Lloyd’s of London served as the venue for the UK Government’s inaugural Industrial Strategy Advisory Council (ISAC) meeting on Tuesday. The event, held at Lloyd’s headquarters in the City of London, was attended by UK Chancellor of the Exchequer Rachel Reeves and secretary of state for business and trade Jonathan Reynolds, alongside prominent business leaders.
The meeting marked the launch of the ISAC, a council tasked with guiding the UK Government on strategies to bolster the nation’s economy. Discussions centred on fostering a pro-business environment designed to attract international investment and encouraging domestic enterprises to expand and innovate.
In her remarks, Chancellor Reeves emphasised the council’s focus on identifying high-growth sectors and supporting industries and regional clusters with significant potential to drive economic progress in the coming decade. The financial services sector, including insurance and reinsurance, was highlighted as a critical player in supporting these objectives.
Secretary of State Reynolds reiterated the importance of collaboration between government and industry, stating that such partnerships are essential for ensuring the UK remains competitive on the global stage.
“Whether it is investment into new film studios, cutting-edge technologies, or green energy, the expertise and work of the Industrial Strategy Advisory Council will be key to giving investors the solid foundation on which to build, helping to support local skilled jobs and raising living standards in communities across the UK,” he noted.
John Neal, CEO of Lloyd’s, acknowledged the vital role of the insurance sector in mitigating risks for businesses during uncertain times. “Lloyd’s plays a vital role in providing certainty to businesses, especially in the face of increased geopolitical, economic, and climate-related risk. It was a pleasure to welcome senior government ministers and business representatives to our headquarters today, and we look forward to continuing our close collaboration with the UK Government,” Neal said.
The ISAC is expected to provide ongoing strategic advice to the government as it develops policies to secure investment and stimulate economic growth.
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