FINANCIAL SERVICES - By 2035, the government’s ambition is for the UK to be the world’s most innovative full-service financial centre. We will publish a Sector Plan alongside the Chancellor’s Mansion House speech on 15 July following an extensive co- design process with industry and working in close partnership with the regulators and the sector. - The government will also seek to unlock the economic potential of our financial services clusters, including Greater London, Greater Manchester, the West Midlands, West Yorkshire, Glasgow, Cardiff, Edinburgh and Belfast. - The government will also seek to implement its Sector Plan with industry, through a series of Industry Forums, covering the whole breadth of the sector, including banking, insurance and asset management leaders. - The Modern Industrial Strategy highlights that the financial services sector contributes approximately 9% of total UK economic output, highlighting the following key industries: FinTech, insurance and reinsurance markets, sustainable finance, capital markets, asset management and wholesale services. The government sees financial services as being a driver of growth and investment throughout the economy, outlining its approach to enable this through:
- A focus on directing pension capital into the UK to support domestic investment and economic development.
- Support will be provided to strengthen the UK’s capital markets, aligning the UK’s regulatory rulebook with international best practice and helping firms to list, raise capital quickly and grow within the UK. - A sector plan will be delivered in collaboration with industry through a series of ‘industry forums’ involving leaders from banking, insurance and asset management. Although detailed information is not yet available, we hope North East businesses can benefit from this resource, as it aligns with the collaborative approach we champion as a Chamber.
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