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01 July 2021

Bloomberg: Sunak Promises to Sharpen City of London’s Competitive Edge


Plan to emphasize focus on green finance and technology; Mansion House speech comes day after green gilt announcement

Chancellor of the Exchequer Rishi Sunak will promise to bolster the U.K. finance industry’s competitive edge for decades to come on Thursday, the latest move by the U.K government to champion a sector that it largely ignored during Brexit.

The country’s finance minister will outline an “ambitious vision” for reforming financial services as part of his annual speech at Mansion House on the state of the U.K. economy, according to a statement. The Treasury will publish a roadmap fleshing out the proposals later Thursday.

The aim of the plan is to “sharpen our competitive advantage in financial services,” Sunak will say, according to the statement. It’s “a plan to make this country the world’s most advanced and exciting financial services hub for decades to come, creating prosperity at home and projecting our values abroad.”

Sunak has pledged to bolster the finance industry in the wake of the U.K.’s departure from the European Union by relaxing regulations and ensuring the country is an attractive destination for finance firms. Since leaving the bloc, the U.K. has launched several reviews and consultations aimed at boosting the industry, which was largely excluded from the Brexit deal negotiated by Prime Minister Boris Johnson.

In recent weeks, Sunak proposed and is said to have secured an exemption for banks from a global plan to make multinational firms pay more tax to the countries where they operate, people familiar with the discussions have said....

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