The Growth Agenda Trap: How City Bankers Shape Government Policy to Serve Their Own Interests

For decades, City bankers have dictated the civil service playbook, driving a relentless “growth agenda” that prioritises financial products over real solutions. This leads to a cycle of government-sponsored financial schemes, marketed as the ultimate solution to economic and social challenges. These products, however, rarely deliver on their promises. Instead, they serve the financial institutions that design them, trapping consumers in systems that ultimately benefit the banks, not the public.

The Right to Buy ISA: Another Broken Promise

One prime example is the Right to Buy ISA. Launched with grand promises of helping first-time buyers get on the property ladder, it quickly became apparent that the scheme was flawed. With house prices soaring well beyond the cap set in 2015, billions remain locked in these accounts, inaccessible to those who trusted the scheme would help them buy a home. It was never designed to empower buyers—it was designed to channel savings into the financial system while giving the illusion of government action.

What Should Happen Instead?

The real key to financial success and homeownership is not another savings product—it’s human capital development. Your greatest asset is not the money you save, but your ability to earn, innovate, and create value. Yet financial product sellers don’t mention this. Why? Because investing in yourself doesn’t generate profits for them.

A truly ethical financial system would focus on empowering individuals to:

1. Develop skills and expertise – Increasing earning potential through continuous education and training.
2. Maintain health and well-being – A strong, resilient workforce is key to financial stability.
3. Encourage entrepreneurship – Self-sufficiency creates long-term wealth far beyond short-term savings schemes.
4. Build meaningful networks – Relationships and community support open doors to financial opportunities.

The Need for Independent Financial Professionals

As long as financial advisers are incentivised by the products they sell, the public will continue to be misled. We need professionals who provide financial guidance without conflicts of interest—advisers who prioritise financial education over sales commissions.

Governments Must Listen to the Public—Not the City

The cycle of ineffective financial schemes must end. Instead of pandering to City bankers, governments should focus on policies that genuinely serve those who voted them into power. This means shifting away from the relentless promotion of financial products and towards policies that enable people to invest in themselves.

The financial industry will not change overnight, but the public can take control today. Recognise the value of human capital, demand unbiased financial guidance, and push for a system that works for people—not just the institutions profiting from them.