The Chancellor has today (9 December) outlined a series of reforms to financial services regulation in Edinburgh.

In response, Policy Chairman at the City of London Corporation, Chris Hayward, said:

“The reforms outlined today are a positive step and we particularly welcome the Government’s focus on sustainable finance and innovation.

“Financial and professional services are an asset to the whole UK.

“The sector drives growth, supports investment, and accounts for more than 2.3 million jobs across the country – two thirds of which are outside of London.

“A world-leading regulatory regime is both crucial for the industry’s international competitiveness and for consumer protection.

“Good growth and good regulation are two sides of the same coin, fuelling job creation in the UK and beyond.

“The Financial Services and Market Bill offers an opportunity to deliver agile, flexible and proportionate regulation that works in the interests of British households and businesses.

“We will work with the Government to ensure these reforms deliver positive outcomes and high standards across the City.”

ENDS

Notes to editors

About the City of London Corporation

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

About Chris Hayward

Throughout his career Chris Hayward has worked in the construction, aviation, infrastructure and global events management sectors. He is currently a Director at leading communications agency JBP, a consultant at Keltbray Limited, and Director of Hayward Properties Limited. He is a former Deputy Leader of Hertfordshire and Dorset County Councils. As Policy Chairman, he effectively operates as the political Leader of the City Corporation.