31 January 2024

Rachel Reeves and Sadiq Khan tell City A.M. readers: ‘When you succeed, we all succeed’

Rachel Reeves, the Shadow Chancellor, and Sadiq Khan, the Mayor of London, tell City A.M. readers that financial services needs a government on the side of innovation – not in the way

The UK is a world-leader in financial services – something we should be proud of and continue to champion. The industry generates billions of pounds of wealth for our nation each year, provides work for more than a million people and raises £100 billion for the public purse, which helps to keep our schools and hospitals running. When the sector succeeds, we all succeed.

 

We are a global capital for financial services because our firms were the fastest to learn and adapt. Today, the pace of technological change, the upheaval of the climate crisis, and the intensity of competition means – more than ever – the industry needs a national government that is on the side of sustainable growth and innovation, not in the way.

In the latest demonstration of how Labour will expand our economy and ensure the benefits are brought to every corner of the UK, we have developed a series of policies to increase the competitiveness, efficiency and size of our financial services sector.

All told, our proposals will boost financial services during the first term of a Labour government, protecting existing jobs in the industry and creating more opportunities and employment for the future.

 

A Labour Chancellor, and Treasury, will actively support the growth of regional financial centres alongside established hubs in London and Edinburgh. We will set the Financial Conduct Authority the task of working with industry to identify outdated and prescriptive rules, giving our firms the freedom to grow. While at the same time, increasing security for consumers by exploring the expansion of longer-term fixed rate mortgages, adopting a co-ordinated approach to fraud prevention, creating a national financial inclusion strategy, and better regulating the ‘Buy Now Pay Later’ sector....

 

 more at City AM

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