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Anna Anthony, EY UK Financial Services Managing Partner, comments: “The financial services proposals set out by the Chancellor are bold, and have the potential to boost UK growth and attractiveness, benefitting the whole economy.
“The proposed pensions reforms could create a win-win for UK savers and businesses. The creation of new ‘megafunds’, together with the announcement that two large UK pensions funds have invested in the British Growth Partnership, send a strong outward message that the UK is a global destination for business growth, while also improving retirement outcomes for UK savers.
“Innovation has been a prominent and consistent theme from the Chancellor, and the announced accelerated legislation of PISCES to May 2025 could boost investment into the UK’s private companies sooner than expected. Alongside this, the outlined pilot of a Digital Gilt Instrument reinforces the Government’s intention to accelerate innovation in the UK’s financial services sector.
“As ever, success can only be measured on action. All eyes will now be on the implementation of these proposals, and it will be essential that the industry is supported by government and regulators to achieve the aims announced tonight.”