At TheCityUK National Conference held in Birmingham on November 26, 2024, the Economic Secretary to the Treasury outlined the government’s ambitious plans to place the financial services sector at the forefront of the UK’s growth strategy.
This keynote speech highlighted the critical role financial services will play in driving inclusive growth and regional development.
Government’s Growth Mission
Financial Services as a Growth Driver
The Economic Secretary emphasized the government’s commitment to leveraging the financial services sector to boost economic growth across the UK. This strategy includes initiatives aimed at enhancing the sector’s competitiveness and its contribution to regional development.
The speech underscored the importance of financial services in supporting businesses and fostering economic prosperity in various regions and nations within the UK.
Regional Growth and Devolution
Empowering Metro Mayors
The conference also focused on the role of devolution in driving regional growth. Panel discussions explored how the increased powers of metro mayors can stimulate local economies and attract investment.
This aligns with the government’s broader agenda of decentralizing power and promoting regional development, ensuring that economic growth is more evenly distributed across the country.
Industry Reputation and Inclusive Prosperity
Addressing Industry Challenges
A key segment of the conference addressed the industry’s reputation in 2024, featuring a presentation and Q&A session. The discussion highlighted financial services sector challenges and strategies to maintain public trust and confidence effectively.
Additionally, a panel session on “Growth on the ground: creating inclusive prosperity and investment across the UK” delved into strategies for ensuring that economic growth benefits all regions and communities.
Political Implications
New Government’s Priorities
The conference included a panel discussion titled “Politically speaking: What the new government’s first months mean for business.”
This session provided insights into how the new government’s policies and priorities will impact the financial services sector and broader business community.
Andrew Griffith MP and Bruce Carnegie-Brown’s keynote speeches enriched the discussion on the UK’s economic growth.
Forward-Looking Perspective
The UK government’s commitment to leveraging financial services for growth is a promising step amidst economic challenges.
TheCityUK National Conference 2024 has set a strong foundation for future discussions and collaborations between industry stakeholders and policymakers.
The UK will build on this momentum to drive economic prosperity across all regions, focusing on inclusive growth, regional development, and industry reputation.
Sources: THX News, HM Treasury & Tulip Siddiq MP.
