Financial and related professional services are uniquely placed to support government efforts to drive economic growth and level up the UK. Government should partner with industry to ensure this positive benefit is felt in every region and nation. Productivity in our industry is nearly twice as high as productivity in the UK economy as a whole. Financial and related professional services sector productivity is almost 50 per cent higher than the overall UK economy in terms of output per hour.
The new Prime Minister should:
- Empower local communities to seize the initiative to foster more vibrant regional economies by devolving more powers to devolved administrations in regions and nations and, in return, ensuring that they engage with local businesses when developing their economic plans.
- Introduce more flexibility into the Apprenticeship Levy so that it can be used to re-skill and upskill the existing workforce to adapt to rapid changes in the economy, including the imperative to transition to net zero. Further narrowing the skills gaps in our industry by supporting re-skilling and upskilling in this way could increase output by £38bn by 2038, according to research from the Financial Services Skills Commission.