The government is set to publish a new long-term strategy on how it will ensure the UK's asset management industry will "continue to thrive".

In supporting documents for Chancellor Philip Hammond's Autumn Budget today, the government said it wants to ensure the UK asset management industry will "continue to thrive".

This will cover areas such as financial technology and investment strategies.

It said: "The government will publish a new long-term strategy to ensure that the UK asset management industry continues to thrive and deliver the best possible outcomes for investors and the UK economy.

"This will include actions, to be taken forward in close collaboration with the industry, on skills, harnessing financial technology solutions, mainstreaming innovative investment strategies, and continuing a coordinated programme of international engagement."

HM Treasury has previously stated that it is committed to supporting the UK asset management post-Brexit and ensuring financial services was protected as the UK begins the process of leaving the European Union.

It has also set up an Asset Management Taskforce, which aims to deliver ideas on how the asset management sector can respond to Brexit and how the industry can be improved.

Chris Cummings, chief executive of the Investment Association, said: "The Chancellor's announcement today to publish a new strategy for the asset management industry demonstrates how central our industry is to our country's economy and to financial services.

"This strategy forms part of a package of measures which will provide our sector with a roadmap to help firms thrive through Brexit and beyond. These measures will help to ensure our industry continues to deliver the best possible outcomes for savers and the UK economy in the years to come."

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