Geopolitical turmoil is threatening the resilience of UK financial services, but we don’t need to sacrifice growth to protect them, writes KPMG’s Karim Haji

As the world tries to make sense of the new order, the last couple of months have been awash with economic and financial forecasts, with many sounding the alarm on financial stability. The Bank of England recently warned of rising risks to the stability of the UK’s financial system from exposure to global market turmoil and the International Monetary Fund echoed the same for global financial stability.

As an open economy with a large financial sector, the UK is at risk. We are now in the most volatile economic and geopolitical environment since 2008 and are seeing the impact this is having on financial services. More than six in 10 financial services leaders are investing more of total revenues this financial year in risk-proofing their businesses against geopolitical events.

We must remember that this isn’t just about safeguarding financial services, it’s about protecting the whole country, which depends on a healthy and secure financial services sector. It’s the backbone of the UK economy –........

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