PwC comments on Chancellor’s Mansion House speech

Darren Ketteringham, head of financial services, PwC UK, said:

“Having committed to work in partnership with the financial industry and regulators to deliver growth, the Chancellor’s maiden Mansion House speech outlined how the new government plans to support the investment so urgently required to keep the UK at the forefront of advances in technology and green finance.

“To maximise the sector’s potential to drive growth, what we need to see is a financial services eco-system which supports the provision of capital to firms at all stages of their growth, and keeps pace with innovations such as tokenisation and AI. 

“Today’s announcements include tangible steps to improve the UK’s growth prospects and international competitiveness, from reforms to our pension system to a renewed focus on the competitiveness of our vital financial services sector. While the plans set out today are only a first step, having a positive statement of intent from the new Government towards financial services is undoubtedly progress.” 

Mark Batten, head of banking and capital markets, PwC UK said:

“The measures announced in the Chancellor's Mansion House speech reinforce the shift in the UK’s financial services regulatory approach towards one that seeks to support growth as well as manage risk.

“For financial services firms, this shift represents both a call to action and an opportunity to lead. The strong focus on green finance is welcome, which will help to drive forward and standardise transition planning and sustainability disclosure across the industry. 

“The announcement on a pilot for a Digital Gilt also sends out a powerful message that the UK will seek to capitalise on the transformational benefits of technology and innovation. By embracing these changes, the sector can reinforce the UK’s position as a competitive, innovative, and resilient  financial hub, strengthening its position as a global leader in green and sustainable finance.”

PwC recently published The Framework for Growth and Financial Services, a paper that looks at the role FS will play in driving wider economic growth, identifying a number of components that need to be addressed for the sector to fully meet the government's aspirations for it.