Reeves calls in bank chiefs for growth talks
The chancellor has called in the bosses of lenders including Lloyds Banking
Group, Nationwide NatWest for talks on Wednesday as she tries to jumpstart the
economy, Sky News learns.
City editor @MarkKleinmanSky [http://twitter.com/@MarkKleinmanSky]
Sunday 9 February 2025 17:50, UK
Rachel Reeves, the chancellor, has called in the bosses of Britain’s biggest
high street lenders for a fresh round of talks on the government’s economic
growth agenda.
Sky News has learnt that executives from companies including Barclays, HSBC,
Lloyds Banking Group, NatWest and Nationwide have been asked to attend a meeting
with Ms Reeves on Wednesday.
The talks have been convened to discuss Labour’s financial services growth
strategy – one of the pillars of the wider industrial strategy being drawn up by
ministers.
Among the attendees at the meeting are expected 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 meeting will come as the UK-listed banks begin their full-year results
reporting season in earnest, with Barclays due to unveil its 2024 figures on
Thursday.
The chancellor has been spearheading efforts to kickstart economic growth in
recent weeks, following a disastrous reaction to her inaugural Budget last
autumn.
Last week’s growth forecast downgrade by the Bank of England has revived
pressure on Ms Reeves, who economist believe could be forced into further tax
rises later this year as her fiscal headroom evaporates.
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One insider said the bank bosses were likely to be canvassed for fresh ideas on
jumpstarting the economy in the months ahead.
The chancellor has played a frontline role in ordering the UK’s economic
regulators to remove barriers to growth.
The Treasury did not respond to a request for comment on Sunday, while none of
the lenders contacted by Sky News would comment.
