Westminster Hall
1 September 2026
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Westminster Hall Actual start House of Commons
15:35 - 18:20
Speaker 1
Before turning to today's topic for debate, can I congratulate my right honourable friend, the member for Northampton North, on her reappointment as Economic Secretary to the Treasury.
In her first spell, she was a formidable advocate for UK financial and professional services, and so I think we're all very fortunate that we have her back for a second act, and I wish her well in the time ahead. Today, Mr. Twigg, I want to make a positive case for the future of the UK's financial services sector, and why it should lie at the very heart of this government's strategy for backing Britain's wealth creators, standing behind entrepreneurs with a bright idea, and making sure that we channel capital towards the innovators and builders who will drive growth in every part of this country, while also ensuring that the sector provides people with the tools, wherever they live and whatever their circumstances, to participate fully in a modern economy and a modern society, through a bank account that works and that they can access, savings and investments that build real financial security, and insurance that protects families, homes, and businesses when life throws its inevitable curveballs at them.
With financial and professional services employing around one in 13 workers across the UK, two-thirds of them outside of London, this is no longer a niche interest for the UK, or even a City of London story alone; it is a genuine national endeavour. Now, when I meet people across the Buckingham and Bletchley constituency that I represent here in Parliament, from the small business owners to the families that I meet on the doorstep, or to the staff at Allica Bank or Santander UK, both of whom have their headquarters in Milton Keynes, serving customers the length and breadth of Britain, I see the same thing: a national industry built for all of us.
And so in the time available, I want to set out five challenges/opportunities facing the sectors in the years ahead. First, the need to go even further in mobilising a greater share of domestic capital toward domestic assets, in particular high-growth businesses, especially those aligned with the industrial strategy eight sectors, and infrastructure. Now, I welcome the former Chancellor's Mansion House speech in July and the progress that this government has made against the Financial Services Growth and Competitiveness Strategy one year after its publication, building on the progress made by its predecessor government.
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