Reeves unveils City skills compact to retrain financial workers in AI

The Chancellor is expected to announce a new **financial services skills compact** during her upcoming Mansion House speech, marking a significant government intervention in workforce development. The agreement will see major firms including Barclays and Lloyds commit to upskilling existing staff to meet the demands of the AI revolution, rather than relying solely on new hires with technical expertise. This initiative represents a growing recognition that technological disruption requires proactive reskilling strategies to prevent mass redundancies. While focused on the City, the compact could signal broader policy approaches to **adult learning** and **employer-led training** that local authorities may need to consider when planning skills provision in their own areas. The emphasis on partnership between government and major employers highlights the increasingly important role of collaborative skills planning in responding to economic transformation.