UK Chancellor Reeves to Launch City Skills Compact for AI Retraining

Chancellor Rachel Reeves will announce a financial services skills compact committing major firms to retrain thousands of workers in AI and other critical skills.

• Reeves is to launch the government-backed skills compact on Tuesday, with signatories including Barclays, Lloyds, and the London Stock Exchange.
• Nearly 20 initial signatories will draft rolling three-year plans to train and certify UK staff in up to five critical skills, including AI.
• Claire Tunley, chief executive of the Financial Services Skills Commission, said the compact was the most notable sector-wide skills strategy since the 1960s.
• Signatories must report their progress to the Treasury and the commission annually, with at least one senior executive overseeing each programme.