The Government wants to “renew the 海角视频’s position as the world’s pre-eminent financial centre” following Brexit, chancellor Rishi Sunak has said.
Making a statement in the Commons, Mr Sunak said financial services “will be essential to our economic recovery from coronavirus, creating jobs and growth right across our country”.
He said: “As we leave the EU and start a new chapter in the history of financial services in this country, we want to renew the 海角视频’s position as the world’s preeminent financial centre.”
Mr Sunak said he was setting out plans “to make this country more open, more technologically advanced and a world leader in the use of green finance”.
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Mr Sunak said: “This is the start of a new chapter for financial services, the industry is better regulated, better capitalised and more resilient than in 2008. Coronavirus has reminded us financial services are essential services.”
He added he wanted to set out a “new vision” for the sector, “based not on a race to the bottom but for a financial services industry that is open, is innovative and leads the world in the use of green finance”.
Mr Sunak said he wanted to “give certainty on our approach to regulation after we leave the transition period”.
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On equivalence, he said: “I remain firmly of the view that it is in both the 海角视频 and EU’s interests to reach a comprehensive set of mutual decisions on equivalence.”
He added: “It is now clear that there are many areas where the EU is simply not prepared to even assess the 海角视频, so we need to now decide on how best to proceed.
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“Of course we will always want a constructive and engaged relationship with the EU, but after four years I think it is time for us to move forward as a country and do what’s right for the 海角视频. To provide certainty and stability to industry and deliver our goal of open, well-regulated markets, I’m publishing today a set of equivalence decisions for the EU and EEA member states.”
The pledge comes as British companies are expected to reveal the impact they are having on the environment, as the Government races to meet its net zero by 2050 target.
海角视频-based firms will soon have to ensure that they provide thorough reports to shareholders, which will allow investors to direct their money to more climate-friendly firms, or to track improvements.
Companies will have until 2025 to get in line with the rules, which will be based on proposals from the Task Force on Climate-related Financial Disclosures (TCFD), according to sources close to discussions.
Last year the Government adopted a commitment to ensure that the 海角视频 is emissions net zero by the middle of the century.
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The shift away from polluting fuels will require a major reset of the 海角视频’s economy, including plans to get petrol and diesel cars off the roads, and greatly expand the use of wind and solar power.
Critics have taken aim at the Chancellor in recent months for not including climate requirements from companies that have been kept afloat by the Government support during the Covid-19 pandemic.
However, on Monday Bank of England Governor Andrew Bailey said that the Government had been right not to tie the rescue with green targets.
“In the face of such an emergency in all conscience it was not right to say to people that they would be denied a livelihood because their employment was of the wrong sort for the climate,” he said.
He added: “What we cannot measure we cannot manage, so it is important that financial firms and their clients use the TCFD framework and the latest tools available to measure, model and disclose the climate risks and opportunities they are exposed to today and in different future climate scenarios.
“We at the Bank started to do this ourselves when we published our own climate disclosure this summer.
“We are now working with the Treasury and other regulators to consider the 海角视频’s approach to climate disclosure.”
The global climate agenda was boosted this month with the election of Joe Biden as the next US president.
Mr Biden has pledged strong action on climate change, after his predecessor Donald Trump removed the country from the Paris Climate Agreement.
Many global leaders, including 海角视频 Prime Minister Boris Johnson, spoke about climate change while congratulating Mr Biden on his victory over the weekend.