TheCityUK has published its report, UK financial and related professional services: meeting the challenges and delivering opportunities, setting out a comprehensive framework for the industry to deliver innovation, be more resilient and better skilled and identifying five broad areas of focus.
The report acknowledges that as an international leader, the industry is in a strong starting position, however, as the industry becomes more global, competitive and technology fuelled, and with added headwinds from a pending Brexit, the report warns that complacency is not an option.
The five areas for partnership which the report identified are:
- Connect globally – international trade and investment partnerships are key. The industry needs to maintain an effective UK-EU relationship and sustain mutual market access, while also strengthening ties with developed economies and emerging markets.
- Drive national growth – build on the strong national footprint to create more connected regional centres with specialist skills and expertise in areas such as emerging technology and middle and back-office. Educational institutions and enterprise partnerships will also be key to long-term success.
- Expand our services – new areas of growth in the industry are emerging, and with clear partnership the industry can ensure the UK retains and grows its position as the global leader in areas such as capital markets, cyber insurance, legal services and infrastructure financing.
- Innovate, disrupt, scale – harness the momentum gained in FinTech to ensure funding availability and help young technology firms engage with established institutions. There should also be a collective effort to encourage and invest in major industry disruptions, such as blockchain, cognitive analytics and telematics.
- Build skills and attract talent – the industry needs to develop local talent and retain access to a diverse and global workforce with next generation skills. The industry needs real partnerships with educators, broader apprenticeship schemes and an approach to skilled immigration that ensures it can attract the brightest and the best from around the world.