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The FPS council would be tasked with advising the Government on designing a long-term growth strategy, and represent an industry that represents over 10 percent of UK GDP.<\/p>\n
They also call for a radical change in culture across the pensions industry, in order to release \u00a375 billion and \u201ctransform the next generation of British start-ups\u201d.<\/p>\n
One of the most significant proposals is for a new UK knowledge and support hub, which the corporation says could attract an additional \u00a324 billion of FPS exports as well as \u00a3700 million of foreign direct investment.<\/p>\n
They also call for a shift in strategy when it comes to new UK trade deals, which they say should be service, not goods, oriented given the UK is the second largest services exporter in the world.<\/p>\n
Chris Hayward, policy chairman at City of London Corporation, said the paper is an \u201cindustry-shaped vision\u201d for what the sector could look like by 2030.<\/p>\n
Don’t miss… <\/strong> We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n He said the \u00a3225 billion growth figure \u201chighlights not only the significance of UK financial and professional services to our economy, but also the urgency by which we must make these reforms to drive the country forward\u201d.<\/p>\n \u201cIn a time of mounting competition and economic headwinds, it\u2019s time for a roadmap that future-proofs UK financial services and produces more investment, more jobs, new businesses and more funding for public services.\u201d<\/p>\n Mr Hayward emphasised that the part \u201cis not a wish list of asks\u201d, but instead \u201cabout what the City could contribute\u201d to the economy.<\/p>\n \u201cWe\u2019re ready to do this and it\u2019s paramount that industries, Government and regulators work together now to build a strong economy for the future.\u201d<\/p>\n Mr Hayward has previously spoken out against anti-Brexit naysayers, saying that leaving the EU has in fact added \u201cthousands of extra jobs\u201d in the City.<\/p>\n While 7,000 jobs left because of Brexit, “many more thousands of jobs have been created as EU banks have shifted some of their operations to the City” to continue to operate in the UK market.<\/p>\n This has been boosted because the UK “is fast becoming a world leader in fintech and green finance.”<\/p>\n Mr Hayward was able to report that “London remains resilient and the engine room of the UK economy.<\/p>\n “The capital\u2019s fundamental strengths remain and our offer to global investors continues to go from strength to strength.”<\/p>\n
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