Responding to the Queen’s Speech, Policy Chairman of the City of London Corporation, Chris Hayward, said:

LEVELLING UP

“We welcome the Government’s commitment to help create greater shared prosperity across the country. Ensuring equal opportunities for all has long been our mission as we believe it will only strengthen the UK’s position as a world-leading business hub.

“It is important to recognise that the capital faces unique challenges and still has major inequalities, with 2.5 million people living in poverty. It is therefore important that levelling up does not lead to a levelling down of London and the South-East.

“London and its financial and professional services sector will have a vital role to play in spreading prosperity across the UK and driving forward our economic recovery. The capital should be seen as a platform for national growth and investment.”

FINANCIAL SERVICES BILL

“The Financial Services Bill provides an opportunity to ensure the UK’s world-leading financial and related professional services ecosystem remains open, competitive, innovative and attractive to global talent.

“This is vital as the sector employs 2.3 million people across the country, with two-thirds of these jobs outside of London.

“We will work with the Government to ensure the proposals benefit households, consumers and businesses while also ensuring the sector’s competitiveness.”

ENERGY SECURITY BILL

“It is vital that all countries – including the UK – play their part in tackling climate change. As we reach the halfway point between COP26 and COP27, the financial services sector has a crucial role to play in helping to mobilise the private capital needed for the developing world’s march towards net-zero.

“The Net Zero Delivery Summit at the Mansion House later this week will play a key role in turning these commitments into action.

“Our ambitious Climate Action Strategy also sets out to make the City Corporation net-zero by 2027, creating 800 jobs. It also sets the objective of supporting net-zero for the entire Square Mile by 2040.”

ONLINE SAFETY BILL

“We will continue to monitor the progress of the Online Safety Bill, which will ensure consumers’ hard-earned cash is better protected from scams.

"The inclusion of paid-for advertising in the forthcoming Online Safety Bill is a major step forward in the fight to reduce online crime and helps cement the benefits of including fraud as a priority harm.

“We all have a role to play in tackling scams and it is important that the financial services sector works closely with the Government on clamp down on them. Together we must ensure people continue to benefit from being online and fight back against fraudsters.”

ECONOMIC CRIME AND CORPORATE TRANSPARENCY BILL

“We welcome the Economic Crime Bill announced today, which will further strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow.

“High standards and effective regulation are essential to maintain the UK’s reputation as a trusted place to do business. International collaboration will be key to tackling economic crime which is a cross-border issue.”

--ENDS--

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