Context
HM Treasury has published a first annual ‘state of the sector’ review report in conjunction with the City of London Corporation, which reports on the attractiveness and international competitiveness of UK financial services. In 2021, Lord Hill’s UK Listing Review recommended the Government present an annual report on the attractiveness and international competitiveness of UK financial services, and this report delivers on that recommendation.
Key points to note
The report outlines key performance indicators, comparing the performance of the UK’s financial services sector with those of other major economies. It also summarises the steps government and regulators are taking to improve the overall environment for the sector and the wider ecosystem, and identifies potential areas for further reform.
The Executive Summary to the report, carrying the now familiar government phrase of ‘seizing the opportunity’, covers the main areas addressed in the report, which are:
- An open and global financial hub
- An integrated ecosystem driving growth across the UK
- A once-in-a-generation opportunity to become more nimble, agile and proportionate
- A sector at the forefront of innovation
- A sector greening the world’s financial system
- A sector with access to the right talent and expertise
- Next steps
Next actions
None – for information and awareness.