- One-stop shop within the Office for Investment to cut red tape and remove barriers for global firms investing in UK financial services
- Partnership between Treasury, Prudential Regulation Authority, Financial Conduct Authority and City of London to deliver growth for working people
- Targets high-value job creation in every region – from Leeds to Liverpool, Belfast to Bristol
The Office for Investment: Financial Services will provide a ‘concierge’ service for global financial services firms, providing regulatory guidance, business support and investment help.
The Chancellor Rachel Reeves announced the fully operational Office for Investment: Financial Services during the IMF’s Annual Meetings in Washington DC.
The free service, delivered by the Office for Investment, is a partnership between HM Treasury, financial regulators and the City of London Corporation and delivers on commitments made in Reeves’ Mansion House speech to reduce regulatory uncertainty and make Britain the best place in the world to invest and do business.
The Office for Investment: Financial Services is one of the measures outlined in the Government’s Financial Services Growth and Competitiveness Strategy, which set out the government’s ten-year plan for the UK’s financial services sector. As part of the modern Industrial Strategy, it will drive growth in the sector and the economy, deliver security for working people, and drive investment across the UK.
Chancellor Rachel Reeves said:
We said we would make it easier to create jobs and grow a business in our country and we’re delivering.
This service will drive investment across our United Kingdom, making sure that the world’s most innovative businesses can access the talent found in every corner of our country and that working people feel better off.
Financial services employ 1.2 million people across the UK, with more than half of those jobs located outside London. The Chancellor’s Leeds Reforms outlined her vision to strengthen Britain’s position as a global financial hub, and overseas investment – particularly from the US – helps deliver on the government’s plan for national renewal.
The Office for Investment: Financial Services will actively promote actively promote investment opportunities across all of the UK’s nations and regions by leaning into the strengths of different financial services clusters and working closely with regional investment bodies across the country.
These deeper financial services links between the UK-US come after an historic State Visit, which renewed the special relationship between the two countries for a new era.
A record £150 billion of inward investment from US companies was secured, creating more than 7,600 high-quality jobs across the UK in places like Glasgow, Warrington and the Midlands. The first ever UK-US tech agreement was also signed, focused on developing technologies which will drive growth like AI, quantum and nuclear.
More information
- The Chancellor of the Exchequer and the US Treasury Secretary recently established a Transatlantic Taskforce for Markets of the Future to enhance collaboration on capital markets, digital assets and other innovative financial activities: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets – GOV.UK
- The US is our biggest investor and our top investment destination. At the end of 2023, the UK and US had over £1.2 trillion invested in each other’s economies across key sectors including financial services, renewables, and technology.
Nikhil Rathi, chief executive of the Financial Conduct Authority, said:
We want international financial services firms to expand in the UK – investing, creating jobs and fuelling growth while delivering great outcomes for consumers.
We’re making it easier for firms to set up, thrive and grow, maximising the UK’s attractiveness as a place to do business.
Chris Hayward, Policy Chairman of the City of London Corporation, said:
This marks a defining moment in the United Kingdom’s approach to foreign direct investment. Co-located in Westminster and the City of London, this important step moves us from ambition to action in less than six months.
The service embodies the strength of public–private partnership, harnessing industry, government, and regulatory expertise to create a streamlined and fully integrated offer. It will make the UK the most attractive destination in the world for financial services.
For investors worldwide, this represents an unparalleled opportunity to engage with a world-class ecosystem built for growth, innovation, and long-term success.
Sam Woods, CEO of the Prudential Regulation Authority, said:
This new service will help financial services firms around the world invest and grow in the UK, and represents the latest development in the PRA’s ongoing push to boost UK growth and competitiveness.
