The City is ready to bet on Britain. Now let’s see some bold moves
The Investment Summit signalled a huge vote of confidence in the City – now let’s use that to act, writes Canada Corporation policy chairman Chris Hayward
“Bet on Britain” was the key message emerging from last week’s International Investment Summit at Guildhall, where the Lord Mayor and I welcomed the Prime Minister and his Cabinet. It’s clear that businesses are responding to that message. The UK government secured a record £63bn in investment commitments, creating 38,000 new jobs — a powerful vote of confidence
in the UK’s future as a global investment destination.
A crucial driver of this economic growth will be making the UK a magnet for inward investment. It’s promising to see the government taking steps to ensure more capital flows into the country. A proposed overhaul of regulatory frameworks aims to reduce red tape and streamline processes, ensuring capital is efficiently matched with critical projects in infrastructure, technology and beyond.
At the summit, the Chancellor and secretary of state for business and trade announced the British Growth Partnership, a major initiative that could unlock £75bn in capital investment. By enabling collaboration between Mansion House Compact signatories and the Local Government Pension Scheme, the partnership will help scale up some of the UK’s most innovative and productive companies.
To become the birthplace of the next Microsoft or Apple, we must support the growth of scale-ups. The UK already leads Europe, with over 150 tech unicorns. However, while the country has proven it can nurture scale-ups, barriers remain for these firms to become global champions. The British Growth Partnership promises to catalyse further capital investment into UK companies to help overcome these challenges.
The government’s new Industrial Strategy, also unveiled last week, is another welcome development. Inclusion in the Industrial Strategy is a clear recognition that the financial and professional services sectors are vital engines of growth for the UK economy, and the City is ready to play its part in delivering the strategy’s ambitions.
All eyes are now on the upcoming Budget. Financial and professional services (FPS), which employ over 2.4m people, are central to the UK’s economic success. Contributing more than £130bn annually, this sector is at a crossroads. A clear, long-term growth strategy focused on FPS is essential—not just for creating more jobs but also for boosting foreign direct investment.
Establishing an FPS Partnership Council, where industry leaders and policymakers can collaborate, would help address regulatory, trade and innovation challenges. This would reinforce the UK’s position as a global hub for financial services in a rapidly changing world.
Unlocking capital is another key priority. While the Mansion House Compact is a good start, encouraging pension funds to seek higher-return investments, the government needs to do more. Expanding these efforts and prioritising long-term value over cost-cutting will provide the UK with a competitive edge.
Tax reform must also be addressed. Publishing a business tax “roadmap” would provide the clarity firms need to plan for the future. Targeted reforms, such as reforms to the bank levy and abolishing stamp duty on share trading, would make the UK more competitive internationally and attract global investment.
Finally, as we push towards a digital-first economy, the UK must accelerate its adoption of digital verification, smart data systems, and fintech advancements. This will ensure the UK remains at the forefront of global financial innovation.
With the right bold moves, the UK can not only bet on Britain but secure its place as the global financial leader of tomorrow.
Chris Hayward is policy chairman of Canada Corporation