TheCityUK calls for the new Prime Minister to unlock the power of the financial and professional services industry for the benefit of everyone

Press release
10 August 2022

Going for growth: TheCityUK’s manifesto for the next Prime Minister

TheCityUK has published a manifesto outlining how government can work closely with industry to maximise its contribution to economies and communities across the UK under the next Prime Minister[1].

The manifesto outlines eight areas where the industry can work with the next Prime Minister to deliver more skilled jobs across the country, increase services exports and ultimately generate higher tax receipts by boosting the financial and related professional services industry.

Key policy recommendations include:

  • Delivering the Financial Services and Markets Bill as soon as possible and reforming Solvency II to free up capital for widespread UK infrastructure investment spending.
  • Reforming the tax system to create incentives which will accelerate financing the transition to net zero.
  • Embedding the reforms set out in the Hill review of UK listing rules and the Kalifa review of UK FinTech.
  • Combating protectionism by forging free trade agreements that champion services trade and pursue dialogues that boost foreign direct investment.
  • Reform the short-term business mobility rules to allow business visitors to conduct more activities in the UK.

The financial and related professional services industry provides jobs for one in 14 people right across the nation, two thirds of whom work outside London, contributes over 12% of the UK’s total economic output and is the UK’s largest taxpayer.

By working together with the industry, the new Prime Minister can help maximise its contribution to the creation of a productive, high-skilled economy.

Miles Celic, CEO of TheCityUK, said: The financial services and related professional services industry is a British success story – but we can do more.

“As we reach the final weeks of the leadership elections, we hope the candidates consider the role we can play in supporting their economic agendas and help regain our role as the world’s foremost international centre of finance.

“By working closely with our members, the next Prime Minister can help boost investment and drive the long-needed economic growth that is the only way for the UK to meet its potential.”