Reeves to launch City ‘skills compact’ committing firms to retrain staff in AI

Chancellor Rachel Reeves will introduce a City skills compact involving firms like Barclays and Lloyds to retrain thousands of financial sector employees in AI and other key skills. Nearly 20 firms, including the London Stock Exchange and Nationwide, will develop three-year training plans to future-proof jobs amid rapid AI-driven changes. Progress will be monitored annually by the Treasury and Financial Services Skills Commission to maintain the UK's financial sector competitiveness.