Labour has launched a review of financial services which will set out policy priorities in a bid to “boost economic growth and make working people better off”.
A panel of 10 City grandees has been appointed, which will contribute to the review.
The review will consider five key areas: capital markets, competitiveness, consumer protection, innovation and sustainability.
The announcement was made today (December 8) as senior party members, including Labour leader Keir Starmer, met with representatives of the financial services in Edinburgh.
Tulip Siddiq, Labour’s shadow economic secretary, said: “The message I have heard from the City time and time again is the need for the next government to provide long-term stability and a clear sense of direction on policy priorities.
“This review demonstrates Labour’s commitment to the sector and our determination to put it at the heart of our plans for growth. It builds on the extensive engagement we have done across industry to meet banks, insurers, fintechs, asset managers, investors, payments providers, consumer groups, and trade associations.
“Our advisory panel is comprised of a diverse set of influential leaders who have worked across financial services throughout the UK, and I am looking forward to working with them on this incredibly important project."
The 10 independent panel members are:
- Susan Allen, chief executive of Yorkshire Building Society
- Dame Elizabeth Corley, chair of Schroders and Impact Investing Institute
- Sir Douglas Flint, chair of Abrdn, IP Group, and UK Digitisation Taskforce
- Nigel Higgins, chair of Barclays
- Anne Glover, chief executive and co-founder of Amadeus Capital Partners
- Sir Ron Kalifa, senior independent director, Bank of England
- Sir John Kingman, chair of Legal & General
- Charles Randell, of the Financial Inclusion Commission and former chair of the FCA
- David Schwimmer, chief executive of London Stock Exchange Group
- Baroness Shriti Vadera, chair of Prudential
In a statement, the new panel said: “In the current economic climate and with increasing threats from competing international jurisdictions, we support the commitment this review shows to reinforce the UK's role as a global centre for financial services.”
The final report is expected to be launched in early 2024 and will inform Labour’s manifesto for the next general election, the latest date for which will be January 28, 2025.
tara.o'connor@ft.com
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