Spring Budget 2024 – Financial Services Sector Commentary

Before the 2024 budget we set out a few areas we felt would benefit from Chancellor, Jeremy Hunt’s attention.


Open banking came into force on 13th January 2018. Designed to give consumers more control over their data, we have seen fintech companies utilise this to improve loans and help us manage our money better, but there was always an intention to take this further. An acceleration of the plans to ‘open finance’ would have resulted in more talent setting up in the UK and benefits for consumers including quicker applications and lower loan rates.


We spoke about sustainable investing and the FCA’s SDR last year. We would have supported a reduction in green-washing of investments so that firms offering genuine green funds can benefit.

Measures to help bring down the costs to investors of green funds would have been welcomed, especially where these can help with an acceleration of renewable energy projects both on and off shore.


The government has stoked interest at many crypto firms to consider setting up or re-locating to the UK following the passing of the Economic Crime and Corporate Transparency Bill back in 2022. A Central Bank Digital Currency (CBDC) or ‘Digital Pound’ would have been a welcome introduction to help further position the UK as the place to base the next generation of financial services business.

£5,000 UK ISA Allowance

Unfortunately we didn’t hear anything in the areas below, but the announcement of an additional £5,000 ‘UK’ ISA allowance specifically for investment in UK-focused assets is welcomed and we look forward to more detail on how this will work in the coming days and weeks. A reform to the ISA landscape was something we called for before the Autumn Statement in 2023 and this is a positive first step to help the UK’s strong financial services sector further contribute to overall growth.

Hope for Further ISA reform

We hope that a post-election review will consider further ISA reform, this could incorporate a review of green investment funds to help bring down the cost of investors to contribute to growth in the UK and in green improvements. In the event that Labour does receive a mandate to govern, as the polls indicate, offering something to help the journey to net zero such as the above, will be high on their list given their recent stance change.

Posted in Blog, Financial Services