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

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.