The UK and US have deep economic ties, and financial services is no different. It represents one of the most significant bilateral financial services trading relationships globally, with 11 per cent of the US’ total financial services exports going to the UK in 2024, and 29 per cent of the UK’s total financial services exports going to the US in 2024. This makes the UK-US relationship vitally important to the industry and the UK economy. This bilateral flow underpins jobs, investment, and innovation across both economies.

Additionally, the launch of the UK-US Taskforce for Markets of the Future (TTMF), alongside the Economic Prosperity Deal (EPD), provides great opportunity for transatlantic cooperation. International cooperation in areas such as the TTMF has the potential to provide further longevity and stability to the already strong and important relationship. UK Finance members are hugely supportive of the opportunities these could bring.

The UK’s openness to international investment and cross-border financial services is a core strength. We welcome efforts to reinforce the UK-US relationship alongside continued engagement with other key global jurisdictions.

Given the breadth of the UK-US relationship and the holistic nature of this inquiry, our response focuses on the three areas where we believe we can add the greatest value: the digital trade provisions within the EPD; the substance of a durable UK-US Technology Prosperity Deal (TPD); and the principles of technology sovereignty.