Staff of Reuters Read for 2 minutes Chancellor of the Exchequer of the United Kingdom, Rishi Sunak, speaks during a television interview in London, Britain. The date is November 22, 2020. FILE PHOTO: REUTERS/Simon Dawson (Reuters) – LONDON (Reuters) – After Brexit completely cut the City of London financial center from the European Union, its biggest export consumer, Britain will outline its vision for establishing the world’s “most sophisticated” financial sector on Thursday. Rishi Sunak, the finance minister, will deliver his first Mansion House speech on Thursday, outlining his “ambitious vision” for Britain’s largest tax-raising industry, the finance ministry said ahead of the event, which is traditionally an annual speech given by the finance minister in London’s “Square Mile” financial heartland. Later on Thursday, the City will release a detailed plan for enhancing the city’s competitive advantage for “decades to come.” According to the ministry, Sunak will unveil new integrated sustainability disclosure rules for corporations to report on their environmental impact, a step that the EU has already taken. Until now, sustainability disclosures have focused on how climate change affects a company’s bottom line. The financial sector was largely excluded from Britain’s trade pact with the EU, severing valuable relationships with European investors, and the business has demanded a government strategy for the City. Sunak has already started working on altering rules to attract more investment money, as well as amending insurer capital standards and releasing proposed capital market reforms. To encourage additional technology business IPOs, listing restrictions will be relaxed, and a fast-track visa program for fintechs is in the works. The government announced the sale of Britain’s first sovereign green bond or gilt, as well as a “world-first” green savings bond, on Wednesday. Huw Jones contributed reporting, and Mark Potter edited the piece./n
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