This was an important opportunity to understand the party’s direction of travel, connect with Conservative parliamentarians and create opportunities for our members to do the same. 

The party’s annual gathering was marked by a noticeably quieter atmosphere compared to previous years, reflecting their ongoing evolution over a year after its electoral defeat in last summer’s general election. 

With Kemi Badenoch MP stepping into her role as party leader following last year’s leadership election, this conference was an important platform for her and the shadow cabinet to outline their core principles and set the stage for future policy development.

Renewed focus on fiscal responsibility and economic growth

As part of our conference programme, we attended the Conservatives’ Business Day and hosted a range of our members at its Business Dinner. 

During the day and evening, we heard from Kemi Badenoch, and had productive conversations with Shadow Chancellor Mel Stride MP, Shadow Business Secretary Andrew Griffiths MP and Shadow City Minister Mark Garnier MP.  

At the Business Day lunch, Badenoch returned to the party’s traditional economic roots, centring her message on “living within our means” and a commitment to fiscal responsibility. 

She highlighted the importance of fostering a competitive business environment to drive economic growth and warned about the risks to the economy posed by the UK’s regulatory and political landscape. 

Particularly, she emphasised concerns for businesses flowing from regulatory burdens and tax considerations – issues UK Finance is actively addressing in its forthcoming representations to government as part of the Autumn Budget process.

The party leader’s message was clear: the Conservatives are determined to back business. She urged attendees to “be our special advisers,” inviting the business community to contribute ideas and support policy development.

How this commitment to back business will translate specifically for the financial services sector remains an open question and one we are engaging with the Shadow City Minister Mark Garnier in answering.

Elsewhere during the conference, Badenoch’s key policy announcement centred around the abolition of Stamp Duty Land Tax, to bolster house sales and enable more first-time buyers onto the housing ladder without the need for further savings to pay stamp duty.

Regulatory challenges and opportunities in innovation

The Shadow Chancellor delivered a candid assessment of the regulatory environment affecting the financial sector.

He noted that certain regulatory frameworks, including the Consumer Duty, may restrict the willingness of regulators like the Financial Conduct Authority to take risks, given the heightened parliamentary scrutiny they face.

This dynamic, he suggested, limited the scope for innovation and adaptive regulation in a fast-changing financial landscape.

Stride also demonstrated the party’s forward-looking perspective by engaging businesses in roundtable discussions on using artificial intelligence to fuel the UK’s economic growth. 

The exploration of AI’s potential role in financial services and broader sectors reflects a recognition of technology as a critical driver of future competitiveness.

A continuing dialogue with business

The Conservative Party’s ‘renewal programme’ is still in its early stages, yet the direction is evident: greater engagement with the business community and a willingness to listen to industry perspectives.

We see this as an opportunity to proactively contribute ideas and advocate on behalf of the financial services sector.

As part of UK Finance’s ongoing engagement with parties across the political spectrum, we will continue to engage with the Conservatives to ensure that our sector’s priorities and concerns are reflected in its policies as they are further developed.