WE ARE the voice OF business
FINANCIAL SERVICES - The government intends to maintain and grow the UK’s position as the world’s leading financial services hub by rebalancing regulation to support growth, reducing red tape for FinTech firms and unlocking more private capital. - The UK aims to be the preferred location for financial services firms to invest, expand and export, with the sector expected to increase its contribution to the UK’s GVA through higher exports. - Further details will be provided when the Financial Services Sector Plan is published on Tuesday 15 July and will be supported by the Bank of England’s Financial Policy Committee, which will continue to examine how the financial sector can best support wider economic activity. - An investment of £36m will support the development of new Smart Data schemes, enabling consumers and businesses to share their data securely with authorised third parties in exchange for better product offers, tailored services and potential financial benefits.
In addition, the government will seek to:
- Ensure that the Financial Services regulatory system supports growth. This will include setting out the conclusions of the government’s review of the Financial Ombudsman Service. - Set up a bespoke Financial Services ‘concierge service’ to help international firms get to grips with UK regulations – attracting more investment and making it easier to do business in the UK. Strengthening the financial services sector will help unlock both public and private capital, drive innovation and create skilled jobs, supporting our ambition for a stronger, fairer North East with businesses that can compete globally and attract international capital.
THE UK'S MODERN INDUSTRIAL STRATEGY
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