UK Government announces package to boost the financial sector

The changes come as the financial sector plays a central role in the UK Government’s plan for economic growth.

Focusing in on the financial crime, regulatory, and technology aspects of the statement, key highlights include:

• The Chancellor, Home Secretary, and Secretary of State for Science and Technology wrote to the technology and communication sector calling for greater efforts to combat fraud which cost UK consumers almost £8.3b last year;
• A pilot to launch a Digital Gilt using distributed ledger technology #DLT was announced, highlighting the governments commitment to technological innovation in financial services; and
• The Chancellor called on regulators such as the Financial Conduct Authority #FCA and Payment Systems Regulator #PSR to rebalance regulations to have a greater emphasis on economic growth and competitiveness while maintaining high standards.

💡 The statement highlights the UK Government’s continue focus on strengthening the financial sector through a combination of technological innovation and robust regulation, particularly in addressing the ongoing challenge of financial crime.

✅ By embracing advanced technologies like artificial intelligence, firms can significantly reduce risks such as fraud-related losses, while also enhancing their competitiveness in an increasingly digital economy.