Hannah Gurga (pic), Director General at ABI, said: “The Chancellor has set out a bold package of reforms for the UK’s financial services, and we welcome the ambition to boost growth and competitiveness.
“Enabling the industry to innovate and invest more in sustainable finance will help to galvanise growth, and steps to combat fraud and improve consumer understanding will support consumers and the economy alike. We look forward to seeing more detail and will continue to engage with Government, regulators and our members to progress mutual priorities.”
Chief Executive Officer of TheCityUK, Miles Celic, said: “It is very encouraging to hear the Chancellor underline the important role financial and related professional services has to play in delivering growth.
“The issues she covered, including boosting investment, pensions reform, emphasising the regulators’ remit around growth and competitiveness and the need for sensible recalibration on risk, as well as her commitments to support the UK to become the world’s leading hub for sustainable finance, echo much of what our industry has been calling for. Her focus on innovation and modernisation, including a pilot for delivering a Digital Gilt is also positive to hear, as is her intention to publish a pro-growth, pro-competitiveness long-term strategy for the industry.
“These are all critical to ensuring the UK’s competitive position as a world-leading international financial centre. We look forward to continuing to work with the Chancellor and the government to deliver these reforms and initiatives.”
Robin Fieth, Chief Executive of the Building Societies Association, said: “I am delighted the Chancellor has used her first Mansion House speech to demonstrate the Government’s commitment to double the size of the mutual economy by announcing a package of measures to support the growth of the sector.
“A strong mutual sector provides choice for consumers and creates resilience for the financial sector. When you’re with a mutual, you can be confident that the profits are reinvested in the business and the interests of members and communities, not hived off to external shareholders.
“We are very much looking forward to working with the new Mutuals and Co-operative Council as it begins this exciting journey.” Green Finance Institute CEO, Dr Rhian-Mari Thomas, said: “The only viable pathways to growth and prosperity for the global economy are those that are aligned with climate science and the preservation of nature.
“The Government’s commitment to implementing and delivering on the ambition set out at COP29 and Mansion House, strengthens the UK’s position as a global leader on climate action. Building on already strong existing regulatory foundations for sustainable finance, we must now create the opportunities for both UK-based and global investors to deploy their capital.
“Delivering this ambition requires the public and private sectors to work together. The GFI looks forward to offering the Government our continued support and expertise.”
Dame Julia Hoggett DBE, CEO at London Stock Exchange plc said: “We are thrilled to see the Government’s endorsement of PISCES and are encouraged by the momentum building to join up innovative regulatory design, tailored markets and targeted policymaking to support the creation of a true funding continuum.
“The focus of the Pension Reforms and the Mansion House Compact in unlocking the UK’s deep pools of capital to invest in our publicly quoted and private companies combined with the creation of this new cross over market are just what is needed to support companies across the UK to succeed. We have a unique opportunity to enable private and public markets to work together to provide the tangible support companies need to access capital and liquidity and investors need to access the broadest range of high-quality assets.
“We look forward to engaging with the Government, regulators and all stakeholders on HMT’s consultation to develop a regulatory framework which plays its part in achieving this vision.”
Group CEO at Aviva, Amanda Blanc DBE, said: “This is just what we need. Rebalancing regulation to be pro-growth will be a real boost to competitiveness, spur more investment in the UK and deliver better value for customers.
“Let’s get moving quickly on this crucial agenda.” 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.”
