strategy, recognising that, just as in other parts of the economy, we must constantly work to remove barriers to growth and investment.
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“This approach will ensure that we promote our strengths across the world.”
Calling for evidence
The government is calling for evidence to support the development of the financial services sector plan.
It is seeking input from businesses, consumer groups, and academics, among others.
The government claimed that once developed, the strategy will serve as its “central guiding framework”.
Through that framework, the government insists that it will deliver “sustainable, inclusive growth” for the financial services sector, and “secure the UK’s competitiveness as an international financial centre”.
The call for evidence will remain open for four weeks, closing on 12 December this year.
In her speech, Reeves concluded: “The changes that I have set will drive growth and competitiveness, through investment and through reform.
“A long-term strategy to harness the strengths of our financial services sector. We cannot rest on our laurels.
“Where we have strengths, we must build on them. Where we have weaknesses, we must address them.”
