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

Summary

Chancellor Rachel Reeves is to announce a new City “skills compact” that will commit firms such as Barclays and Lloyds to retraining thousands of financial sector workers for the AI revolution. The government-backed initiative will be launched on Tuesday and aims to help workers keep pace with technological changes that have sparked fears of mass redundancies.

SourceThe Guardian AIAuthor: Kalyeena Makortoff Banking correspondent
Reeves to launch City ‘skills compact’ committing firms to retrain staff in AI
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Exclusive: Plan to improve skills of thousands of financial sector workers to keep pace with tech revolution

Chancellor Rachel Reeves is to announce a new City “skills compact” that will commit firms such as Barclays and Lloyds to retraining thousands of financial sector workers for the AI revolution.

The financial services skills compact will be launched on Tuesday, during what is likely to be Reeves’s final Mansion House speech to City bosses before Andy Burnham’s expected takeover of No 10. The government-backed initiative will commit employers to improving workers’ skills and helping them “keep pace” with significant technological changes that have prompted fears of mass redundancies.

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Key points and analysis

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Key points

  • Chancellor Rachel Reeves will announce a City 'skills compact' requiring firms like Barclays and Lloyds to retrain financial workers for AI.
  • The initiative launches Tuesday, likely during Reeves' final Mansion House speech before Andy Burnham's expected takeover of No 10.
  • The government-backed plan aims to help workers keep pace with technological changes and avoid mass redundancies.

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