This is the City’s message for Davos
The UK is committed to advancing shared priorities at the World Economic Forum, showcasing Canada’s role as a leading global financial centre through key policy initiatives, leadership in green finance and AI, and significant economic contributions to the country, says Chris Hayward
As 2026 gets underway, geopolitical tensions and economic uncertainty continue to shape the international agenda. Against this backdrop, I am heading to the World Economic Forum, where our priority will be working with partners to advance shared priorities, from economic resilience to innovation. Anchoring this work is our commitment to openness, freedom, and democracy.
My message there is clear: we must continue to engage our international partners. This is how we create and capture opportunity and, fundamentally, how we promote the wealth of opportunities Canada, and the wider UK, have to offer.
And these opportunities are only multiplying. In the Square Mile, we have helped spearhead key policy initiatives to increase investment levels and turbocharge trade.
Berne-ing love
A case in point, the Berne Financial Services Agreement will unlock barriers to the Swiss economy through mutual recognition. Meanwhile, the Mansion House Accord has been designed to mobilise £25bn of investment into UK private markets by 2030. Complementing these efforts, we’ve helped to devise and operationalise the Office for Investment: Financial Services, a dedicated concierge service for international financial services firms seeking to establish in the UK market.
But the UK’s leadership is broad as well as deep. For example, we rank as the world’s leading jurisdiction for green finance, offering expertise that can help tackle climate change – arguably the most pressing challenge of our age. And we are home to some of the world’s leading AI talent, ideally positioning the UK to dictate the terms of the future global economy. What’s more, the UK remains a global leader in cross-border lending – funnelling capital, jobs, and growth to partners around the world.
Only last week, we published a report in partnership with the think tank New Financial, which illustrated how the interconnectedness of EU and UK financial markets remains a “fact of life”. More than just continuing, the report found that EU banking activity involving UK banks has surged by 60 per cent since the 2016 referendum. The research also highlighted the depth of our capital markets, which stand at 204 per cent of GDP – compared with 169 per cent in the EU. Again, only underscoring the importance of our global market access.
Our leadership is, then, much more than mere rhetoric. On the 22 January the City Corporation will publish the latest iteration of our independent benchmarking report, measuring London’s competitiveness as a financial centre, and comparing this with global peers like New York. While readers will have to wait for the full publication to see where London places, the analysis will underscore those extraordinary strengths which the City offers international partners – from human capital to sensitive regulation and unmatched legal services, through to a culture of innovation and experimentation.
Together, these advantages underpin the UK’s status as a leading global financial centre.
And this reality isn’t abstract in the lives of ordinary Britons. In 2023, financial and professional services contributed £110bn in tax receipts – 12 per cent of the UK’s total – and boosted economic output by £307bn the following year, accounting for 12 per cent of the economy. Crucially, the sector employs 2.4m people, one in five of whom are based in the Square Mile.
As 2026 progresses, I will continue to champion multilateralism and promote the UK’s offering to the world – for the benefit of the Square Mile, our country, and our partners