Hugely enjoyed speaking at the UK Private Capital 2026 Summit this morning. This event brings together 1,200 attendees from the private equity and venture capital sector.
UK private capital is an important source of cash for the UK economy. Private equity and venture capital invested £25bn into UK businesses last year alone. Across the country 13,000 businesses, employing 2.5 million people, are backed by £199bn of private capital. Together they contribute around 7% of our GDP.
The success of UK financial services is hugely important. Our banks and investors provide an incredibly efficient role in taking money from where it has accumulated, and investing it in productive assets in our wider economy. But it's not just how well these services support our own economy.
London is the second biggest financial services centre in the world, after New York. But, whilst New York is 80% focused on the US domestic market, London is 80% international. This leading international focus is incredibly important to our wider economy, providing significant exports and foreign currency income.
That is why our international competitiveness is so important. Loose that place and our financial services industry shrinks. That is why Conservatives have announced policies, such as removing ring-fencing from UK banks, that focus on making the UK the best place in the world to do financial services.
The City of London has been an innovator of financial services for a few hundred years. It is vital we do everything we can to make sure it stays as the leader of global financial services.
