The sun often shines when party conference comes to Brighton, and this year, the sunny autumn weather reflected the optimism of the Liberal Democrats about their chances of winning more seats at the next General Election.

Growth moves up the agenda

UK Finance attended the party’s Business Day, joining businesses – including several members – for seminars and roundtables as the Lib Dems unveiled their Get Britain Growing Again plan. This sets out initial policies on how a Lib Dem-run Government would deliver a thriving economy.

Not unexpectedly, there is a strong focus in the document on rebuilding relationships with the EU, as well as commitments to lowering energy costs to boost industry. But it also reflects the party’s engagement with business over the last year.

Financial services in focus

Various proposals it contains reflect elements of UK Finance’s own Plan for Growth report, with the Lib Dems proposing to expand the Growth Guarantee Scheme, develop a digital asset strategy, and review barriers to SME lending.

It was particularly encouraging to see the document recognise how the UK’s financial services sector makes the country ‘a trade superpower’ – a point echoed by Deputy Leader and Shadow Treasury Spokesperson Daisy Cooper in her keynote speech. 

Fraud, finance and shared responsibility

Beyond Business Day, the conference hosted a wide range of fringe events and receptions. These included a City of London Corporation and Social Market Foundation joint breakfast event on fraud, featuring UK Finance’s Managing Director for Economic Crime, Ruth Ray, as a panellist. 

Ruth spoke powerfully about the work being done by financial services sector to tackle the scourge of authorised push payment fraud, and the need for other ecosystem participants, particularly technology and telecoms firms, to follow this lead – a message well received by fellow panellist Lord Clement-Jones, the Lib Dem spokesperson on digital and AI. 

UK Finance also met bilaterally with a wide range of other party spokespeople and officials while in Brighton, sharing UK Finance’s views on the financial services reform agenda and key recommendations from our Plan for Growth report.

In his closing speech, Lib Dem leader Ed Davey reaffirmed his party’s ambition for the UK to re-join the EU’s Customs Union and Single Market. He said the growth boost of this policy would enable a Lib Dem government to raise both the income tax personal allowance and 40p income tax threshold. 

From slogans to policy detail

Compared to last year’s Lib Dem conference, there was a marked switch away from election slogans and into a period of serious policy thought. And in the increasingly fragmented UK political landscape, where the Lib Dems may end up playing a ‘king maker’ role after the next general election, the party’s keenness to engage with industry was welcome. UK Finance will continue to do so in the months ahead.