TheCityUK calls on the Budget to deliver stability, resilience and growth

Press release
10 March 2023

Ahead of the Budget, we have proposed a series of measures targeted at delivering a coherent, and predictable regulatory framework that supports growth across the UK, incentivising investment in the net-zero transition, prioritising innovation, and maintaining the UK’s competitiveness as a world-leading international financial centre.

In our pre-Budget submission, we have called on the Chancellor to:

  • Swiftly pass the Financial Services and Markets Bill to deliver a regulatory framework that maintains the UK’s competitiveness in a rapidly evolving international marketplace.
  • Facilitate the technological innovation and private sector finance required to deliver the global transition to net zero.
  • Devolve the necessary powers to Metro Mayors and Combined Authorities to help generate growth and investment by the financial and related professional services industry outside London.
  • Work with regulators and industry to identify regulatory inefficiencies that need to be addressed to reduce compliance costs and delays.
  • Deliver a stable and predictable tax regime that is simplified and streamlined for financial services.
  • Rapidly finalise key free trade and mutual recognition agreements that will help secure UK trade with other leading financial centres.
  • Help UK businesses access the world’s best talent by removing the requirement for foreign employees to acquire an intra-company transfer visa when visiting the UK for short term projects.  

Miles Celic, Chief Executive Officer, TheCityUK, said, “The continued competitiveness of the UK as a world-leading international financial centre will not happen by chance. It needs the right recipe for success, including robust and fit-for-purpose regulation, stability and predictability in policymaking, clear focus on innovation, and a business environment attractive for investors.

“The Chancellor set out his vision for ensuring long-term prosperity earlier this year and the financial and related professional services industry is a key enabler for that, supporting businesses, individuals and driving economic growth right across the country.”