The financial and related professional services industry is a strategic national asset for the UK and plays a vital role in our country's economy.
We are encouraged by steps ministers have taken to use their powers and authority to stimulate growth. For example, The Chancellor’s comments, made during her speech at Mansion House, that Britain needs to begin to regulate for growth, were most welcome, as was the Prime Minister’s letter to economic regulators asking them to produce new ideas to encourage growth. We are keen to work collaboratively to make this vision a reality.
We believe that the comprehensive spending review is an important opportunity to align the taxpayer money that government spends with the national mission to deliver inclusive growth, including by creating the right conditions to grow private sector investment. The discretionary spend delivered by government can be used not only to deliver valuable public services, but to also to stimulate growth.
Due to the uniquely broad reach of our industry, there are several departments across Westminster where we believe a strong partnership can be built with our members to deliver growth and we have emphasised these in our submission.
1) HM Treasury
- Creating a competitive tax regime to secure international investment.
- Examining the VAT regime on financial services, the banking surcharge, banking levy and stamp duty regime.
- Enabling investors to access readily investable projects at scale and pace.
2) Foreign, Commonwealth and Development Office
- Ensuring government is financed to deliver a bold new investment attraction strategy.
- Delivering an offshore 'team UK' approach to investment attraction.
- Protecting and enhancing international development work with the private sector.
3) Home Office
- Enabling short-term business mobility.
- Supporting local talent with funds from the Immigration Skills Charge.
4) Ministry of Justice
- Delivering additional investment into the courts system.
5) Ministry of Housing, Communities and Local Government
- Funding a new Leadership Academy for regional leaders.
- Considering how metro mayors can take strategic responsibility for infrastructure.
6) Department of Education
- Delivering further devolution of skills policy.
7) Department for Energy Security and Net Zero
- Ensuring the department has funding to deliver on key policy measures.
- Developing the National Wealth Fund and supporting the Finance Market Review.
- Setting out a comprehensive strategy for net zero and nurturing strategic industries.
8) Department for Work and Pensions
- Ensuring an evidence-based approach to provide security in later life for people across the country.
9) Department for Business and Trade
- Working with devolved leaders to promote trade and investment internationally.
10) Department for Science, Innovation and Technology
- Delivering the AI opportunities plan and the Technology Adoption Review.
- Nurturing skills for the future.
- Additional research and development (R&D) investment incentives to support services companies.
11) Cabinet Office
- Examining the predictability and efficiency of our regulatory environment as a key component of our competitiveness.
12) Department for Environment, Food and Rural Affairs
- Continuing to support nature finance.
13) Ministry of Defence
- Charting a predictable trajectory towards the 2.5% of GDP target on defence spending.