Posted By Global Banking and Finance Review
Posted on January 20, 2025
LONDON (Reuters) - British finance minister Rachel Reeves said on Monday she would meet representatives from key financial services sectors, such as banking and insurance, over the coming months to formulate a new growth and competitiveness strategy.
"I am committed to working hand-in-hand with the industry to make sure that our plans are informed by those who both provide and utilise financial services," Reeves said in a statement.
The government, which aims to publish its financial services growth and competitiveness strategy in the spring, said the industry was identified as one of the eight main growth-driving sectors in its broader industrial strategy.
The announcement comes after reports that Banco Santander could potentially scale back its business in Britain, with a person familiar with the matter telling Reuters that the Spanish bank was reviewing its presence in the country.
Reeves, who has urged regulators to eliminate barriers to growth, will seek the industry's views on "the best way to deliver long-term in the sector and across the country" in the planned meetings, the government statement added.
The country's finance watchdog has said it would "take greater risks" to support the government's drive for more economic growth but warned the approach would lead to more failures and harm to consumers and businesses.
(Reporting by Sarah Young, writing by Muvija M, editing by William James and Catarina Demony)
