The Economic Secretary to the Treasury, speaking at the UK Private Capital summit in Paternoster Square, has affirmed the government's desire for private capital to invest in Britain and contribute to the growth of British businesses. She emphasised that the government aims to be a partner in this endeavour.
The Secretary noted that a new Prime Minister and Chancellor have taken office since March, but confirmed her reappointment as Economic Secretary. She highlighted the UK's position as the world's second-largest asset management hub and the most international asset management centre.
She stated that the new Chancellor is fully committed to the Financial Services Growth and Competitiveness Strategy, which was launched in 2025. This strategy aims to strengthen the UK's position as a leading global financial centre and ensure financial services support growth across the country and in the real economy.
Progress on this plan was outlined at this year's Mansion House speech, including measures to increase consumer participation in capital markets and the launch of the industry-led 'Invest for the Future' campaign. Legislative action includes the introduction of the Financial Services and Markets Bill to Parliament, which incorporates key reforms from the strategy.
The government is also taking steps to improve the regulatory and business environment for asset managers, including proposed reforms to the Alternative Investment Fund Management Regulations and an ambitious package of reforms for VC fund managers. However, the Secretary acknowledged that the growth of private markets brings new risks.