Vision for Economic Growth — a roadmap to prosperity 51 77 Casalini, F. and J. López González (2019), "Trade and Cross-Border 99 Refer to the Impact Investing Institute (III) for further resources 122 See reference 27. 125 Job estimates assume the same level of investment productivity as Data Flows", OECD Trade Policy Papers, No. 220, OECD Publishing, around the considerations that will need to be considered to support 2022, however this may vary depending on the type of additional Paris, https://doi.org/10.1787/b2023a47-en. a just transition, including their just transition criteria: https://www. 123 Illustrative estimate only to indicate bene昀椀t potential and does investment received. The job creation 昀椀gures were calculated using impactinvest.org.uk/resources/publications/just-transition-criteria/. not re昀氀ect a projection. Calculated over 6 years from 2024-2030. the estimated job creation in 2022 by FPS FDI of 15,000 new jobs 78 DRCF (2022) https://www.gov.uk/government/publications/digital- Estimated 4-6% uplift (in line with FPS FDI estimates) based on DBT An additional example is the Women in Finance Climate Action through an FPS investment of ~£2bn, which was scaled to estimate regulation-cooperation-forum-workplan-2022-to-2023/digital- Group: https://www.aviva.com/sustainability/women-in-昀椀nance/. total amount of overseas investment into the UK (worth ~£1,239 that there would be ~3,500-5,000 additional jobs created through regulation-cooperation-forum-plan-of-work-for-2022-to-2023. million for 2022-2023). There may be overlap between FPS FDI 100 Climate Change Committee (2022) https://www.theccc.org.uk/ an FPS FDI uplift of £0.5-0.7BN from 2024-2030. FPS FDI data per fDi estimate and overseas VC investment, as some VC investment is 79 Originally prepared for the Department for Digital, Culture, Media publication/2022-progress-report-to-parliament. Markets and as published by the City of London Corporation in their counted in FDI estimates. See DBT inward investment results technical and Sport, since replaced by the Department for Science, Innovation annex for more details on FDI calculations: https://www.gov.uk/ 2023 report on FPS FDI. 101 National Infrastructure Commission (2023) https://nic.org.uk/studies- and Technology and the Department for Culture, Media and Sport. 126 S Bhalotia, S Dhingra, E Fry and S Hale, Trading Up: The role of the Steer Economic Development (2021) https://www.gov.uk/government/ reports/national-infrastructure-assessment/. government/statistics/dbt-inward-investment-results-2022-to-2023/ publications/assessing-the-uks-regional-digital-ecosystems. 102 TheCityUK (2023) https://www.thecityuk.com/our-work/driving-uk- dbt-inward-investment-results-technical-annex-2022-to-2023. post-Brexit trade approach in the UK’s economic strategy, Resolution Foundation (2023) https://economy2030.resolutionfoundation.org/ 80 OECD (2021) https://www.oecd.org/innovation/inno/inno-stats.htm. Total overseas VC investment from DBT inward investment results growth-capturing-future-international-investment-in-a-rapidly- (2023) https://www.gov.uk/government/statistics/dbt-inward- reports/trading-up/. changing-world/. 81 Good Things Foundation, Cebr, Capita (2022) https://www. investment-results-2022-to-2023/dbt-inward-investment-results- 127 ibid. 103 UK Government (2023) https://www.gov.uk/government/publications/ 2022-to-2023-html-version#venture-capital-and-large-capital. goodthingsfoundation.org/insights/the-economic-impact-of-digital- inclusion-in-the-uk/. powering-up-britain/powering-up-britain-net-zero-growth- 124 See reference 28. 82 See reference 71. plan#:~:text=The%20policies%20and%20ambitions%20we,to%20 480%2C000%20jobs%20in%202030. 83 TheCityUK (2023) https://www.thecityuk.com/our-work/digital-trade- 104 See reference 26. a-commercially-viable-approach/. 105 Originally published by the Department for Business, Energy and 84 As an example, please 昀椀nder further detail here: European Commission (2021) https://commission.europa.eu/strategy-and-policy/ Industrial Strategy, since replaced by the Department of Energy priorities-2019-2024/europe-昀椀t-digital-age/european-digital-identity_en. Security and Net Zero and the Department for Business and Trade (2022) https://www.gov.uk/government/news/net-zero-review-uk- 85 UK Government digital identity and attributes framework could-do-more-to-reap-economic-bene昀椀ts-of-green-growth. (2022) https://www.gov.uk/government/publications/uk-digital- identity-and-attributes-trust-framework-beta-version. 106 These include, for example: project developers, registries and 86 UK Government Fraud Strategy (2023) https://www.gov.uk/ veri昀椀cation providers, data and accounting solutions providers, brokers, intermediaries, exchanges; and marketplaces. government/publications/fraud-strategy. 107 See reference 24 for a de昀椀nition of natural capital. 87 See reference 21. 88 FCA (2023) https://www.fca.org.uk/markets/primary-markets/ 108 Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) (2019) https://doi.org/10.5281/ regulatory-disclosures/national-storage-mechanism and HM zenodo.3553579. Government (2023) https://www.gov.uk/government/publications/ investment-research-review. 109 For the Green Finance Strategy: HM Treasury, Department for Energy 89 See reference 20. Security & Net Zero (formerly part of the Department for Business, Energy and Industrial Strategy), Department for Environment, Food and Rural A昀昀airs (2023) https://www.gov.uk/government/publications/ 90 This is a highly illustrative estimate and estimations of fraud losses green-昀椀nance-strategy/mobilising-green-investment-2023-green- vary. This takes one industry estimate and assumes that digital 昀椀nance-strategy-annexes. For the Nature Markets Framework: veri昀椀cation solutions can mitigate a proportion of those losses, and that they would be held constant at latest available per annum levels. Department for Environment, Food and Rural A昀昀airs (2023) https:// www.gov.uk/government/publications/nature-markets. Illustrative estimate only to indicate bene昀椀t potential and does not re昀氀ect a projection. Fraud estimates vary depending on transactions 110 De昀椀nition of impact investing taken from the Global Impact Investing in scope. Estimates used for this illustration those of UK Finance. UK Network: https://thegiin.org/impact-investing/need-to-know/. This is Finance estimated fraud losses of ~£1.2 billion in 2022. We assume also the de昀椀nition used by the Impact Investing Institute. for illustrative purposes that remote purchases (card not present) 111 See reference 25. and card identity theft are those that would most bene昀椀t from a 112 fDi data Markets as published by City of London Corporation (2023) digital veri昀椀cation solution (~£0.45 billion per annum). However, https://www.theglobalcity.uk/resources/foreign-direct-investment other estimates exist. For example, Action Fraud estimated £2.4bn in and https://www.theglobalcity.uk/resources/state-of-the-sector-2023. fraud losses between 2020 and 2021 and that 80% of this was “cyber enabled.” A proportion of this fraud could be mitigated through a 113 © Investment Association. Investment Association (2022) https:// stronger, re-usable digital veri昀椀cation solutions for customers. Fraud www.theia.org/industry-policy/research/investment-management- losses held constant each year for six years (2024-2030) for this survey. illustrative estimate. UK Finance estimates: UK Finance (2023) https:// 114 2022 estimates, measured by total premium volumes in USD. Source: www.uk昀椀nance.org.uk/policy-and-guidance/reports-and-publications/ Swiss Re Institute (2023) https://www.swissre.com/institute/research/ annual-fraud-report-2023. Action Fraud estimates: Action Fraud sigma-research/sigma-2023-03.html. (2021) https://www.actionfraud.police.uk/fraud-stats. 91 Oliver Wyman (2019) https://www.oliverwyman.com/our-expertise/ 115 Based on gross premiums by insured location. London Markets Group insights/2019/mar/supervising-tomorrow.html. (2022) https://lmg.london/document/4900/. 92 Financial Conduct Authority (2023) https://www.fca.org.uk/innovation/ 116 OECD (2023) https://data.oecd.org/trade/trade-in-services. regtech/digital-regulatory-reporting. htm#indicator-chart. 117 Refers to 昀椀nancial and related professional services. TheCityUK 93 For the Green Finance Strategy: HM Treasury, Department for Energy (2023) https://www.thecityuk.com/our-work/key-facts-about-the-uk- Security & Net Zero (formerly part of the Department for Business, as-an-international-昀椀nancial-centre-2022/. Energy and Industrial Strategy), Department for Environment, Food and Rural A昀昀airs (2023) https://www.gov.uk/government/publications/ 118 Refers to 昀椀nancial and related professional services. TheCityUK green-昀椀nance-strategy. (2020) https://www.thecityuk.com/our-work/key-facts-about-the-uk- 94 ibid. as-an-international-昀椀nancial-centre-2020/. 95 London Stock Exchange (2022) https://www.lseg.com/en/media- 119 UNCTAD Stat (2023) https://unctadstat.unctad.org/wds/. centre/press-releases/2022/foresight-sustainable-forestry-昀椀rst-fund- 120 IOSCO (2022) https://www.iosco.org/media_room/?subSection=speec to-use-london-stock-exchange-vcm-framework. hes&subSection1=Chair-of-Fintech-Task-Force-(FTF). 96 IEA (2021) https://www.iea.org/reports/net-zero-by-2050 and IEA 121 Refer to the terms of reference for the Harrington Review. HM (2023) https://www.iea.org/reports/world-energy-investment-2023. Treasury (2023) https://www.gov.uk/government/publications/ 97 E3G and WWF (2022) https://www.e3g.org/publications/unlocking- terms-of-reference-for-the-review-of-foreign-direct-investment/ the-uk-s-economic-opportunity-of-the-21st-century/. terms-of-reference-for-the-review-into-the-governments-approach- 98 See reference 25. to-attracting-foreign-direct-investment.