New study will examine why talent leaves UK financial services, which critical skills may be lost and how socio-economic background and geography shape career progression and retention.
Progress Together has been named in the 2026 Budget as the organisation HM Treasury intends to commission to undertake new research into workforce and skills attrition across UK financial services.
The announcement, set out in paragraph 6.131 of the Budget, marks a significant milestone for Progress Together and brings career progression, socio-economic background and regional opportunity into the Government’s financial services growth agenda.
The research will examine whether the sector is retaining the skills it needs to remain competitive, particularly as artificial intelligence, data, software, cyber security and digital transformation reshape the workforce.
It will explore where employees go when they leave financial services, the potential economic costs of losing critical skills, and whether barriers to career progression contribute to talent loss.
“This is a landmark moment for Progress Together and an important recognition of the need to understand not just who enters financial services, but who progresses, who leaves and why.
“Financial services cannot afford to overlook talent it has already invested in developing. By understanding how background, geography and access to opportunity affect retention, we can help employers make better decisions about their people and strengthen the sector’s future competitiveness. We welcome HM Treasury’s commitment and look forward to working with our research partners and industry to turn this evidence into practical action.”
- Sophie Hulm, CEO of Progress Together
Building the evidence for change
The proposed independent study will bring together Progress Together, Queen Mary University of London and Ipsos, combining labour-market analysis, employee research and economic modelling.
The research is expected to include a survey of approximately 4,000 financial services employees, alongside analysis of workforce movements, future-critical skills and the costs associated with losing experienced talent.
It will build on Progress Together’s existing work on socio-economic diversity and career progression, while complementing initiatives such as the Financial Services Skills Commission’s Skills Compact.
From the Budget to Mansion House 2027
The Budget announcement establishes the Government’s intention to commission the research, with findings due to be reported by the Chancellor’s Mansion House speech in 2027.
The study will provide practical recommendations for employers, policymakers, skills bodies and regional leaders, helping inform discussions about productivity, competitiveness, AI adoption and regional growth.
Read the full Budget 2026 document on GOV.UK (PDF). The announcement appears at paragraph 6.131.