Overall, the financial services industry is cautiously optimistic about the new Labour government’s promises of stability and economic growth. Executives are looking for a period of predictability and certainty after years of disruption, and are hopeful that Labour will prioritize economic growth and competitiveness.
Key areas of focus for the industry include regulation, capital markets reform, pensions and insurance, and tax. Executives are calling for changes to regulation to encourage risk-taking and innovation, as well as reforms to make UK capital markets more attractive to investors. They also want Labour to foster closer ties with the EU and make it easier for pension funds to invest in infrastructure projects.
On the tax front, there is concern about Labour’s planned crackdown on tax loopholes used by private equity executives, but overall, the industry welcomes Labour’s commitment to providing a road map for business taxation.
Overall, the financial services industry is eager to see how Labour will deliver on its promises and work with businesses to drive economic growth and competitiveness in the UK.