Financial services must be central to the country’s growth mission
The writer is group chief executive of Barclays and a member of the government’s national wealth fund Last week’s general election not only underscores the political stability of the UK, it also exemplifies its economic strengths. Compared to polarisation in the US and a vanishing political centre in Europe, the UK stands out as a place to do business and a secure base from which to engage the world.
Equally, it is important to signal the stabilisation of capital rules and consumer regulation, particularly in its scope, retrospective application and the role of the Financial Ombudsman. Not only do financial services account for 12 per cent of GDP and more than 2mn jobs but the sector drives UK economic growth. Moving on from the post-crisis regulatory focus on stability, which was and remains economically essential, enabling growth must now be the focus of regulators as well as business.
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