With the aim of Building a Better Society, the submission focuses on the following areas and sets out how the financial services sector can support the government and the UK:

• Delivering economic growth.
• Clean energy and the transition to Net Zero.
• Tackling fraud to keep people safe.

David Postings, Chief Executive of UK Finance, said: 

The new government has been clear that it is focused on delivering sustained economic growth, and financial services are vital in achieving that goal. The upcoming Budget is an important opportunity for the government to set out a clear plan for the UK. In our submission, we have called on the government to not only introduce measures to bolster growth, but also a range of ideas to help support households and businesses up and down the country. As a vital part of the UK economy, financial services will play an active role in supporting growth and building a better society for all.

UK Finance’s recommendations include:

Delivering economic growth

• Ensure the roadmap for business taxation includes a specific roadmap for banks.
• Maintain the currently increased threshold at which first-time buyers pay Stamp Duty and increase all Stamp Duty bands annually.
• Put the Growth Guarantee Scheme on a longer-term footing 
• Incentivise share ownership by abolishing the 0.5 per cent share purchase stamp duty for UK equities.
• Regulate Buy Now Pay Later and reduce barriers to lending by urgently reforming the Consumer Credit Act.
• Utilise the dormant asset funds to finance the delivery of mandatory financial education in all schools.
• Establish a new cross-government taskforce to tackle financial abuse.

Clean energy and the transition to Net Zero

• Publish Net Zero investment roadmaps for key sectors of the economy, which set out detailed policy, spending and regulatory interventions. 
• Provide updates on plans for a National Wealth Fund and clarify how public finance institutions will support the transition.
• Establish a government-led delivery body or agency for improving home energy efficiency and train skilled workers to green the housing stock through an apprenticeship scheme.
• Introduce a Stamp Duty rebate scheme to incentivise homeowners to upgrade the energy efficiency of their homes, and/or make green home improvements VAT-free.

Tackling fraud to keep people safe

• Make technology, social media and telecoms companies contribute to the cost of tackling economic crime and fraud reimbursement, through a broader more accountable reimbursement model and funding to bolster prevention.

The full budget submission can be seen here.