UKIP Wants a Strong and Competitive UK Financial Services Industry

UKIP’s 2021 manifest commits our party to maintain a strong and competitive UK financial services industry, which is a vital component of the national economy.

We want a low tax, free-market economy; open markets; freedom of contract; free competition and to limit State regulation to a minimum.

More specifically our current proposals include:

  • EU financial firms can still operate in parts of the UK financial markets but UK financial firms now have limited ability to operate in EU markets. UKIP would stop EU financial firms operating within the UK, unless and until the EU unconditionally reciprocates.
  • Re-naming the Bank of England to describe accurately its role as the central bank of the entire UK, not just England.
  • Preventing foreign governments controlling any part of the UK banking or financial services sector.
  • Ensuring executive, management, and staff vacancies in the UK financial services sector go primarily to full UK nationals.
  • Clamping down on money laundering.
  • Restoring an absolute right to banking confidentiality.
  • Repealing limitations to common law rights imposed by Parliament that have gradually whittled away the duty of care and right to banking confidentiality.
  • Opposing zero or negative interest rate policies, which are tantamount to theft.
  • Requiring UK banks to maintain sufficient equity capital as a risk cushion to ensure that they do not need to ‘off-load’ their business failures on to the taxpayer.
  • Keeping high street and investment banks separate to protect personal and small business savings.