The financial industry tells the next Prime Minister what it needs | David Sapsted

The trade body representing the UK’s financial services industry has presented the ‘manifesto’ it wants the country’s new Prime Minister to adopt to ‘help regain our role as the world’s leading international financial centre’.

07/29/2022. London, United Kingdom. No10 Downing Street flies the flag of St George in support of the England women’s football team after reaching the final of the Euro 2022 tournament. 10 Downing Street. Photo by Kyle Heller / No 10 Downing Street

The eight proposals presented by TheCityUK to Liz Truss and Rishi Sunak – one of whom will take over as Prime Minister after a vote is declared on September 5 – include demands for fundamental visa reform for business visitors short-term, including intra-business transfers (ICT).“Along with efforts to upskill the UK workforce, UK businesses need access to the world’s best talent to develop innovative products and services for UK and international customers,” according to TheCityUK.“Companies, including many professional services companies, are currently struggling to bring international employees to the UK for short periods for projects. This can block the contribution our industry can make to economic growth and to prosperity.“The next Prime Minister should reform short-term business mobility rules to allow business visitors to do more business in the UK (and) remove the requirement for companies to acquire an intra-company transfer visa for international employees coming to the UK for short-term work.”The organization says its plan outlines areas where industry can work with the next prime minister to create more skilled jobs across the country, increase service exports and ultimately generate tax revenue. higher by stimulating the financial and related professional services industry.

The main recommendations of the manifesto also include:

  • Deliver the new Financial Services and Markets Bill as soon as possible to increase the UK’s global appeal as a financial hub; and reforms to free up capital for widespread infrastructure investment spending in the UK.
  • Reform the tax system to create incentives that will accelerate the financing of the transition to net zero.
  • Fight protectionism by concluding free trade agreements that defend trade in services and pursue dialogues that stimulate foreign direct investment.

The manifesto highlights that the financial and related professional services industry provides jobs for one in 14 people across the country, two-thirds of whom work outside London, with the sector contributing over 12% of the total economic output of the UK. UK and is the UK’s largest taxpayer.Miles Celic, CEO of TheCityUK, said: “The financial and related professional services industry is a British success story, but we can do more.“As we reach the final weeks of the leadership election, we hope the candidates will consider the role we can play in supporting their economic agendas and helping us regain our role as the world’s premier international financial centre.“By working closely with our members, the next Prime Minister can help boost the investment and economic growth that the UK so badly needs, which is the only way for the UK to realize its potential. “The manifesto says the UK already has many advantages over its global competitors, with “our high regulatory standards being a strength not a weakness, providing certainty and reassurance for businesses and investors”.He adds that the UK has Europe’s largest and most developed market for related professional services (accountancy, management consultancy and legal services), with the three sectors contributing £27.1bn respectively. sterling, £16.8 billion and £22.2 billion to UK production in 2018.“The UK’s exit from the EU offers an opportunity to further improve the competitiveness of our economy through a new regulatory framework,” the manifesto says.“This will ensure that our industry can help the government create the wealth, jobs and opportunity of the future.“The next Prime Minister should set an ambitious target for the UK to regain its position as the world’s leading international financial center within the next five years. Our international strategy sets out a clear path on how to achieve this.”

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