Current issues for UK financial services and markets

With so much political attention currently on manufacturing and logistics, The Industry Forum, this week, turned its attention to ’Current issues for UK financial services.’ To survey this vast topic, we invited new MP for Rochester and Strood, Lauren Edwards, who trained at the London School of Economics and Political Science (LSE), and has worked at the Bank of England and the HM Treasury, to lead a round table for members and invited guests. Lauren concisely summarised what is happening in financial services, particularly in terms of government actions to ensure the proportionate level of regulation in banking, insurance and investment. Questions raised in the Q&A included the need for a longer-term Treasury planning horizon, the risks and opportunities arising from crypto currencies, the likelihood of a Bank of England issuing a digital currency, and the continuing need to help small businesses get enough credit to maintain and expand their activities. A key theme was the need to simplify the post 2008 banking crash regulations without reducing protections and thus to enable the strong UK financial services sector to do its job of competing in international markets and supporting the UK economy.