The Chancellor Rachel Reeves has launched a new dedicated service to attract and support global financial firms investing in Britain…reports Asian Lite News
Chancellor Rachel Reeves launches new Office for Investment: Financial Services to boost inward investment, cut red tape, and cement Britain’s status as a global financial hub.
The Chancellor Rachel Reeves has launched a new dedicated service to attract and support global financial firms investing in Britain, promising to make it easier for international businesses to navigate regulation and grow across the UK.
Announced during the International Monetary Fund’s Annual Meetings in Washington DC, the Office for Investment: Financial Services will provide a “concierge” service for overseas investors, offering regulatory guidance, business support, and investment assistance.
The new initiative, which is now fully operational, is being delivered by the Office for Investment in partnership with HM Treasury, financial regulators, and the City of London Corporation. It fulfils one of the Chancellor’s key commitments from her Mansion House speech earlier this year — to reduce regulatory uncertainty and ensure Britain remains the best place in the world to invest and do business.
The Office for Investment: Financial Services is a central pillar of the government’s Financial Services Growth and Competitiveness Strategy, which sets out a ten-year plan for the UK’s financial services industry. As part of the modern Industrial Strategy, the initiative aims to drive growth in the sector, support the wider economy, create secure jobs for working people, and channel investment across all regions of the UK.
Unveiling the new office, Chancellor Rachel Reeves said: “We said we would make it easier to create jobs and grow a business in our country and we’re delivering. This service will drive investment across our United Kingdom, making sure that the world’s most innovative businesses can access the talent found in every corner of our country and that working people feel better off.”
Financial services employ around 1.2 million people across the UK, with more than half of those jobs located outside London. Reeves’ so-called *Leeds Reforms* — announced earlier this year — laid out her vision for strengthening Britain’s position as a global financial hub, while increasing the role of cities such as Leeds, Manchester, Edinburgh, and Belfast in shaping the nation’s financial future.
The government said the new office will promote investment opportunities across all nations and regions of the UK, working closely with regional investment bodies and local authorities. It will focus on leveraging the unique strengths of different financial services clusters — from fintech in Manchester and green finance in Edinburgh, to insurance in Bristol and asset management in London.
The creation of the office also follows renewed financial and diplomatic ties between Britain and the United States. Reeves’ announcement came soon after a historic State Visit, which saw the two nations reaffirm their “special relationship” through a series of economic and technology partnerships.
During that visit, the UK secured a record £150 billion of inward investment from US companies, creating more than 7,600 high-quality jobs across the country in locations such as Glasgow, Warrington and the Midlands. The first-ever UK-US tech agreement was also signed, focused on advancing key growth technologies including artificial intelligence, quantum computing, and nuclear innovation.
In addition, the Chancellor and US Treasury Secretary have established a Transatlantic Taskforce for Markets of the Future, designed to strengthen cooperation on capital markets, digital assets, and other emerging areas of finance. The taskforce aims to foster innovation and ensure that both nations’ financial systems remain competitive and resilient in a fast-evolving global market.
According to official figures, the United States remains Britain’s largest investor and its top investment destination. At the end of 2023, the UK and US had over £1.2 trillion invested in each other’s economies, spanning financial services, renewable energy, and technology.
Nikhil Rathi, chief executive of the Financial Conduct Authority, said: “We want international financial services firms to expand in the UK – investing, creating jobs and fuelling growth while delivering great outcomes for consumers. We’re making it easier for firms to set up, thrive and grow, maximising the UK’s attractiveness as a place to do business.”
Chris Hayward, Policy Chairman of the City of London Corporation, called the launch a “defining moment” for the UK’s approach to attracting foreign direct investment. He said: “Co-located in Westminster and the City of London, this important step moves us from ambition to action in less than six months. The service embodies the strength of public–private partnership, harnessing industry, government, and regulatory expertise to create a streamlined and fully integrated offer. It will make the UK the most attractive destination in the world for financial services.”
Hayward added that for investors worldwide, the new office represented “an unparalleled opportunity to engage with a world-class ecosystem built for growth, innovation, and long-term success.”
Sam Woods, chief executive of the Prudential Regulation Authority, said: “This new service will help financial services firms around the world invest and grow in the UK, and represents the latest development in the PRA’s ongoing push to boost UK growth and competitiveness.”
Officials say the Office for Investment: Financial Services will act as a “single front door” for major financial firms seeking to establish or expand their operations in Britain. By offering tailored support and simplifying regulatory processes, it is intended to help the UK maintain its global edge as a centre for banking, investment, and fintech innovation.
With the new office in place, the government hopes to deliver on Reeves’ broader goal of driving sustainable economic growth, levelling up regional economies, and ensuring that the benefits of international investment are felt across the country — from London’s financial district to towns and cities nationwide.
