Financial services trade group TheCityUK has unveiled a plan to propel the UK into the position of the world’s leading international financial centre within five years.
Developed in partnership with members and business groups, the strategy aims to overcome the growth of new financial centres in Asia and the ongoing progress made by the US.
The strategy, called ‘Making the UK the leading global financial centre’, focuses on bolstering competitiveness and attractiveness, underlining the need to strengthen the UK’s market share in existing areas of advantage, such as fintech.
It also calls for the UK to build its capabilities in future areas of global growth where the jurisdiction has a strong competitive advantage, such as data and technology, global environmental, social and corporate governance markets, international investment opportunities, and risk management.
TheCityUK says delivering the strategy will create more high-skilled and -value jobs, attract more foreign direct investment into businesses in all sectors, put the UK at the forefront of technology and innovation, and position the jurisdiction as a leader in financing the growth of the green economy.
Commenting on the strategy, Miles Celic, chief executive officer of TheCityUK, says: “The UK’s financial and related professional services industry is a strategic national asset which provides millions of high-value jobs right across the country, attracts inward investment, contributes significant tax revenue and generates large export surpluses.”
“Being host to the world’s leading financial centre provides large and widespread economic benefit to the UK—which is why there is no shortage of competitors seeking to grow their own financial centres.”
“One of the greatest risks for any successful financial centre is complacency. Europe is littered with cities that were once the leading international centre of their day. The last decade has been one of growth for our industry, yet global competitors have grown faster.”
“However, with the right strategy in place and a clear focus on delivery, the UK can pull away once again from its competitors. It is an ambition that needs industry, government, and regulators to work together. It will take sustained focus, cooperation and determination.”