Mansion House: Financial Services Growth and Competitiveness Strategy

HM Treasury has launched a call for evidence on a proposed Financial Services Growth & Competitiveness Strategy, a key part of the latest Mansion House reforms. Once developed, the Strategy will serve as the central guiding framework for the next ten years through which the government aims to deliver sustainable, inclusive growth for the financial services sector and secure the U.K.'s competitiveness as an international financial center. To meet its objectives, the proposed strategy sets out five core policy pillars central to sustainable growth: innovation and technology, regulatory environment, regional growth, skills and access to talent, and international partnerships and trade. The proposed strategy also identified five priority growth areas within the financial services sector: fintech, sustainable finance, capital markets (including retail investment), insurance and reinsurance markets, and asset management and wholesale services. Responses to the call for evidence may be submitted is December 12, 2024. HM Treasury intends to publish the strategy in Spring 2025.

Through the call for evidence, the government aims to gather evidence relating to:

• the proposed scope and focus of the strategy;
• what firms see as their major business growth opportunities and where they are targeting their investment as a result;
• what factors matter most to firms when considering the U.K. as a destination to invest and grow a financial services business; and
• what factors that would make the greatest difference to growing and enhancing the competitiveness of the U.K.'s financial center.

The government has also requested that the Financial Policy Committee assess and identify areas where there is potential to increase the ability of the financial system to contribute to sustainable economic growth without undermining financial stability.

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