Vision for Economic Growth — a roadmap to prosperity 41 Big move #8 – Supporting coordination and the advocacy The Hubʼs key performance indicators (KPIs) would need efforts of others. The Hub will not do its own to re昀氀ect results in FDI and export promotion across direct advocacy. But it can enable, amplify, and di昀昀erent regions in the UK, a step change in the sector’s Showcase the UK’s financial and professional services highlight the existing work being done across reputation internationally, and the recognition sector on the international stage like never before the country’s bodies, thereby supporting their of value-add across the sector’s multiple stakeholders. coordination, fostering greater partnership, and Benefits associated potentially championing joint delivery. For example, where appropriate the Hub can highlight areas of Between 2024-2030, we estimate the Hub mutual interest across promotion agencies and could contribute: The UK’s competitors, from Ireland to Singapore to those Providing these existing entities with added support, in the Middle East, have powerful investment agencies signpost where collaboration (rather than parallel through an FPS Knowledge and Support Hub, would • Up to £0.7bn of FPS FDI, if we assume an annual e昀昀orts) could be most useful. focused on attracting FPS. Promotion of the UK’s FPS help to turbo-charge promotional e昀昀orts for all actors 122 proposition internationally relies on a wide range of – Providing further industry research. The Hub uptick in FPS FDI worth up to 6% of 2022 levels. across the UK (see Figure 15). The establishment of • Additional investment accrued outside of FDI, could collate existing intelligence being produced organisations in central government and across the a dedicated hub to support promotion of the UK FPS including up to an additional £500m in overseas by other entities, including benchmarking on the FCDO’s global network, the devolved administrations’ FDI sector’s promotional activities is a strategic imperative. 123 VC investment into the UK. UK vs competitor jurisdictions. Where appropriate, teams, investment promotion bodies representing UK It would elevate the sector’s global positioning, attract it can translate this work into “digestible” formats • Up to £24bn increase in FS exports, if we assume regions and cities, and other FPS actors, such as trade investment, and foster sustainable growth. the Hub could contribute an average additional that can be shared directly with investors abroad. associations. There is value in this approach. It means uplift of approximately 0.9% compound annual The Hub could also provide market intelligence, there can be di昀昀erentiation and nuance in articulating trends, and insights that would be objective growth on top of the forecasted growth of UK the UK’s unique strengths. 124 and up-to-date. These resources would help goods and services exports. investors, decision makers and industry leaders • Up to 5,000 additional jobs could be added to bene昀椀t from the latest research and expertise. from increased FDI from 2024-2030, if we Figure 15: The pillars of the FPS Knowledge and Support Hub This would also help the Hub to achieve the other assume an annual uptick in new job creation functions mentioned above (ie, supporting consistent with annual FPS FDI growth worth international messaging, coordination, and up to 6% of 2022 levels. Job estimates assume others’ advocacy e昀昀orts). the same level of investment productivity as 2022, however this may vary depending on 125 the type of additional investment received. In terms of governance, the Hub should be a national, Key stakeholders supported joint initiative of industry and the public sector. The board should have representatives from central and Key actors (non-exhaustive) devolved nation governments, as well as industry Government Devolved nations, Actors within 昀椀nancial Central and devolved national governments; FPS bodies (such as trade associations). It would also industry participants (including trade associations); DBT; and regulators regions and cities and professional services (eg trade associations) be complementary to any recommendations that DSIT; Foreign, Commonwealth, and Development O昀漀ce will be put forward in the Harrington Review on the (FCDO); relevant regulators, including those overseeing Functions 121 government’s approach to attracting FDI. 昀椀nancial services 昀椀rms (see Figure 4). Supporting international Supporting coordination and Providing further the advocacy efforts of others messaging and promotion industry research The FPS Knowledge and Support Hub The key action is to: needs of international markets, capturing the • Establish an FPS Knowledge and Support Hub imaginations of investors and partners. The with the following objectives: hub could also provide a supporting marketing – Supporting international messaging and capability that would develop and implement comprehensive campaigns, working with existing promotion. The hub can highlight the compelling organisations to showcase speci昀椀c verticals or narratives, messaging and collateral of existing key areas of excellence such as the sector’s talent promotion e昀昀orts that showcase the sector’s pool. This could involve capacity building in areas excellence. This can resonate with the evolving of the UK that have limited promotion activities.