Senior politicians at the Treasury have nudged the Financial Conduct Authority and the Prudential Regulation Authority to help to ramp up growth in the City of London.
Chancellor Rachel Reeves and City minister Tulip Siddiq "are constantly asking regulators, ‘What are you doing in practice to meet that secondary objective?'" of facilitating the medium to long-term international competitiveness of the UK economy, according to Reeves. This secondary objective was first brought in by Reeves' predecessor Jeremy Hunt. Speaking during her tour of North America, where she has met with Canadian pension fund giants and major US-based financial institutions, Reeves said: "I believe that our financial services sector is the jewel in the crown of the UK econo...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes