With the Chancellor due to announce her Spring Statement and the business community on red alert, Centropy PR’s founder Steven George-Hilley discusses the future of the UK’s financial services industry.

Tell us about Centropy PR

We’re a global B2B fintech and technology PR agency, working with FTSE 250 listed firms, large enterprises but also scale-up firms seeking to raise their profile in the media.

Our UK team is based in Rupert Murdoch’s News Building, opposite The Shard, the perfect place to nurture journalist relationships and pitch stories.

Many of our clients have developed specialist software and services, which they are keen to promote. Our portfolio includes regulation technology, legal tech, payments, and electronic invoicing systems, all of which play a crucial role in powering the financial services industry.

Global briefs are an increasingly important requirement from our clients, with a specific focus on the US market. Our dedicated office is based in San Diego, where we serve several leading fintech brands who work with us on a retained basis.

We provide full-service PR and communications support, including social media consultancy, messaging, media relations and content creation. In addition, we help business leaders raise their profiles through speaking slots at key summits in The House of Lords and Parliament, podcasts and conferences.

Are your clients worried about the Spring Statement?

I think many business owners are very worried about what nasty surprises may be announced during the Chancellor’s statement. Last year’s £40bn tax increases, the majority coming in the form of National Insurance (NI) rises have done grievous damage to business confidence. The worst part is the policy hits people at the point of payroll, meaning larger companies with substantial workforces will be forced to cut costs and freeze hiring.

The Chancellor seems to be the only person in the country who is surprised at the impact it had, both in terms of growth forecasts being slashed and business confidence plummeting.

However, in some areas like AI, the government have done a better job. The Science and Technology Minister Peter Kyle seems quite a smart guy and seems to know what he’s talking about.

How can the financial services industry thrive in the future?

Ever since the 2008 financial crash, it’s been seen as unfashionable to celebrate the success of the financial services industry. To me, that’s bonkers.

Yes, some bad people did terrible things, and the regulators were asleep at the wheel.

The reality is that the city is the jewel in the crown of the UK economy. Its allure and achievements are a source of 1.17 million jobs and billions in terms of economic growth.

I recently chaired the House of Lords Financial Services and AI Summit alongside senior figures from Lloyds Banking Group and Schroders. They have an in-depth insight into the role AI is going to play in modernising their systems and services.

Instead of running these success stories down, we should be celebrating them and enabling them to achieve their full potential.

Despite all the uncertainty and market turmoil, Britain’s financial services industry remains a major part of our economy. With this in mind, we should back it 100%, in good times and in bad.

Steven George-Hilley is the founder of Centropy PR, a global B2B tech and fintech communications agency based in The News Building at London Bridge.