Rachel Reeves, the chancellor, has referred to as within the bosses of Britain’s greatest excessive road lenders for a recent spherical of talks on the federal government’s financial progress agenda.
The talks have been convened to debate Labour’s monetary companies progress technique – one of many pillars of the broader industrial technique being drawn up by ministers.
Among the many attendees on the assembly are anticipated to be Georges Elhedery, HSBC Holdings’ CEO; Debbie Crosbie, CEO of Nationwide; Charlie Nunn, the Lloyds Banking Group chief; Paul Thwaite, NatWest CEO; and senior representatives of Barclays and Santander UK.
The assembly will come because the UK-listed banks start their full-year outcomes reporting season in earnest, with Barclays resulting from unveil its 2024 figures on Thursday.
The chancellor has been spearheading efforts to kickstart financial progress in latest weeks, following a disastrous response to her inaugural Funds final autumn.
Final week’s progress forecast downgrade by the Financial institution of England has revived strain on Ms Reeves, who economist consider may very well be pressured into additional tax rises later this yr as her fiscal headroom evaporates.
One insider mentioned the financial institution bosses have been prone to be canvassed for recent concepts on jumpstarting the economic system within the months forward.
The chancellor has performed a frontline function in ordering the UK’s financial regulators to take away obstacles to progress.
