The UK’s financial services sector is poised to become a cornerstone of the new Financial Services Growth and Competitiveness Strategy, as announced by the Chancellor of the Exchequer, Rachel Reeves.
This strategic initiative is a critical part of the government’s broader Plan for Change, aiming to spur economic growth and increase disposable income for citizens.
In an ambitious move to harness the full potential of the sector, the Chancellor will spearhead a series of Industry Forums. These forums are designed to engage leaders across various financial sub-sectors, including retail and international banking, insurance, asset management, FinTech, and mutuals and co-operatives.
The primary objective is to gather insights directly from industry veterans and stakeholders who are deeply integrated into the financial ecosystem. This direct line of communication is expected to refine policy-making, ensuring that the strategies developed are both effective and finely tuned to the sector’s needs.
The strategy aligns with the government’s Modern Industrial Strategy, identifying financial services as one of the eight pivotal sectors driving growth. The upcoming Industry Forums and other engagements aim to provide a platform for significant voices within the sector to influence policy directions. This extensive engagement process follows a ‘Call for Evidence’ phase that concluded in December 2024, shaping the foundational elements of the strategy.
In a statement, Chancellor Rachel Reeves emphasized the central role of growth, stating, “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.” She further highlighted her commitment to collaborative policy-making with industry experts to unlock and enhance the sector’s potential.
The first of these Industry Forums is scheduled to commence in January and will continue through February, with results feeding directly into the final strategy document expected to be published later this year. The government commits to ongoing collaboration with the sector post-publication to ensure the strategy’s successful implementation.
The UK government’s new strategy aims to drive financial services growth through innovative regulatory approaches. To see how these efforts support sustaining long-term RegTech sector growth, read our detailed analysis on strategies for fostering resilience and expansion in the RegTech ecosystem.
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