CBI responds to Financial Services Growth and Competitiveness Strategy ahead of Chancellor's Mansion House speech
15 July 2025
Rain Newton-Smith, Chief Executive, CBI, said:
“The City of London stands at the heart of the UK economy, a dynamic hub whose success ripples out to every corner of the nation. It's clear that to genuinely improve the cost of living for households across the UK, we must first look to the health and dynamism of our businesses. The CBI wants to see the government succeed in fostering an environment where businesses can thrive, innovate, and contribute to widespread prosperity.
“Today's launch of the Leeds Reforms spearheaded in the Financial Services Growth and Competitiveness Strategy send a positive signal for the UK's financial services sector and wider economy ahead of this evening’s Mansion House speech. It's clear the Chancellor recognises that when the Financial Sector thrives so does the rest of the economy, and we particularly welcome the focus on measures to help firms start and scale, which is crucial for building the UK's future champions.
“This strategy reflects many member priorities the CBI has consistently championed, from unlocking domestic capital to strengthening the UK’s appeal as a global hub for investment and innovation. In our recent report Revitalising UK Public Markets, we set out a number of practical reforms to enhance the competitiveness and liquidity of UK public equity markets, and we’re pleased to see several of these reflected here today. The establishment of a new Listings Taskforce is particularly welcome, signaling the government’s intent to work in close partnership with business to ensure that more high-growth firms choose to scale and list in the UK.
“The announced reforms to the Financial Ombudsman Service (FOS) has been strongly welcomed by CBI members. These changes, together with reforms to the Payment Systems Regulator (PSR) go some way to address long-standing business concerns about regulatory bodies extending beyond their original mandates. In our recently published A Good Regulation Guide, the CBI highlighted the growing problem of regulatory overlap and duplication. Today’s announcement marks a meaningful step toward a more proportionate, transparent regulatory landscape and sends a clear signal that reform is essential to unlocking growth and easing the administrative burden on UK businesses.
“We also welcome the focus on culture around retail investment and financial advice. The CBI is dedicated to improving equity market access and participation to support the UK's growth ambitions. Greater access to quality advice will be key to unlocking the full potential of retail investment.
“We’ve long championed an internationally interoperable sustainable finance framework that prioritises real economy impact, and we welcome today’s steps to deliver on that ambition. The government’s promotion of international alignment in Sustainability Reporting Standards are vital for many of our members. The continued efforts to work with the Transition Finance Council to scale finance for a whole-of-economy transition are critical. At the same time, the decision not to proceed with a standalone UK Green Taxonomy reflects a pragmatic understanding that real economy policy will be the primary driver of investment in net zero.
"The CBI is committed to working in partnership with the government to deliver on this agenda. Today's announcements, from strengthening public markets and streamlining regulation to championing sustainable finance and boosting retail investment, collectively lay the groundwork for a more dynamic and prosperous UK. By working together, we can ensure these vital reforms translate into tangible growth, unlocking investment, fostering innovation, and ultimately improving the cost of living for households and businesses in every corner of the UK."