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

Chancellor Rachel Reeves is rolling out a "skills compact" to ensure top financial firms like Barclays and Lloyds invest in retraining thousands of workers for the AI revolution. This initiative aims to bridge the skills gap and keep the UK's financial sector competitive in a rapidly evolving tech landscape. With tech advancements accelerating, this move is crucial for maintaining the sector's relevance and economic contribution. Reeves’s announcement, likely her last Mansion House speech before a leadership change, underscores the urgency of adapting to new technologies.