City Corporation responds to Chancellor’s statement on financial services

UK Chancellor Rishi Sunak earlier gave a statement to the House of Commons on the future of financial services. In reaction, Lord Mayor of London William Russell said:

“I warmly welcome the Chancellor’s commitment today to issuing the UK’s first green gilt in 2021. This demonstrates that the UK continues to innovate as a leading global green finance hub in the build-up towards COP26 in Glasgow next year.

“It is clear that there is an increasingly large appetite for the sustainable financial products that the UK has to offer. This has been evident in my capacity as both a member of the UK Board of Trade and from my engagements with our partners across the world. The UK must continue to lead the way internationally in the years to come.”

Policy Chair of the City of London Corporation Catherine McGuinness said:

“The Chancellor has today set out important steps to help the UK economy build back better and greener from the current pandemic. We welcome his vision of maintaining the UK’s position as a world leading financial centre by encouraging innovation and mobilising capital. The sector has a crucial role to play in driving the recovery forwards.

“The plans to launch the UK’s first sovereign green bond next year send sends a powerful signal to investors across the globe. On the day that we opened the Green Horizon Summit, the adoption of a green taxonomy and a pathway towards mandatory climate disclosures are also positive examples of how the UK is making huge strides in the fight against climate change. We call on City firms to play their part by supporting the transition to a net-zero economy.

“We also welcome the moves to support innovation in fintech and establish a taskforce to review the UK’s listings regime. The Chancellor has also provided some much-needed certainty for firms both in the UK and EU today by unilaterally publishing a set of equivalence decisions alongside a new framework for taking such decisions in future. We urge the EU to issue its equivalence determinations without further delay in the interests of households and businesses on both sides of the Channel.”

Notes to Editors:

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk