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28 September 2021

City Corporation calls on Labour to help the financial sector support the economic recovery

The City of London Corporation is today calling on the Labour Party to support and promote the growth of financial and professional services across the UK in order to boost the national economic recovery post-pandemic.

The City Corporation will host a roundtable with the Fabian Society at the Labour Party Conference in Brighton to discuss how financial and professional services support businesses, people and places to thrive.

Alongside the City Corporation Policy Chair Catherine McGuinness, Bridget Phillipson MP, Shadow Chief Secretary to the Treasury will address an audience of business figures, politicians and academics.

With over 2.3 million people across the UK working in financial and related professional services – two thirds of which are employed outside of London – the sector has a vital role to play in driving the UK’s economic recovery.

A report published by the City Corporation earlier this year highlighted the resilience of UK financial services in the pandemic and found that, compared to others, the sector has been less affected by decreases in economic activity or hours worked.

This resilience has allowed financial services to support other businesses, with almost one in two trading businesses having received some form of financial assistance. The UK financial services sector has also supported the wider economy in the pandemic by administering large numbers of government loans and granting nearly two million mortgage payment deferrals to households, equivalent to one in six mortgages in the UK.

Policy Chair at the City Corporation, Catherine McGuinness, said:

“Our financial and professional services sector has a vital role to play in supporting prosperity right across the country and will play a critical role in fuelling our economic success.

“Two thirds of jobs in financial and related professional services are outside of London so its benefits are felt across all parts of the UK.

“We therefore urge Labour to continue its support for the sector so that it can drive forward the recovery. It is vital that the UK remains a world-leading hub for financial and professional services, with inclusivity, sustainability and innovation at its core.”

City Corporation

© City of London

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