TheCityUK respond to Chancellor’s statement on the future of UK financial services

In a statement to Parliament, the Chancellor Rishi Sunak set out his plans to bolster the UK’s position as a world-leading financial centre, and extend its leadership in green finance and financial technology.

Responding to the statement, Miles Celic, Chief Executive Officer, TheCityUK, said,

The Chancellor was right to emphasise the enormous contribution the financial and related professional services industry makes to the UK economy, particularly outside London in cities and communities right across the UK. Our industry has been at the forefront of supporting the response to the pandemic, and we are determined to be at the centre of the economic recovery and future success of the UK outside the EU.

“The UK’s status as a global financial centre is founded on this country’s relentless and historic commitment to being open, outward-looking and innovative. The Chancellor’s statement today shows he shares the industry’s determination that this continues.

“As in other successful financial centres, a close partnership between government, regulators and industry will act as a dynamo for success. We warmly welcome the Chancellor’s clarity and decisiveness on the UK’s equivalence framework and decisions. The firm commitment to supporting UK green finance and the introduction of a sovereign green bond also sends a powerful signal about the role of finance in tackling this urgent global issue.

“This ambitious vision for the future of the industry now needs to be underpinned by further detail. The UK needs to remain at the forefront of key global issues such as prioritising services trade, regulatory cooperation and tackling climate change. Today is a vital first step and we look forward to helping move these issues forward in the weeks and months ahead.”