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In a Commons statement yesterday, the Chancellor set out his plans for a new regulatory framework for the country’s financial service sector once the transition out of the EU’s single market is completed.
He said: “As we leave the EU and start a new chapter in the history of financial services in this country we want to renew the UK’s position as the world’s pre-eminent financial centre.”
Mr Sunak also announced that Britain’s future financial regulations will include tough new environmental standards.
He pledged that rules will be introduced to force British companies to reveal the impact they are having on the environment by 2025.
New “Green Bonds” to encourage investment in environmental projects will be issued by the Government.
Speaking as trade talks with the EU’s Michel Barnier continued in London, the Chancellor said: “I think it wouldn’t be right of me to give a day-by-day commentary on the current negotiations. But as we heard from the Prime Minister at the weekend we have made significant progress, those talks are ongoing, it is clear that a deal can be done.
“But that will require both sides to continue to act in a constructive way.”
Under the Chancellor’s new rules, British-based firms will have to ensure they provide thorough reports to shareholders, which will allow investors to direct their money to more climate-friendly firms, or to track improvements. The Chancellor added that financial services “will be essential to our economic recovery from coronavirus”.
Mr Sunak said he was setting out plans “to make this country more open, more technologically advanced and a world leader in the use of green finance”.
He continued: “This is the start of a new chapter for financial services, the industry is better regulated, better capitalised and more resilient than in 2008. Coronavirus has reminded us financial services are essential services.”
But Labour’s shadow chancellor Anneliese Dodds warned yesterday: “While we debate these often welcome measures, we mustn’t forget the elephant in the room –
this Government’s mishandling of ensuring market access for our firms to our largest trading partner.”
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