U.K. Chancellor Rachel Reeves’ bid to revive the London Stock Exchange via a mammoth advertising campaign could cost the City of London £120 million, according to confidential documents seen by POLITICO. Some smaller financial services companies are already pushing back at the price and considering pulling out of the Treasury-initiated plan to get British savers to put their cash savings into stocks and shares. According to confidential documents prepared by the Investment Association on the campaign’s funding structure and direction ahead of an initial meeting on Monday, marketing services agency WPP will propose three scenarios for the campaign which would cost between £15 million and £40 million per year. These costs include agency fees, production fees, including creating a “hero” film to promote savers owning a slice of British companies, social media content, the purchase of TV slots and digital ads. There are also variable costs such as the number of delivery channels used and how many “bursts” of advertisement activity the group decides to do throughout the year to make savers aware of the benefits of retail investing, the documents show.  These core campaign costs will be funded entirely by firms that are steering group members which will have to sign a three-year commitment, the IA wrote in the documents. The group — which is led by the IA and chaired by the CEO of Barclays Private Bank and Wealth Management, Sasha Wiggins — is made up of a mix of smaller and larger firms and banks, including NatWest, Barclays, HSBC, Lloyds Banking Group, AJ Bell, Hargreaves Lansdown, Vanguard, Robinhood UK, Schroders and the London Stock Exchange.  Two directors at smaller and medium-sized investment houses, granted anonymity to speak freely, voiced concerns about the “proportionality” of the costs, telling POLITICO they have yet to decide whether to take part as a result.  The IA, Treasury and WPP have been contacted for comment. Despite pushing for the campaign, the Treasury will not be involved in its funding. Reeves announced in July the “hearts and minds” campaign, inspired by the 1986 “Tell Sid” ad drive that was launched after the privatization of British Gas when Margaret Thatcher was prime minister. The plan was first reported by POLITICO. The Financial Conduct Authority and Money and Pensions Service will play an advisory role in the campaign, and the Treasury will play an observer role, with new City Minister Lucy Rigby invited to speak briefly at the group’s first meeting on Monday, according to the campaign documents.   U.K. Chancellor Rachel Reeves’ bid to revive the London Stock Exchange via a mammoth advertising campaign could cost the City of London £120 million. | Carl Court/Getty Images Reeves — battling uninspiring U.K. economic performance — told a City of London audience in July that “for too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits.” Her plan came as the LSE — once the pride of Britain’s powerhouse City of London financial district — continues to suffer from a decline in listings and low trading volumes in recent years, with high-profile companies instead choosing to float in the U.S. While cash-rich savers may be tempted by future advertisements and government figures, which have told consumers their money could earn £9,000 more in 20 years’ time based on a £2,000 investment in stocks and shares rather than cash, they may also be put off by recent warnings that the stock market appears to be in a bubble state. Analysts and economists warn in particular of stocks of companies in the technology and artificial intelligence sphere, with valuations that appear similar to the 2000 dotcom crash. SIZE-BASED FEES The IA is proposing two scenarios to charge firms based on size, with those with under 1,000 staff being asked to pay £250,000 or £500,000 as a first-year contribution, and firms with staff numbers above 10,000 either £1 million or £2 million.  Medium-sized firms with between 1,001 and 9,999 staff members could pay between £500,000 and £1 million. Firms are also being asked to stump up thousands to cover membership and legal costs.  However, the total costs may change depending on what firms agree to pay and what agency is chosen ahead of the multi-year campaign starting next April, with the IA cautioning in the documents that the “diversity of channels and the frequency of activities across these platforms will significantly influence the overall cost of the campaign.”  One senior executive, who is part of the 22-member steering group, said that the total figure is likely to be less than £40 million a year ahead of a final decision on the campaign costs and funding model on Monday. Although WPP is the only agency presenting on Monday, the group has opted for an open competitive pitch, POLITICO was told by an individual with knowledge of the process, so other agencies will present in the coming months unless WPP’s current pitch is approved by the steering group.  The group will meet no less than four times annually and will act as the principal decision-making body for the campaign, the documents show. Discussions will focus on “laying the groundwork for sustained behavioural change” and “normalise investing as a routine part of financial planning.”  “This is a long-term effort, spanning multiple years and relying on consistent messaging, trust-building, and engagement across various segments of the population,” the IA wrote.  “This campaign will not be a commercial initiative, it is intended as an educational campaign to improve awareness and encourage more people in the UK to invest.”