Boosting Collaboration Between UK and U.S. Financial Systems to Drive Innovation and Growth in Global Markets

The Chancellor of the Exchequer, Rachel Reeves, welcomed U.S. Treasury Secretary, Scott Bessent, to Downing Street last week for a joint industry roundtable where they reaffirmed the deep and historic connection between the world’s leading financial hubs in the United Kingdom and United States. To ensure the strength of this relationship is maintained into the future, and through the ongoing period of technological change, they have decided to establish a Transatlantic Taskforce for Markets of the Future. The Taskforce is to report back to both finance ministries, via the UK-U.S. Financial Regulatory Working Group (‘FRWG’), on recommendations to enhance collaboration on capital markets and digital assets and other innovative financial activities.