The Chancellor of the Exchequer, Rachel Reeves, recently hosted US Treasury Secretary Scott Bessent at Downing Street for a joint industry roundtable. The meeting highlighted the strong connections between London and New York as leading global financial centres and announced the creation of a new Transatlantic Taskforce for Markets of the Future.

Purpose of the Taskforce

The taskforce will provide recommendations to both governments on how the UK and US can collaborate more closely in key areas, including:

  • Digital assets – exploring short-term opportunities while regulation continues to develop, as well as long-term potential for innovation in wholesale digital markets.

  • Capital markets – identifying ways to simplify cross-border fundraising for UK and US firms, reducing unnecessary obstacles and enhancing competitiveness.

The taskforce will submit its recommendations through the existing UK-US Financial Regulatory Working Group and is expected to report within 180 days.