Rachel Reeves, the chancellor, has called in the bosses of Britain’s biggest high street lenders for a fresh round of talks on the government’s economic growth agenda.
Sky News has learnt that executives from companies including Barclays, HSBC, Lloyds Banking Group, NatWest and Nationwide have been asked to attend a meeting with Ms Reeves on Wednesday.
The talks have been convened to discuss Labour’s financial services growth strategy – one of the pillars of the wider industrial strategy being drawn up by ministers.
Among the attendees at the meeting are expected to be Georges Elhedery, HSBC Holdings’ CEO; Debbie Crosbie, CEO of Nationwide; Charlie Nunn, the Lloyds Banking Group chief; Paul Thwaite, NatWest CEO; and senior representatives of Barclays and Santander UK.
The meeting will come as the UK-listed banks begin their full-year results reporting season in earnest, with Barclays due to unveil its 2024 figures on Thursday.
The chancellor has been spearheading efforts to kickstart economic growth in recent weeks, following a disastrous reaction to her inaugural Budget last autumn.
Last week’s growth forecast downgrade by the Bank of England has revived pressure on Ms Reeves, who economist believe could be forced into further tax rises later this year as her fiscal headroom evaporates.
One insider said the bank bosses were likely to be canvassed for fresh ideas on jumpstarting the economy in the months ahead.
The chancellor has played a frontline role in ordering the UK’s economic regulators to remove barriers to growth.
The Treasury did not respond to a request for comment on Sunday, while none of the lenders contacted by Sky News would comment.