UK Finance Minister Plans Strategy Talks with Banking and Insurance Sectors

British finance minister Rachel Reeves announced plans to meet with key financial services sectors, including banking and insurance, to develop a new growth and competitiveness strategy. This move follows reports of potential business scaling back by Banco Santander in Britain, highlighting the need for strategic industry input.

British finance minister Rachel Reeves revealed plans to engage with representatives from pivotal financial sectors, notably banking and insurance, to craft a fresh strategy aimed at enhancing growth and competitiveness. These discussions are slated to unfold over the coming months.

Reeves emphasized the importance of industry collaboration in formulating the strategy, stating her commitment to integrating insights from those who both provide and utilize financial services. The government has prioritized financial services as one of eight key sectors in its larger industrial strategy.

Her announcement coincides with reports indicating that Banco Santander is considering scaling back its operations in Britain. In response, Reeves is pushing regulators to dismantle growth impediments and is seeking industry perspectives on fostering long-term development within the sector and nationwide.

(With inputs from agencies.)