PwC comments ahead of the Chancellor's Mansion House speech

Ahead of today’s Mansion House speech, Mark Batten, UK Banking and Capital Markets Leader at PwC UK, said:

"The UK has a small window of opportunity to establish itself as a global leader in tokenisation and AI in financial services. 

"In a report published last week, in partnership with Barclays, we showed that tokenisation can bring significant benefits to the UK by making markets faster, cheaper and more efficient. Our modelling suggests this could contribute up to £33bn annually to UK GDP by 2035.

"Our latest analysis also points to the next frontier of transformation. Agentic AI has the potential to fundamentally reshape how financial services firms create value, automate complex decision-making and redesign customer experiences.  

"Delivering on the potential from tokenisation and AI will require coordinated action from industry, regulators and Government so we would expect this to be a focus of the Chancellor’s speech. The recommendations from the Financial Services AI Champions and the update on the Digital Markets Digital Markets strategy are important roadmaps for delivery of this. 

"Today's announcements are expected to reinforce the UK's ambition to remain one of the world's leading financial centres by putting innovation, digital markets and AI at the heart of the next phase of financial services growth. The challenge now is to move decisively from strategy to implementation." 

Ends

Notes to editors

PwC’s No Time to Lose report was released earlier this year looking at how the UK can deliver on five key imperatives for future competitiveness