Treasury outlines support for financial service sector

Economic Secretary to the Treasury, John Glen, has suggested the Government stands ready to do “whatever is needed” to support the financial services industry and rebuild the UK economy following the impact of COVID-19.

Speaking to delegates at PIMFA’s inaugural Virtual Fest earlier today, Glen revealed the financial services industry had been core to the Government’s economic response to the pandemic.

Glen said: “We have gone through difficult times as a country and as an industry before and we will come through the other side, and the Government stands ready to do whatever we need to do to support the industry to return to better times through the back end of this calendar year and into 2021.”

PIMFA, the trade association for the wealth management and financial advice industry, was welcoming the Treasury minister as a keynote speaker to its first ever entirely virtual, two-day conference to speak to financial services professionals about the Government’s approach during the crisis.

Glen also highlighted the importance for financial services to continue adapting to current circumstances and suggested it remained vital that “the sector was responsive to people’s rapidly changing situations, as the country strives to return back to normality as quickly as possible”.

The Economic Secretary said the Government would work closely with wealth managers and financial advisers to make sure there was “a joined up approach” between the industry, the Government and regulators.

“What we have tried to do is maintain the capacity in the economy to ensure the conditions are set for the maximum and most rapid bounce back for the economy as a whole and we will need to look at how we will then support that in ways that maximise the chances of a fast recovery bouncing into a strong period of growth,” he said.

“The fusion of capital markets and retail investors working together is key. Business is going to have a lot more debt. There is a lot of work going on across the city and we welcome ideas that are well considered and that we can work with.”

PIMFA chief executive, Liz Field, added: “Wealth managers and financial advisers stand ready to support the Government in safeguarding individual’s financial and mental wellbeing and helping our economy return to normality as soon as possible.

“How the economy evolves, and how we as an industry and as a country emerge from the current crisis, will have long-term and significant implications for future generations, so it is important that we all contribute to the recovery and find the right way forward.”

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