David Postings, Chief Executive of UK Finance, comments on the 2024 King’s Speech.
David Postings from UK Finance noted:
“We welcome the focus in the King’s Speech on economic stability and growth, something the financial services sector will play a key role in delivering. The transition to a low-carbon economy and the work of the National Wealth Fund is a major growth opportunity. Mobilising investment through the financial services industry will be critical to its success. Reform of the planning system is also key to delivering growth and ensuring more people can get the homes they need.”
Postings added:
“In an increasingly digital economy we welcome the focus in the Digital Information and Smart Data Bill on digital ID. It is vital that people in the UK have a secure way to prove who they are and access services. The Bank Resolution Bill flows from work undertaken to review the special resolution regime. It is right for the authorities to have more tools at their disposal, but we would expect the Bank Insolvency Procedure to remain the default option.”
He also mentioned:
“We look forward to working with the government and parliament on the development of the detailed proposals across its legislative programme. Any new measures introduced should not seek to increase costs for businesses or the overall regulatory burden, which would ultimately hold back economic growth.”
Representing 300 firms, UK Finance aim to serve as the “centre of trust, expertise and collaboration at the heart of financial services.”
According to UK Finance, the sector is “fundamental to people’s lives, and we are proud to promote the work it is doing to support customers and businesses up and down the country.”
UK Finance says that its goal is “to be the best financial services trade association in Europe, solving the problems of today and shaping the landscape of tomorrow.”
