Hannah Gurga, Director General, 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.”
Miles Celic, Chief Executive Officer, TheCityUK
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, 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.”
Dr Rhian-Mari Thomas, CEO, Green Finance Institute
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, 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.”
Amanda Blanc DBE, Group CEO, Aviva 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.”
