£225 Billion Boost: UK’s New Economic Growth Plan
The City of London Corporation, in collaboration with Oliver Wyman, presents an ambitious economic roadmap aiming to infuse £225 billion into the UK’s economy.
About the vision for Economic Growth
This meticulously crafted report is a culmination of insights from 300+ stakeholders from the financial, professional services sector, and more. It lays out a clear strategy to spur growth and position the UK at the forefront of global challenges, from AI to climate change.
Key objectives of the roadmap
- Conditions for Growth: A proposed Financial and Professional Services Council will provide urgency and direction, mirroring the No10 Business Council.
- Boosting Investment: Unlocking £75bn, with significant contributions from the pensions industry.
- Digital Economy Transition: Implementing digital data verification could lead to benefits worth £4.8 billion by 2030.
- UK’s Leadership in Sustainable Finance: The nation aims to establish itself as a hub for net zero finance, targeting a £97 billion market potential.
- Promotion and Global Integration: A proposed UK knowledge hub could lure £24 billion in FPS exports and generate 5,000 new jobs.
Chris Hayward, Policy Chairman at City of London Corporation, emphasizes the urgency of these reforms to ensure a robust future for UK financial services.
Industry experts weigh in
- Nicholas Lyons, Lord Mayor of the City of London: Stresses the significance of public and private sector collaboration.
- Lisa Quest, Partner, Oliver Wyman: Highlights the UK’s financial centre’s role in driving global innovation.
- Sheila Nicoll, Senior Public Policy Advisor, Schroders: Discusses the potential of sectors like sustainable finance and technology.
- Michael Spence, President, University College London: Talks about London’s innovation potential and the need for strategic collaboration.
Various other industry leaders, including from Barclays, J.P. Morgan, KPMG, and more, unanimously agree on the roadmap’s potential to elevate the UK’s global financial status.
Looking ahead
The City of London Corporation commits to promoting the roadmap’s objectives in the forthcoming UK Parliament sessions. They will also establish KPIs to monitor progress.
