As the Autumn Budget nears, Menzies’ Financial Services team have compiled a Wishlist for the sector, covering key areas such as FinTech, and skilled workers in the industry,
New Government
The new government brings with it renewed hope that the financial services (FS) sector will receive much-needed attention in the upcoming budget, something that has been lacking for quite some time.
Their manifesto outlined various plans, including providing additional support to regulators, which could signal a turning point for the industry.
Specifically, we hope to see well-structured initiatives put in place to assist regulators such as the Financial Conduct Authority (FCA). Offering the FCA clearer direction and the resources to streamline existing regulations where feasible would go a long way in making the regulatory landscape more navigable for businesses of all sizes.
Fin Tech
Larger FinTech businesses frequently choose to leave the UK or sell to overseas firms instead of continuing their development in the UK. Retaining these companies is crucial, and we believe that the government should take a proactive approach to address this issue.
One solution could be the introduction of grants or other financial incentives aimed at encouraging the continued growth of these businesses on home soil. Additionally, providing support to ensure that companies can easily bring in talent from overseas would strengthen their ability to compete globally.
Talent in the sector
Talented individuals in the financial sector are also not being sufficiently encouraged to remain in the UK.
While we recognise that immigration is a complex issue, it is essential that high-skilled professionals, including entrepreneurs, are not disincentivised from staying.
Instead of indirectly encouraging skilled workers to take their talents overseas, the government should focus on creating policies that make the UK a more attractive place for them to stay and thrive. By offering more support and fostering a welcoming atmosphere for high-skilled individuals, the country could retain the expertise needed to drive growth in the financial sector.
If you have any queries regarding the Autumn Budget, and how it could affect your business, please do get in touch with Menzies’ Financial Services team or contact us via the form below:
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