Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on making the UK the world’s most innovative full-service financial centre.

The Government published the Financial Services Growth and Competitiveness Strategy on 15 July, which sets out the Government’s ten-year plan to make the UK the global location of choice for financial services firms to invest, grow and sell their services throughout the UK and to the world. As part of this, the Government announced the most wide-ranging package of reforms to financial services regulation in over a decade.

Following publication, HM Treasury has been working with partners to deliver the reforms at pace. The Department for Business and Trade has published its first quarterly update on delivery of the Industrial Strategy. In relation to financial services, it confirms that the Office for Investment: Financial Services announced in the Strategy has now been launched to guide and support international investors looking to establish or grow a presence in the UK’s financial services sector. In September, the Chancellor and US Secretary to the Treasury established the Transatlantic Taskforce for Markets of the Future, to drive innovation and growth in global markets including capital markets digital assets and other innovative financial activities.

Working with industry and the regulators, the government will continue to prioritise delivery of the wide-ranging reform programme set out in the Financial Services Growth and Competitiveness Strategy.