Financial Services Trade and Investment Board

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The Financial Services Trade and Investment Board (FSTIB) is part of HM Treasury and is a partnership between the UK Government and industry. [1] The Board meets on a quarterly basis to develop high-growth initiatives such as Renminbi internationalisation, green finance and financial technology. Its aim is to strengthen Britain's position as the centre of global finance and deliver jobs and growth across the country.

HM Treasury United Kingdom government department

Her Majesty's Treasury, sometimes referred to as the Exchequer, or more informally the Treasury, is the British government department responsible for developing and executing the government's public finance policy and economic policy. The Treasury maintains the Online System for Central Accounting and Reporting (OSCAR), the replacement for the Combined Online Information System (COINS), which itemises departmental spending under thousands of category headings, and from which the Whole of Government Accounts (WGA) annual financial statements are produced.

Government of the United Kingdom Central government of the United Kingdom of Great Britain and Northern Ireland

The Government of the United Kingdom, formally referred to as Her Majesty's Government, is the central government of the United Kingdom of Great Britain and Northern Ireland. It is also commonly referred to as simply the UK Government or the British Government.

Renminbi official currency of the Peoples Republic of China

The renminbi is the official currency of the People's Republic of China, and one of the world's major reserve currencies. The yuan is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts where "Chinese yuan" is widely used to refer to the renminbi. The distinction between renminbi and yuan is that renminbi is the name of the currency and yuan refers to its primary unit. One yuan is subdivided into 10 jiao, and a jiao in turn is subdivided into 10 fen. The renminbi is issued by the People's Bank of China, the monetary authority of China.

Contents

The FSTIB works closely with the Financial Services Organisation (FSO). [2] The FSO is a key delivery partner for the FSTIB's initiatives.

History

The FSTIB was formed by Chancellor George Osborne in Budget 2013 to promote the UK's financial services industry. [3] The Board first met on October 8, 2013, and was charged with leading the government's drive to promote external trade, attract inward investment and lift market access barriers for the UK's financial services sector. [4]

Chancellor of the Exchequer Senior official in the Cabinet of the United Kingdom responsible for economic and financial matters

The Chancellor and Under-Treasurer of Her Majesty's Exchequer, commonly known as the Chancellor of the Exchequer, or simply the Chancellor, is a senior official within the Government of the United Kingdom and head of Her Majesty's Treasury. The office is a British Cabinet-level position.

George Osborne Former Conservative politician

George Gideon Oliver Osborne is a British newspaper editor and former Conservative Party politician, who was Member of Parliament (MP) for Tatton from June 2001 until he stood down on 3 May 2017. He served as Chancellor of the Exchequer under Prime Minister David Cameron from 2010 to 2016. He has been editor of the London Evening Standard since May 2017 and chair of the Northern Powerhouse Partnership (NPP) since September 2016.

In July 2015, the Chancellor re-launched the FSTIB with a new board composed of senior representatives from across government and industry. [5]

Achievements

Membership

The Economic Secretary to the Treasury, Simon Kirby, chairs the quarterly board meetings.

Economic Secretary to the Treasury Junior minister in the British Treasury

The Economic Secretary to the Treasury is the sixth-most senior ministerial post in the UK Treasury, after the First Lord of the Treasury, the Chancellor of the Exchequer, the Chief Secretary to the Treasury, the Paymaster-General and the Financial Secretary to the Treasury. It is not a cabinet-level post.

Simon Kirby British politician

Simon Gerard Kirby, also known as Simon Radford-Kirby, is a British politician. A member of the Conservative Party, he was elected as the Member of Parliament (MP) for Brighton Kemptown in 2010. In 2016, he was appointed Economic Secretary to the Treasury and City Minister. He lost his seat in the 2017 general election.

Members include:

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References

  1. ↑ "Financial Services Trade and Investment Board - GOV.UK". www.gov.uk. Retrieved 2016-12-09. UKOpenGovernmentLicence.svg This content is available under the Open Government Licence v3.0. © Crown copyright.
  2. ↑ "Financial Services Organisation - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  3. ↑ "Budget 2013: documents - Publications - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  4. ↑ "Board appointed to help UK's world class financial services grow - News stories - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  5. ↑ "New Financial Services Trade and Investment Board appointees - News stories - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  6. ↑ "Financial Services Trade and Investment Board: annual report 2014 to 2015 - Publications - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
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