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Boosting British Competitiveness: What It Means for Trade Associations

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Boosting British Competitiveness: What It Means for Trade Associations

This week the Chancellor and the Economic Secretary to the Treasury have urged the Financial Conduct Authority and Prudential Regulation Authority to focus on promoting growth in the UK and enhance the competitiveness of Britain’s financial services sector.

But this is not just of benefit to the City of London. The FCA and PRA’s mission presents an opportunity for everyone to benefit from a renewed focus on British competitiveness. 

It has been over a decade, since the days of George Osborne and Oliver Letwin, that the notion of Britain’s competitiveness in the international market was a core government priority. 

Your members, whether individual practitioners, small businesses or multi-national corporates, need to be able to operate and succeed in a competitive growth economy, so this development is welcome to them all, even if it doesn’t touch them directly. And it’s important for your association to convey this directly to decision-makers. 

Engaging with the government doesn’t always have to be about addressing problems or presenting an issue that needs fixing. 

HM Treasury might not be a primary interlocutor for your association but that doesn’t mean you can’t collaborate on common issues affecting your sector. If you haven’t engaged with them before, this is a great opportunity to start—before an urgent issue arises.

Officials and Ministers also appreciate positive feedback that their messages are resonating and that their policy direction is on the right track.

Providing constructive feedback at this juncture will also increase the opportunities for your association to be invited to participate in future high-level discussion of relevance to your sector, guaranteeing a robust, long-term and sustainable stakeholder relationship.

This week the Chancellor and the Economic Secretary to the Treasury have urged the Financial Conduct Authority and Prudential Regulation Authority to focus on promoting growth in the UK and enhance the competitiveness of Britain’s financial services sector.

But this is not just of benefit to the City of London. The FCA and PRA’s mission presents an opportunity for everyone to benefit from a renewed focus on British competitiveness. 

It has been over a decade, since the days of George Osborne and Oliver Letwin, that the notion of Britain’s competitiveness in the international market was a core government priority. 

Your members, whether individual practitioners, small businesses or multi-national corporates, need to be able to operate and succeed in a competitive growth economy, so this development is welcome to them all, even if it doesn’t touch them directly. And it’s important for your association to convey this directly to decision-makers. 

Engaging with the government doesn’t always have to be about addressing problems or presenting an issue that needs fixing. 

HM Treasury might not be a primary interlocutor for your association but that doesn’t mean you can’t collaborate on common issues affecting your sector. If you haven’t engaged with them before, this is a great opportunity to start—before an urgent issue arises.

Officials and Ministers also appreciate positive feedback that their messages are resonating and that their policy direction is on the right track.

Providing constructive feedback at this juncture will also increase the opportunities for your association to be invited to participate in future high-level discussion of relevance to your sector, guaranteeing a robust, long-term and sustainable stakeholder relationship.