TheCityUK has outlined a new international strategy designed to make the UK become a leading financial centre over the next five years.
The industry-led body has worked with firms, business groups and partners across the financial services sector to create the strategy.
It claims that despite the growing size and volume of many market segments, the UK has seen a decline relative to international competitors. Reasons for this include the rise of financial centres in Asia and the continued progress made by the US.
The strategy – Making the UK the leading global financial centre – outlines a need to bolster market share in areas such as FinTech. It also calls for the UK to build its capabilities in future areas of growth, including data and technology, global ESG markets, international investment opportunities and risk management.
It hopes this will create more high-skilled jobs and attract more foreign direct investment into businesses across all sectors. The body also hopes it will put the UK on the forefront of technology and innovation.
TheCityUK CEO Miles Celic said, “One of the greatest risks for any successful financial centre is complacency. Europe is littered with cities that were once the leading international centre of their day. The last decade has been one of growth for our industry, yet global competitors have grown faster.
“However, with the right strategy in place and a clear focus on delivery, the UK can pull away once again from its competitors. It is an ambition that needs industry, government, and regulators to work together. It will take sustained focus, cooperation and determination.”
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