While some of the team have enjoyed well-earned breaks over the summer, we have remained focused on progressing key initiatives and activities and delivering strong outcomes for members. It was positive to see many of our policy asks reflected in recent government strategies, not least in the Modern Industrial Strategy and its sector plans, the Trade Strategy and the 10-year Infrastructure Plan. It was welcome to hear the Chancellor put our industry at the heart of the government’s mission to drive economic growth across the country and reiterate her intention to address excessive risk aversion in the system – something for which we have long been campaigning – in her Mansion House speech.
Elsewhere across our programme of work, we ran a successful member delegation to the US in June, meeting with US legislators, regulators and other senior stakeholders in Washington D.C. and New York; signed Memoranda of Understanding (MoU) with the Hong Kong Financial Services Development Council and the UK-ASEAN Business Council to deepen collaboration in mutually beneficial areas; and continued to expand our international development work. We also delivered a successful Annual Conference and launched our annual ‘Enabling growth across the UK’ report, which sets out the industry’s contribution to local economies across the UK.
Long-term competitiveness
It was very positive to see several of our policy asks reflected in recent publications from government, including the Modern Industrial Strategy and its sector plans across professional and business services and financial services and also the Infrastructure Plan.
Among our asks reflected in the Industrial Strategy were reforms to the planning and public procurement processes; making it easier for businesses to bring in global talent; addressing the industry’s skills shortages in the UK; and strengthening global market partnerships. We were very engaged with government ahead of the Strategy’s publication, sharing member views with the Department for Business and Trade’s (DBT) Industrial Strategy Delivery Forum; convening members with key stakeholders; and twice giving evidence to the Parliamentary Business and Trade Committee’s inquiry on the Industrial Strategy, with the Committee’s report strongly reflecting our views.
Following the publication of the Industrial Strategy sector plans, it was good to see key policy positions reflected in the Financial Services Growth and Competitiveness Strategy, including streamlining the Senior Managers and Certification Regime, reforming the Financial Ombudsman Scheme, regulating to support growth, advancing the digitalisation of UK markets, and discontinuing the development of a separate UK Green Taxonomy.
Similarly, there was strong alignment of our policy asks in the Professional and Business Services sector plan, not least its strong focus on the rule of law and maintaining the strength of English law. We continue to discuss this critical component with key stakeholders, including through a recent member roundtable with Lucy Rigby KC MP.
We were also pleased to see the first important step of our proposal to develop a ‘National Investment Broker’ realised in the government’s Infrastructure Plan, through the creation of a Strategic Investment Opportunities Unit in the Office for Investment (OfI). Its intention will be to provide more effective coordination between national and regional government efforts to attract investment. We are working with the OfI to bring this to life.
On taxation, while we welcomed the government’s changes to its proposals on carried interest following consultation with the industry, there is growing concern that taxation is increasingly uncompetitive and a deterrent for international investors. We will reflect that as we update our tax policy positions ahead of the forthcoming Budget and in our engagement with key stakeholders.
Trust and reputation
We delivered our best-ever attended Annual Conference in June, sponsored by Citadel Securities, DLA Piper, and Robinhood, attracting over 300 delegates from across the industry, government, policymaking, the regulators and media. Focused on the industry’s role in driving economic growth and enhancing UK competitiveness, we welcomed keynotes from Nikhil Rathi, CEO, FCA; Emma Reynolds MP, Economic Secretary to the Treasury; and Andrew Griffith MP, Shadow Secretary of State for Business and Trade. There were also a number of lively panel discussions, and we were once again joined by Bloomberg Radio, who broadcast their flagship morning show, Bloomberg Daybreak Europe, live from the event.
We have been working with the government as they seek to reform Britain’s planning system, which can be a barrier to growth and investment. We recently held a member roundtable with prominent backbencher Chris Curtis MP, who chairs the Labour Growth Group of MPs – a group that has played a key role influencing the Planning and Infrastructure Bill currently before Parliament. We will continue to engage with policymakers to share member views on this key growth area.
Our ongoing engagement with newly elected Labour members continues. In collaboration with Guernsey Finance, we recently hosted a dinner for eight MPs and several members, with discussion focusing on topics such as the industry’s role in supporting the government’s growth mission, the transition to net zero, and how to increase exports. This was a great opportunity to build relationships and increase general understanding of the important role our industry plays across the economy.
Our plans for the 2025 party conference season are well advanced and will see us holding a series of dinners, breakfasts, receptions and/or fringe events at the Liberal Democrats, Labour and Conservative Party Conferences. We have a strong line-up of speakers across our programme of events and encourage members who will be attending them to engage in our activities. We will also be attending Reform UK’s and the SNP’s Party Conferences to observe discussions relevant to our industry.
Alongside strengthening relations with stakeholders across the government, we continue to engage and bring members together with MPs and officials from across the official Opposition, including through meetings with members of the Shadow Cabinet and roundtables with the Shadow City Minister. We have also built a good working relationship with the Liberal Democrats’ business team, and are the only financial and related professional services body on their ‘B7’ business advisory group and regularly invited to attend their business breakfast series. We have also engaged with Richard Tice MP, the Deputy Leader of Reform UK, as part of group events.
