Chancellor outlines financial services strategy

In her Mansion House speech on 15 July 2025 Rachel Reeves set out her vision of reform for the UK financial services sector with a particular focus on cutting ‘unnecessary financial red tape’ reviewing regulation across the industry and creating the conditions to free up capital for investment in the UK. Much of the detail is set out in the UK Government’s Financial Services Growth and Competitiveness Strategy – a 10-year plan ‘to drive the growth and competitiveness of financial services in the UK’ aiming to position the UK as the ‘global location of choice’ for investment.

While not primarily concerned with taxation the strategy document does comment on the contribution of tax policy towards the growth and competitiveness of the financial services sector noting responses to the Government’s 2024 consultation which stressed the ‘importance of a predictable and...