UK Finance, which represents over 300 firms across the banking and financial services industry, has called for the regulation of Buy Now, Pay Later (BNPL) ahead of the government’s Autumn Budget.

The organisation, which published its Budget submission on Friday, also urged lawmakers to reduce barriers to lending by “urgently reforming the Consumer Credit Act”.

UK Finance additionally proposed the establishment of a new cross-government taskforce to tackle financial abuse, as well as the publication of Net Zero investment roadmaps for key sectors of the economy, which set out detailed policy, spending and regulatory interventions.

It also asked for updates on plans for the UK's National Wealth Fund and clarification about how public finance institutions will support the transition.

Days after winning the general election earlier this year, the new Labour government announced the official launch of the fund.

The move saw officials begin work on aligning the existing UK Infrastructure Bank (UKIB) and the British Business Bank.

£7.3 billion of additional funding will be allocated for the fund through the UKIB so that investments can be made immediately.

The trade association has also called on the government to make technology, social media and telecoms companies contribute to the cost of tackling economic crime and fraud reimbursement, through a broader more accountable reimbursement model and funding to bolster prevention.

"The new government has been clear that it is focused on delivering sustained economic growth, and financial services are vital in achieving that goal," said David Postings, chief executive, UK Finance. "The upcoming Budget is an important opportunity for the government to set out a clear plan for the UK.

"In our submission, we have called on the government to not only introduce measures to bolster growth, but also a range of ideas to help support households and businesses up and down the country. As a vital part of the UK economy, financial services will play an active role in supporting growth and building a better society for all."

Chancellor Rachel Reeves will deliver the Autumn Budget on 30 October.

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