The advertising agency WPP has been asked to work up ideas for a government-endorsed advertising blitz to urge more consumers to invest in stocks through a “Tell Sid”-style campaign expected to cost tens of millions of pounds.
Plans for the nationwide push were announced by chancellor Rachel Reeves on Tuesday at her Mansion House speech, as she unveiled a fresh deregulation drive meant to increase financial risk-taking across the UK to help spur growth.
The government has thrown its support behind City lobbyists, which are desperate to get money out of cash accounts and into stocks, which they say will not only deliver better returns but help revive the UK stock market. It comes as the London Stock Exchange continues to lose stock market listings and floats to foreign rivals.
The campaign – which the Treasury said “will help to explain the benefits of investing” – will be directed and funded by City firms including banks and investment platforms.
Bidding advertising agencies are expected to take inspiration from a series of historic advertising drives touting public share ownership across Europe and the US, some of which were outlined in a report published by Barclays earlier this year.
The report highlighted the Thatcher-era “Tell Sid” adverts, which encouraged everyday consumers to buy shares in the newly privatised British Gas in 1986. “If you see Sid … Tell him,” the catchphrase declared.
Decades earlier, the US launched the “Own your share of American business” investment campaign. Running from 1954-1969, the campaign was aimed at improving the reputation of the New York Stock Exchange and “staving off communism”, the Barclays report explained. It was ultimately credited with boosting the number of share owners across the US from 4.2% to 10.4%.
As of 2022, about 16% of US households directly owned stocks and shares. That compares with 11% of UK direct shareholders.
WPP has been approached about potentially working up some ideas for the new share-buying campaign, industry sources told the Guardian.
WPP-owned agencies work with three of the big five high street banks, which are among the main backers and are likely to have influenced a decision to open discussions with the London-listed marketing services giant. The WPP agency Ogilvy works with Lloyds Banking Group, while VML handles the HSBC account and NatWest is with The & Partnership.
A formal appointment is still pending. WPP declined to comment.
Last year, Reeves scrapped plans set in motion by the former Conservative government for a separate “Tell Sid”-style campaign featuring veteran newsreader Sir Trevor McDonald, aimed at selling the government’s remaining stake in NatWest.
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The direction of the new campaign will ultimately be in the hands of the campaign’s City backers, made up from a wide ranging City group including the London Stock Exchange, banks such as Barclays, NatWest, HSBC, and Lloyds Banking Group. It also includes the asset manager Schroders and investment platforms AJ Bell, Hargreaves Lansdown, Interactive Investor, and Robinhood UK.
They are due to set out the next steps for the drive later this summer. That will involve appointing a chair, setting the budget and hiring an advertising agency to lead the charge.
The group is being steered by asset management lobby group the Investment Association, while the Treasury, Money and Pensions Service plus the Financial Conduct Authority will support the campaign in an advisory capacity.
The City-based group will collectively cover the campaign’s budget, which one expert said was likely to total about £50m-£60m. The adverts are due to be “multichannel”, meaning they are likely to run online, on TV and radio and via billboards and transport.