Press Release
Grant Thornton UK Financial Services response to Industrial Strategy
23 Jun 2025
Responding to the Government's Modern Industrial Strategy announcement, Alex Ellerton, partner and Head of Financial Services at Grant Thornton UK, said:
“I welcome the Government’s acknowledgment of the importance of the UK Financial Services (FS) industry in today’s Industrial Strategy Paper. The continued success and standing of our internationally renowned sector, and its vital contribution to the broader UK economy, rely on positive, proactive focus from Government and it is good to see this outlined in the Paper. In particular, the Government’s mention of more regional support for FS businesses, with the creation of regional FS clusters, and their focus on supporting technological advances within the industry are good to see.
“Notably, the strategy mentions the Pension Schemes Bill, the progression of which through Parliament, and how it is ultimately received by the City, will be interesting to follow given the mixed response we’ve seen so far from the private sector. This Bill in particular highlights the need for a symbiotic relationship between Government and the financial services sector and the importance of striking the right balance between the free market and government controls. It also throws focus on the absolute reliance the Government’s ambitious spending plans have on the cooperation and appetite of the City to get involved. To that end I look forward to the detail yet to come on the Goverrnment’s Financial Services plans and will be listening to next month’s Mansion House speech with keen interest.”
