Finance Minister Jeremy Hunt is set to propose new measures to boost Britain’s powerful financial sector on Monday, with the goal of making the country the “most innovative and competitive” financial center in the world.
Hunt will set out “how Britain’s financial services will support the drive for long-term sustainable growth across the country”, the UK Treasury said ahead of his speech at London’s Mansion House in the City of London financial district.
“I want to lay out plans to enable our financial services sector to increase returns for pensioners, improve outcomes for investors and unlock capital for our growth businesses,” Hunt is expected to tell an audience of CEOs and leaders from the sector.
The new measures will specifically aim to make the UK stock market more appealing to companies wishing to go public.
Last year, the number of companies completing IPOs in London fell to around 40, compared to more than 100 in 2021.
Hunt, the chancellor of the exchequer, will lay out ideas for a “entirely new kind of stock market” that will allow private companies to access financial markets without floating.
He is also likely to outline efforts to simplify the regulations for purchasing and selling stocks.
“These common-sense changes are grasping our newfound Brexit freedoms to simplify the rulebook — making it easier than ever for firms to research, raise funds, and float their business,” Hunt said.
Late last year, the UK government unveiled a package of steps to encourage financial sector growth, including the relaxation of certain limits imposed following the 2008 financial crisis.
Nonetheless, despite post-Brexit improvements, London has lost its position as the leading European trading hub following Britain’s exit from the EU in early 2021.
