The next government must prioritize the preservation of Britain’s financial services industry by delivering a comprehensive plan for tax policy, according to a manifesto prepared by TheCityUK, a leading lobbying group representing the financial and professional services sectors. In light of this, the group urges all major political parties to focus on promoting economic growth through increased trade and investment, as well as promoting regulatory stability.
This manifesto, which is set to be released to members of the trade association this week, outlines the top priorities of TheCityUK, which has established close ties with both the Conservative and Labour parties. Among these priorities is the development of a strategic plan aimed at ensuring the UK has sufficient levels of long-term savings to meet the growing demands of social care.
The document also emphasizes the need for reform in the capital markets to strengthen London’s equity markets, a pressing issue that has been at the forefront of discussions in the City in recent months. Looking ahead, the manifesto calls for renewed efforts to enhance the predictability of the UK’s regulatory environment, as concerns have been raised that current regulations may be hindering innovation and growth.
Prior to the election being called, both the Conservative and Labour parties criticized the City watchdog’s plans for overhauling its enforcement regime. The manifesto highlights the importance of effective reporting, scrutiny, and accountability to ensure that the UK maintains high standards that support its competitiveness.
In addition to TheCityUK, other influential City bodies, such as UK Finance, which represents banks, have also published their key demands for the upcoming election. It has been reported that the Labour party will focus on the economy during their campaign, after their manifesto is released next week.
