Chancellor unveils plans to 'supercharge' growth of innovative financial services firms

Financial services firms will get new support to help them scale up, invest and create high-skilled jobs – as the Chancellor doubles down on growth as her top priority by making it easier for innovative businesses to grow, it was announced at lunchtime today.

Speaking at a conference of regulators and business leaders in Leeds to boost regional growth today (24 October), Rachel Reeves announced that scaling banks and insurers will be given bespoke support to navigate rules and regulation – tearing down a key barrier to them growing and investing as part of the government’s modern Industrial Strategy. 

The new unit, which will also work with other scaling financial services firms like fintechs from early next year, will give businesses a clear point of contact with the Financial Conduct Authority and Prudential Regulation Authority. This will make it simpler for firms to get timely responses to regulatory queries and access expert support – so that entrepreneurs can focus on developing new products, hiring staff, and bringing investment into local economies.

Chancellor of the Exchequer, Rachel Reeves said: “I am proud to be back in Leeds, home to the second largest financial services centre in the UK, to launch our new Scale-up Unit – which will super charge the growth of some of our most innovative companies. But the vast number of rules make life complicated for these businesses. We are helping them cut through the noise, to grow and innovate. That’s how we will boost jobs, boost growth, and build an economy that works for, and rewards, working people.”

Any thoughts, ASAP please.