People relax in the sun of the bank the River Thames, with the The City of London financial district in the distance, in London, Britain, June 16, 2022.
The CityUK, which promotes UK financial services abroad, said Britain must make a competitive and compelling offer to lift growth, but there is no magic bullet.
DEREGULATION PUSHThe City is largely locked out of the EU since Brexit and financial services were excluded from the UK's trade deal with the bloc.
Kwarteng said the financial services sector will be at the heart of the government's programme to drive growth in the economy.
"To reaffirm the UK's status as the world's financial services centre, I will set out an ambitious package of regulatory reforms later in the autumn," Kwarteng said.