Britain will unveil its blueprint for building the world’s advanced financial sector after Brexit largely severed the City of London financial district from the European Union.
Finance minister Rishi Sunak set out his vision for Britain’s largest tax-raising industry in his first Mansion House speech. He said that ahead of the traditional annual speech event given by the finance minister in London’s “Square Mile” financial heartland. A detailed plan on how the City’s competitive advantage will be sharpened for decades is due to be published later.
Sunak will announce new integrated sustainability disclosure requirements for companies to report on the impact they have on the environment. This is a step the EU has already taken. Sustainability disclosures look at how climate change affects a company’s financial performance. The financial sector was largely left out of Britain’s trade deal with the EU. Sunak already began to work on changing the rules to attract more investment funds, amended insurer’s capital rules, and is due to publish draft reforms to capital markets. The government had set out details for the sale of Britain’s debut sovereign green bond or gilt, and a world-first green savings bond.