The Economic Secretary to the Treasury, Andrew Griffith MP, spoke at The City UK’s Annual dinner and outlined his vision for boosting growth and competitiveness in the financial services sector. During his speech, Mr. Griffith acknowledged the significant contributions of the sector to the UK economy, including its 10% contribution to the country’s GDP and 2.2 million jobs, as well as its role in the largest capital market in Europe.
Griffith also spoke out about the sector’s challenges, including the economic headwinds as well as the need to maintain economic stability and grow. He emphasized the government’s commitment to a low-tax enterprise culture, with a focus on sound money and a competitive tax regime.
Five areas of outstanding growth and potential have been identified by the government, which includes financial services. Griffith stressed the importance of financial services in supporting growth of other industries such as advanced manufacturing and the clean energy revolution.
In addition, Mr. Griffith highlighted the government’s commitment to protecting the country’s research budget, which is now at the highest level in history. He also spoke about the recent financial services legislation passed by Parliament, which demonstrates the government’s mandate and majority.
Mr. Griffith ended his speech by reiterating the UK’s position as one of the world’s top financial hubs and its role in deploying capital behind innovation, which is essential for the growth and success of the financial services sector.
The speech was a clear demonstration of the government’s commitment to supporting the financial services sector and its vision for the future. With the continued growth of the industry and the government’s support, the UK is poised to be a major player in the financial services sector for years to come.