The UK Chancellor of the Exchequer, delivered the November 2017 Budget on November 22, 2017.

The UK government re-iterated its commitment to supporting competition in banking in its Budget, setting out initiatives designed to enable innovation in banking services, strengthen challenger banks, and improve access to affordable credit for consumers. These include:

• Credit Unions. The government will increase the number of potential members that a credit union serving a local area is able to have from 2 to 3 million to improve access to reputable sources of credit.
• Open banking. Starting in early 2018, the open banking project will make it easier for customers to access innovative products and services that better suit their needs. The largest banks have committed to extend open banking to more payment products, including credit cards.
• Challenger banks. Following an agreement with the European Commission in September 2017, RBS will deliver a £775 million package of measures designed to improve competition in the UK business banking market. The Prudential Regulation Authority will also make capital requirements more proportionate for eligible smaller banks, aimed at assisting them to compete more effectively in the market.

The UK government will publish a new long-term strategy to ensure that the UK asset management industry continues to deliver the best possible outcomes for investors. The strategy includes action on skills, harnessing financial technology solutions, mainstreaming innovative investment strategies, and continuing a coordinated program of international engagement. The government states that it will be working closely with the asset management industry in this area.