UK-based financial and related professional services
The world is changing at an unprecedented rate. New technologies are transforming the way we live, demographic trends are altering the shape of communities and the global balance of economic power is shifting towards faster growing markets. The industry must continually adapt and change to remain relevant.
Brexit has provided a catalyst for the UK to reconsider its future role and competitive positioning, with potential to recalibrate the focus of its trade and investment with the rest of the world. This takes place against a backdrop of increased global competition from established and emerging financial centres.
Together with TheCityUK we have developed a 2025 vision for the UK identifying key recommendations for the industry drawing on extensive engagement with leaders across the industry using a rigorous fact-based assessment. These recommendations include specific, detailed actions that should be pursued, both in the short term as well as longer term suggestions. These recommendations should inform and align with the UK’s Industrial Strategy on which the Government is currently consulting.
By 2025, the industry will have transformed itself to be highly digitised, innovative and customer-centric. It should be a leader in cyber security, using data in a secure and sophisticated way, alongside new technologies, to drive significant improvements in the way services are delivered. Firms should consistently and relentlessly do what is right for customers.
London will remain one of the most important and attractive international centres for financial services and global business, retaining the full ecosystem of financial and related professional services. It will need to continue to play an important domestic role and be a leading FinTech centre that keeps the UK at the forefront of financial innovation.
Regional and national financial centres will have become more prominent within the UK industry. There must be a strong supply of local talent with relevant skills, competitive costs and high productivity. Banking, insurance and asset management centres outside of London should continue to develop, hosting more headquarters of major companies, while other regional and national hubs should focus on enhancing specialist roles which serve both UK and global markets. Implementing the strategy will require effective collaboration from industry, government and regulators.
‘Implementing the strategy will require effective collaboration from industry, government and regulators’