Following the statement by the Chancellor, Kwasi Kwarteng, today in the House of Commons, Miles Celic, Chief Executive Officer, TheCityUK, said,
“Today the Chancellor took bold action to create the conditions for economic growth, with positive steps taken on tax to boost jobs and investment, as well as the measures to speed up infrastructure delivery across the country.
“To achieve growth, the UK must make a compelling and competitive offer which unlocks and attracts capital investment. This budget has taken some big strides, but no magic bullet exists. The UK’s long-term success is also built on a range of other factors such as closing the skills gap, driving innovation, delivering high-quality right-sized regulation, and setting out a clear path to achieving net zero.
“This week the Prime Minister recognised our industry’s role as an essential enabler to the wider economy, ensuring that investment flows to those who need it. This function works best when the UK is an attractive place to start and grow a business, providing stability, certainty, and a competitive return on investment. We look forward to continuing to work with the government to deliver this and on the package of regulatory reforms for financial services due in the autumn.”
International benchmarks needed to fully assess regulators’ impact on competitiveness and growth
New research shows that the UK financial regulators’ metrics to track progress against their secondary objective for competitiveness and growth will provide world-leading transparency and accountability.