Yesterday marked a significant milestone for the º£½ÇÊÓƵ's financial services sector as the º£½ÇÊÓƵ-India Free Trade Agreement was inked.
This isn't just the government delivering on a long-discussed trade deal that never materialised – it's the establishment of a genuine strategic partnership with the world's fastest-growing major economy, as reported by .
The agreement dovetails perfectly with our ambitious Leeds Reforms – the most comprehensive overhaul of financial regulation in over a decade aimed at attracting investment and generating quality jobs – and underscores my commitment to making Britain the top destination for financial services.
The figures are compelling. This landmark agreement is projected to inject an additional £4.8bn into our economy annually and increase wages by £2.2bn each year in the long run, putting more money into the pockets of working people across the º£½ÇÊÓƵ.
Close to £6 billion in fresh investment and exports will generate over 2,200 British jobs nationwide, from aerospace engineers in Filton to fintech specialists flourishing in our burgeoning financial services clusters – spanning Glasgow to Leeds, Cardiff to Norwich.
'Diplomacy delivers results'
These are the well-paid jobs offering decent wages that our Industrial Strategy aims to create. For the City, we've secured unparalleled access to India's rapidly growing financial markets.
India's insurance sector alone offers remarkable opportunities. We've unlocked these markets by establishing a level playing field that places British insurers, asset managers, and fintech innovators at the forefront.
This scale of market access is unprecedented for India. These fresh opportunities coincide with our Leeds Reforms, which dismantle investment barriers and double our growth rate in financial services net exports over the next decade.
Currently the world's fifth-largest economy, India is forecast to rise to third place within three years. Our globally recognised financial services sector, now supercharged by the most extensive regulatory reforms in over a decade, enjoys preferential access to serve this economic powerhouse while benefiting from streamlined domestic operations.
This agreement situates Britain precisely where we need to be: at the core of the global economy, with a reformed financial system that serves businesses and savers alike.
This government's strategy has yielded results for Britain in ways previously unseen. We've demonstrated that agile diplomacy delivers outcomes.
That's precisely what our Plan for Change is – a sustained roadmap towards stability, investment, and reform that elevates living standards and ensures consistent growth across every corner of our United Kingdom.
Rachel Reeves is the Chancellor of the Exchequer and MP for Leeds West and Pudsey.
