On Thursday and Friday last week, I travelled to Edinburgh, where I set out plans for further changes to our financial services system, marking the anniversary of the Edinburgh Reforms. The inaugural Scottish-London Financial Services Forum was an opportunity to strengthen and build links between London and Edinburgh, a reflection of the fact that the UK's role as a services superpower isn't just about the capital. Edinburgh is a key part of our financial services landscape, and it was really important to me to visit in order to see the great work being done in the Scottish capital within the first month of my appointment. Scotland is internationally recognised for its innovation and ingenuity and I’m sure this will be the first of many such visits.
In the year since the launch of the Edinburgh reforms, the government has already delivered 22 of the 31 reforms, including legislation which will overhaul the UK’s regulation of prospectuses, the information available to investors when a firm raises capital and bringing forward secondary legislation to take advantage of the UK’s newfound regulatory freedoms since leaving the EU through the implementation of the Wholesale Markets Review reforms. These changes mean the government is taking forward its ambition for the UK to be the world’s most innovative and competitive global financial centre.
My number one priority in this role is to deliver on The Edinburgh Reforms. The reforms have shown the UK’s dedication to fostering a sensible, innovative and robust financial landscape – over the past year we’ve made significant strides towards creating an environment that supports economic growth, openness, and the well-being of savers. Already companies worldwide are taking note of the UK’s approach, and we will continue to deliver on our reforms as we make the UK the best place in the world to create and grow a business.
And what does that mean in practice?
It means that we're making it easier for innovative new businesses to start, expand, or move to the UK. In turn, that means more high-quality employment for the UK, whether for ambitious young graduates or existing financial services practitioners - many of whom live in Hitchin and Harpenden.
My trip to Edinburgh highlights the important role that the financial services sector in building prosperity and opportunity across our United Kingdom. It also highlights the extent to which this Government is committed to long-term processes of reform, transforming our economy in order to make it fit for the future, while ensuring that we make the most of our post-Brexit freedom to make regulations in the interests of the whole United Kingdom.
