After a challenging summer for the party in which Reform UK dominated headlines and the polls, Labour’s leadership were determined to regain the political initiative.

For UK Finance, the annual gathering was a valuable opportunity to advance our Plan for Growth policy priorities, connect with new government ministers, advisers and backbenchers, and provide our members with opportunities to do the same.

Bringing members and ministers together

Our conference programme opened with a packed financial services reception on Sunday evening, featuring speeches from our CEO David Postings, new City Minister Lucy Rigby MP, Alistair Strathern MP, PPS to the Treasury, and David Pinto-Duschinsky MP, Chair of the APPG on Financial Markets and Services.

We were particularly pleased to hear the City Minister reiterate the importance of our sector to the government’s growth mission and acknowledge UK Finance’s contribution to shaping its financial services reform agenda. For members, it was a chance to connect with influential voices at the very start of conference.

On Monday, we brought members together with the new Small Business Minister Blair McDougall MP, for a deep dive into the government’s new Small Business Plan. Discussions spanned access to finance, government support for small businesses, and tackling poor payment practices – with members able to give practical insights on the crucial role financial services play in backing small firms.

We closed on Tuesday with our annual member brunch, chaired by David Postings. We were delighted to be joined again by the City Minister, who set out her priorities and heard directly from industry leaders on competitiveness, innovation and growth.

Championing our Plan for Growth

Alongside these events for our members, David Postings and our Chair Bob Wigley attended Labour’s Business Day. They joined sessions with the Prime Minister, Chancellor, Business Secretary and Investment Minister, among other government figures.

This provided a valuable opportunity to hear directly from those at the top of government about their priorities for the second year of Labour’s government, and to push for ongoing regulatory reform that we believe will unlock our sector’s support for people, businesses and society.

Recommitting to growth

As with the Liberal Democrats’ conference, the rise in support for Nigel Farage’s Reform hung over proceedings in Liverpool. Seizing back the initiative and differentiating Labour both from Reform and the Conservatives were key objectives for Keir Starmer and his ministerial team.

As well as directly challenging Reform’s emerging policy agenda, the Labour leader used his keynote speech to place growth at the heart of the government’s programme.

He described it as his administration’s “defining mission”, argued that Labour should be “proud to be the party of wealth creation” – and framed the choice between Labour and Reform as one of “renewal or decline.”

Rachel Reeves echoed this theme, pairing it with a call for fiscal realism. She stressed that difficult choices lie ahead in the Autumn Budget, pointing to debt interest now consuming 10% of public spending. At the same time, she set out the importance of both public and private investment in driving growth.

Neither speech was heavy on policy nor focused on financial services, but both struck a note of enterprise and reform.

The Prime Minister spoke of cutting regulation and unleashing private enterprise, signalling continuity with the government’s wider reform agenda – welcome messages that reflect our calls for a pro-growth regulatory framework for our sector that is proportionate and internationally competitive.

Priorities for financial services

Throughout the conference, the UK Finance team reiterated our support for the government’s Financial Services Growth and Competitiveness Strategy and the Chancellor’s Leeds Reforms package.

We’re pleased that many of our Plan for Growth ideas – from regulatory simplification to capital markets reform and payments modernisation – are being taken forward. As we signalled in Liverpool, we will continue to work closely with policymakers to ensure this agenda is delivered smoothly and swiftly.

With the Budget on 26 November coming into view, we took all opportunities to underline that these priorities needed to be reinforced rather than undermined by the tax framework for banking and financial services. We need a complimentary tax framework that drives forward the Financial Services Growth and Competitiveness Strategy by supporting reinvestment by our sector in growth-driving initiatives and encouraging more investment into the UK.

The road ahead

Labour’s conference was a reminder of the value of UK Finance bringing members together with political stakeholders. We left Liverpool encouraged by the new City Minister’s energy and constructive engagement, the positive tone of discussions about the future of our sector, and the recognition of its role as an engine room of growth.

Ensuring a pro-growth, stable operating environment for financial services is the best way to deliver strong and sustainable tax revenues – building on the significant contribution our sector already makes. (The banking sector alone generates £45 billion in taxes each year – just below annual government spending on public order and safety and double its spend on housing and community amenities.)

We will be continuing to communicate this message strongly to policymakers in the run up to the Budget.

Next stop: the Conservative Party’s conference in Manchester.