The financial services sector is set to play a “key role” in designing a new growth and competitiveness strategy to boost the economy, the Treasury has announced.

New plans will see the Chancellor host a series of industry forums to seek views about how to deliver long-term growth in the financial services sector and across the country.

The strategy, set to be published in the spring, aims to develop policies that foster growth in financial services, after the sector was identified as one of eight “key growth-driving sectors” in the Government’s modern industrial strategy.

The first meetings of the industry forums will run throughout January and February, when the Chancellor and the Economic Secretary will chair the first of these forums with leaders from retail banking, wholesale and international banking, insurance and reinsurance, asset management, fintech, and the mutuals and co-operatives sector.

Chancellor, Rachel Reeves, said: “Growth is my number one mission. It’s the only way to put more money in people’s pockets and key to our plan for change.

“The financial services sector is at the heart of this mission, supporting economic activity and financing investment across the country.

“I am committed to working hand-in-hand with the industry to make sure that our plans are informed by those who both provide and utilise financial services, including those who know firsthand what is needed to unlock growth in, and drive prosperity through, our world-leading financial services sector.”

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