Chancellor to host ‘industry forums’ with financial services stakeholders to boost growth

Chancellor to host ‘industry forums’ with financial services stakeholders to boost growth



Chancellor Rachel Reeves will host a series of ‘industry forums’ with financial services leaders to inform strategy on growth and competitiveness.

The forums will take place throughout January and February, with sub-sectors under the microscope including retail banking, wholesale and international banking, insurance and reinsurance, asset management, fintech, and the mutuals and cooperatives sector.

The meetings will help inform the government’s ‘Financial Services Growth and Competitiveness Strategy’, which is set to be published in the spring and aims to “develop policies that foster growth”.

The forums will also reconvene ahead of the strategy being published.

The government said the forums, alongside “further engagement at official and ministerial levels”, will ensure the financial services industry is closely involved in the strategy’s development and tackles key issues.

Reeves 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.


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“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.”

Reeves has been under pressure in recent weeks following a rise in gilt rates to their highest point since 2008, which led to fears that this could have a knock-on effect on swap rates, which dictate mortgage pricing.

Reeves also met with regulators last week across various sectors and urged them to propose reforms to support growth. Financial regulators are allegedly considering changing mortgage rules to boost affordability.





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