UK Government publishes 10-year industrial strategy plan

The UK Government has published a policy paper outlining its industrial strategy. The strategy centres around eight priority sectors (the IS-8), including financial services. The UK government's ambition is to establish the UK as the world's most innovative full-service financial centre by 2035. A dedicated sector plan is expected to be published alongside the mansion house speech on 15 July.

Key measures to achieve this objective include:

• Ensuring financial services enables growth across the real economy, with retail banks and wholesale markets providing credit and liquidity.
• Mobilising pensions capital into the UK.
• Strengthening UK capital markets, building on recent reforms to the listing regime to efficiently and effectively raise capital in the UK.
• Positioning the UK as the most technologically advanced global financial centre, with fully digitalised markets and a supportive environment for fintech startups to scale and list.
• Supporting high-potential financial subsectors, such as asset management, wholesale services, capital markers, fintech, insurance and reinsurance markets and sustainable finance.
• Unlocking the economic potential of regional financial clusters, including London, Manchester, Glasgow and Belfast.
• Implementing the sector plan through "industry forums" engaging leaders across sectors like banking, insurance and asset management.

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