In its new report Banking for Britain: The role of financial services in levelling up published today, the APPG shows that the significant impact the financial services sector already has across each of the ‘missions’ identified in the Government’s Levelling Up White Paper, which are now set to be enshrined in legislation, and where it can go further.
Despite the industry being the UK’s largest taxpayer, one of its largest employers and contributing around 10% of its total economic output, there has been relatively little analysis of the role it can play in levelling up. The APPG commissioned this report to fill that gap.
Through a series of roundtables in cities around the country, an industry consultation and interviews with experts, as well as polling and focus groups conducted with the public, this report explores the crucial role the sector already plays in levelling up and makes 16 recommendations for how this could be taken further.
The report shows that financial services boost the economic prosperity, life chances and wellbeing of communities right across the UK, touching every aspect of people’s lives. The challenge this report seeks to address is how both the government and the industry itself can build on this success going forward.
As the new government seeks to set out its own distinctive approach to Levelling Up, with a particular focus on the role of the private sector, the APPG hopes this report will act as a blueprint for how financial services can play its full role in delivering growth and supporting communities across the country.
Please find a copy of the report here.