{"id":117492,"date":"2021-06-30T23:23:20","date_gmt":"2021-06-30T23:23:20","guid":{"rendered":"https:\/\/fin2me.com\/?p=117492"},"modified":"2021-06-30T23:23:20","modified_gmt":"2021-06-30T23:23:20","slug":"britains-sunak-promises-to-sharpen-city-of-londons-competitive-edge","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/britains-sunak-promises-to-sharpen-city-of-londons-competitive-edge\/","title":{"rendered":"Britain's Sunak promises to sharpen City of London's competitive edge"},"content":{"rendered":"
FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak talks during a TV interview in London, Britain November 22, 2020. REUTERS\/Simon Dawson\/File Photo<\/figcaption>

LONDON (Reuters) – Britain will unveil its blueprint on Thursday for building the world\u2019s \u201cmost advanced\u201d financial sector after Brexit largely severed the City of London financial district from the European Union, its biggest export customer.<\/p>\n

Finance minister Rishi Sunak will set out his \u201cambitious vision\u201d for Britain\u2019s largest tax-raising industry in his first Mansion House speech, the finance ministry said ahead of Thursday\u2019s event – traditionally an annual speech given by the finance minister in London\u2019s \u201cSquare Mile\u201d financial heartland.<\/p>\n

A detailed plan for how the City\u2019s competitive advantage will be sharpened for \u201cdecades to come\u201d is also due to be published later on Thursday.<\/p>\n

Sunak will announce new integrated sustainability disclosure requirements for companies to report on the impact they have on the environment, the ministry said, a step the EU has already taken.<\/p>\n

To date, sustainability disclosures look at how climate change affects a company\u2019s financial performance.<\/p>\n

The financial sector was largely left out of Britain\u2019s trade deal with the EU, cutting lucrative ties with investors on the continent, and the industry has called for a government strategy for the City.<\/p>\n

Sunak has already begun work on changing rules to attract more investment funds, amending insurers\u2019 capital rules, and is due to publish draft reforms to capital markets.<\/p>\n

Listing rules will be eased to attract more technology company flotations, and a fast-track visa scheme is planned to help fintechs.<\/p>\n

The government on Wednesday set out details for the sale of Britain\u2019s debut sovereign green bond or gilt, and a \u201cworld-first\u201d green savings bond.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak talks during a TV interview in London, Britain November 22, 2020. 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