Keynote speech: TheCityUK National Conference 2024
The Economic Secretary delivered the keynote speech at TheCityUK바카라 사이트™s National Conference, setting out the government바카라 사이트™s plans to place the financial services sector at the heart of the growth mission.
Thank you Miles, for that introduction, and for everything you do for financial services in the UK.
And amid all the fantastic work The City UK does 바카라 사이트“ representing not only your members but the whole sector 바카라 사이트“ some of your most important is in your regions and nations agenda.
Led by your amazing network of chairs, representing every corner of the UK, you prove what we all know to be true:
That our financial services industry is a huge, nationwide powerhouse바카라 사이트¦
바카라 사이트¦ employing more than half a million people outside London바카라 사이트¦
바카라 사이트¦ and driving our prosperity, both today and into the future.
So it바카라 사이트™s a pleasure to be with you this morning at a conference that reflects that contribution.
And it바카라 사이트™s appropriate that we are here in Birmingham바카라 사이트¦
One of this country바카라 사이트™s great cities, with a formidable commercial history 바카라 사이트“ and a proud and growing record in financial services.
It was a real honour to be appointed to my current role in July as part of a government with a clear central mission:
To deliver growth across the country.
Today, I want to talk about the steps we have already taken바카라 사이트¦
바카라 사이트¦and to set out our priorities for the years ahead바카라 사이트¦
바카라 사이트¦ and how I see us working together towards that central mission of economic growth.
Because let바카라 사이트™s not be in any doubt: this is a crucial moment for our sector.
Financial services will sit at the heart of the government바카라 사이트™s plan to deliver growth across the UK바카라 사이트¦ Â
바카라 사이트¦ as one of our most successful sectors in its own right, and as a key enabler of growth.
But we need to be realistic about where we are starting from.
Unlike some of our international competitors바카라 사이트¦
바카라 사이트¦ the financial services sector in this country has not grown in real terms since 2008.
Now, it was right that changes were made in the aftermath of the crisis바카라 사이트¦
바카라 사이트¦ but the Chancellor has spoken of her concern that this has had unintended consequences 바카라 사이트¦
바카라 사이트¦ that the system it created has sometimes gone too far, and risked eliminating risk-taking altogether.
And that while we have been regulating for risk, we have not always been regulating for growth.
I want to be clear that updating that approach should not mean putting our economic and financial stability at risk.
The Budget in October was all about our commitment to building economic stability for the long term.
But this is the moment when we could and should take decisive action to start to redress the balance바카라 사이트¦
바카라 사이트¦ and take the steps needed to drive growth, competitiveness and investment across the country.
We started putting this into practice at Mansion House바카라 사이트¦
바카라 사이트¦ where the Chancellor laid out our plan to deliver secure and sustainable growth on a platform of stability, investment and reform.
To drive investment and boost savers바카라 사이트™ returns바카라 사이트¦
바카라 사이트¦ we announced consultations on proposals to deliver major consolidation of the defined contribution market and the Local 바카라 사이트 Pension Scheme.
Meanwhile, we have now completed the final steps to reform Solvency II바카라 사이트¦
바카라 사이트¦ and committed the Treasury, PRA and National Wealth Fund to work together to crowd in insurers.
Both will strengthen insurers바카라 사이트™ ability to make productive investments in a wider range of assets바카라 사이트¦
바카라 사이트¦ supporting the growth of both the UK economy and the insurance sector itself.
New remit letters were sent to the FCA, PRA, PSR and FPC바카라 사이트¦
바카라 사이트¦ reflecting our view that there is an opportunity for more responsible risk taking across the economy.
And we have made clear to regulators that they should be working to support our ambitions for inclusive and sustainable growth바카라 사이트¦
바카라 사이트¦ while continuing to protect financial stability.
We want to see proportionate, effective regulation.
The sort that encourages businesses in the UK to start-up, scale-up and innovate바카라 사이트¦
바카라 사이트¦ and which in turn boosts trade, and attracts inward investment to the UK바카라 사이트¦
바카라 사이트¦ driving economic growth.
To that end, we are consulting on abolishing the current Certification Regime바카라 사이트¦
바카라 사이트¦ and replacing it with a more proportionate approach that will reduce costs for businesses.
We바카라 사이트™re also reinvigorating our capital markets, engines of growth for businesses up and down the country바카라 사이트¦
바카라 사이트¦ through initiatives like PISCES, the new regulated market for private company shares, which we have committed to legislate for by May 2025.
Alongside our listing reforms, which will make it quicker and easier for companies to raise capital바카라 사이트¦
바카라 사이트¦ PISCES will make private secondary markets more transparent and efficient바카라 사이트¦
바카라 사이트¦ serving the companies around the UK who want to scale and grow.
In doing so, I hope it will boost our pipeline for future IPOs in the UK.
We announced our intention to launch a pilot Digital Gilt Instrument issuance 바카라 사이트“ or DIGIT 바카라 사이트“ using distributed ledger technology바카라 사이트¦
바카라 사이트¦ something I know The City UK has welcomed.
And we committed to supporting mutuals and co-operatives바카라 사이트¦
바카라 사이트¦in a way that can help the sector to grow and play its part in driving innovation and economic growth across the country.
We바카라 사이트™ve responded to the findings of Joe Garner바카라 사이트™s Future of Payments review by publishing our National Payments Vision 바카라 사이트¦
바카라 사이트¦ setting out our ambitions for a crucial sector, and improving both regulatory coordination innovation바카라 사이트¦
바카라 사이트¦ using next generation technology to provide greater choice for UK consumers and businesses.
And speaking of that next generation바카라 사이트¦
바카라 사이트¦we are championing Fintech as a central part of the government바카라 사이트™s growth mission바카라 사이트¦
바카라 사이트¦ opening the door for new products and services with huge potential.
A key step is laying the foundations for a long-term regulatory framework for Open Banking and Open Finance바카라 사이트¦
바카라 사이트¦ and we are delivering on this through the Data Bill, which is currently progressing through Parliament.
Earlier this month, I also announced this 바카라 사이트바카라 사이트™s plans for regulating cryptoassets, including a new regulated activity for stablecoin issuance in the UK.
The future role of stablecoin remains a live question바카라 사이트¦
바카라 사이트¦ and there are potential opportunities on both the retail and the wholesale side.
While these developments in digital spaces are exciting바카라 사이트¦
..I also know that face to face banking is really important for some people.
So I was delighted that banks have committed to roll out 350 banking hubs to provide critical cash and banking services across the country.
And this is just a first step in my mission to ensure everyone has access to the financial services and products they need.
You might know that today is Economic Abuse awareness day.
5.5 million women in this country have experienced economic abuse this year.
Partners or family members restricting their access to exactly the products and services I바카라 사이트™m talking about바카라 사이트¦
바카라 사이트¦ stripping them of the freedom and independence that is rightfully theirs.
Tackling economic abuse is a key part of my financial inclusion agenda바카라 사이트¦
바카라 사이트¦ and so I especially welcome any efforts to make sure financial services meet everyone바카라 사이트™s needs.
It is more important than ever to be talking about this issue바카라 사이트¦
바카라 사이트¦ and I am proud to be joining Surviving Economic Abuse바카라 사이트™s event in Parliament later today.
When we consider how best to improve the lives of people across the UK, we know that partnerships with financial centres around the world are key.
That will be at the top of my mind as we work to progress those relationships in the coming months바카라 사이트¦
바카라 사이트¦ and work to secure free and open trade with our most economically important partners 바카라 사이트“ 바카라 사이트¦
바카라 사이트¦ whether that바카라 사이트™s the United States, our single biggest destination for financial services trade바카라 사이트¦
바카라 사이트¦ economies like India 바카라 사이트“ with whom we are holding a Financial Dialogue next week, and will be resuming trade talks shortly바카라 사이트¦
바카라 사이트¦ and the likes of China and the Gulf States바카라 사이트¦
As well as, of course, the European Union.
These are all vital steps being taken in the here and now.
And to ensure that the sector remains competitive and continues to make the most of all talent available, regardless of gender or background바카라 사이트¦
바카라 사이트¦we바카라 사이트™ve pledged to hold it to account on progress made towards accelerating the objectives of the Women in Finance charter.
At Mansion House, we also took the first step towards creating a longer-term sector plan바카라 사이트¦
바카라 사이트¦ as we committed to publishing the first ever Financial Services Growth and Competitiveness Strategy in the Spring.
This will serve as the guiding framework through which we will pursue sustainable, inclusive growth for the sector over the next 10 years바카라 사이트¦
바카라 사이트¦ and the call for evidence sets out five cross-sector policy pillars that will form the basis of the strategy.
I am pleased to say that regional growth is one of those pillars바카라 사이트¦
바카라 사이트¦ alongside innovation and tech바카라 사이트¦
바카라 사이트¦the regulatory environment바카라 사이트¦
바카라 사이트¦skills and access to talent바카라 사이트¦
바카라 사이트¦and international partnerships and trade바카라 사이트¦
바카라 사이트¦ all issues that I know will also be critical to the success of firms up and down the country.
And I want to ask for your help in putting this strategy together.
Because a long-term vision for the sector can only work if it has the sector바카라 사이트™s support.
So this the development of the strategy will be a co-design process.
The Call for Evidence closes on 12 December, and I hope everyone here today will consider providing their views.
I know you have a fascinating agenda for the rest of the day바카라 사이트¦
바카라 사이트¦ and I hope to hear more about the outcome of your discussions in the coming days and weeks.
The government has been clear about its central mission:
To deliver economic growth.
That cannot happen without thriving financial services in every part of the UK.
So I hope you find today to be productive and rewarding바카라 사이트¦
바카라 사이트¦ and I hope that from today, you will be certain that this government wants to work with you바카라 사이트¦
바카라 사이트¦ so that your businesses 바카라 사이트“ and this country 바카라 사이트“ can grow together.
Thank you very much.