The UK’s UK financial service reviews sector is a significant contributor to the global economy. In 2021, it contributed £174 billion to the economy and supported 1.1 million jobs, including those working in professional services related to finance.

However, there is more to do if the UK wants to remain a world-leading centre for financial services. This 2023 report, developed by the City of London Corporation and HM Treasury, builds on the work of last year’s State of the Sector report.

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It sets out a vision for boosting competitiveness, driving growth, and utilising best-in-class technology to ensure the UK remains a great place to do business in the future. The report also highlights a number of specific actions government and regulators are taking to support the sector’s success, including improving capital market efficiencies, building international alliances and addressing skills shortages.

HM Treasury’s Policy Director for Financial Services and Insurance, Jonathan Davidson, says the report shows the UK is moving in the right direction to enhance our position as an international financial centre. He adds: “Our priority is to create a dynamic, resilient and globally competitive financial services industry that supports economic prosperity for the whole of the UK, and we have set out in this report how we will do this. “We will continue to work with the sector and our partners to achieve this, and in particular support it to invest more in innovative and emerging technologies to improve the customer experience and drive broader competition.”