Responding to the result of the Conservative Party leadership race, Policy Chairman at the City of London Corporation, Chris Hayward, said:

“We congratulate Rishi Sunak on becoming the new Conservative Party leader. The City Corporation worked closely with him as Chancellor and now looks forward to building on our positive relationship when he takes over as Prime Minister. It is vital that his premiership offers stability while also confronting the challenges facing our country.

“Businesses and communities across the UK will be looking to see a renewed focus from the Government to boost growth and investment.

“Delivering on the secondary objective for the financial regulators to promote growth and international competitiveness in the Financial Services and Markets Bill will support this agenda. It is also important that the UK maintains its strong global leadership on net zero to remain competitive.

“As the engine of the British economy, financial and professional services firms will also play a key part in delivering the levelling up agenda. Levelling up must include all parts of the UK - including London - as the capital’s success benefits every corner of the country. The sector drives growth, accounts for more than 2.3 million jobs across the UK – two thirds of which are outside of London – produces over 10 per cent of economic output, and contributes 13 per cent of Government tax receipts.

“Lastly, to protect people from economic crime and keep people safe the Online Safety Bill must be given the urgent attention it deserves. Fraud is now the most common crime in the UK, costing the economy billions every year. So we must ensure that social media and technology firms put a real effort into preventing their platforms being used for fraud.”