Plan to emphasize focus on green finance and technology; Mansion House speech comes day after green gilt announcement
Chancellor of the Exchequer Rishi Sunak will promise to bolster the
U.K. finance industry’s competitive edge for decades to come on
Thursday, the latest move by the U.K government to champion a sector
that it largely ignored during Brexit.
The country’s finance
minister will outline an “ambitious vision” for reforming financial
services as part of his annual speech at Mansion House on the state of
the U.K. economy, according to a statement. The Treasury will publish a roadmap fleshing out the proposals later Thursday.
The aim of the plan is to “sharpen our
competitive advantage in financial services,” Sunak will say, according
to the statement. It’s “a plan to make this country the world’s most
advanced and exciting financial services hub for decades to come,
creating prosperity at home and projecting our values abroad.”
Sunak has pledged to bolster the finance industry
in the wake of the U.K.’s departure from the European Union by relaxing
regulations and ensuring the country is an attractive destination for
finance firms. Since leaving the bloc, the U.K. has launched several
reviews and consultations aimed at boosting the industry, which was
largely excluded from the Brexit deal negotiated by Prime Minister Boris
Johnson.
In recent weeks, Sunak proposed and is
said to have secured an exemption for banks from a global plan to make
multinational firms pay more tax to the countries where they operate,
people familiar with the discussions have said....
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