Should financial services be 'levelled-up'?
A report by the APPG for Financial Markets and Services is calling on the Government to include financial services in its levelling-up agenda. According to the APPG, almost 3/4 of people say that financial services are too concentrated on London.
The group, chaired by Bim Afolami MP says, "Despite the financial services sector being one of the UK’s largest employers and contributing around 10% of its total economic output, the industry has been largely overlooked in the government’s plans for levelling up."
The APPG for Financial Markets and Services is requesting:-
The actions asked for by the APPG for Financial Markets and Services include:
- Giving financial regulators such as the FCA a new objective for delivering economic growth for all regions in the UK
- Providing incentives for major banks to create and relocate senior roles in cities outside London
- Expanding the role of the government’s office for investment to focus on unlocking new private sector investment in regions around the country, particularly from pension funds
- Working with local councils and bodies such as Citizens Advice to offer banking alongside public advice in communities where bank branches have shut or are at risk of closure
- Making future devolution deals
- Creating new cross-sector bodies to represent the industry in cities outside of London to reflect the growing importance of financial services to their economies.