image credit: Reuters Chancellor Rishi Sunak is set to promise that the UK would become the world’s most “advanced and exciting” financial services hub. He will outline a strategy for the industry at Mansion House later on Thursday, with the goal of “sharpening” its competitive advantage. Mr. Sunak will also lay out a strategy for forcing businesses to disclose their environmental impact. Companies will have to state how climate change would effect them. According to the Treasury, the new Integrated Sustainability Disclosures Requirements will apply to businesses “across the economy.” “I am positive about the future as the baton is passed to a new generation of financial executives. At home, he is ambitious. Internationally confident, “The chancellor will make a statement. “With a strategy to create this country the world’s most innovative and fascinating financial services hub for decades to come, generating prosperity at home and promoting our ideals abroad,” says the president. The UK needs a ‘wake-up call’ when it comes to fintech investment. Financial services diversity’must improve.’ The complete roadmap plan, which will be released later, will contain more specifics on what is termed as a “ambitious goal” for banking sector reform. Mr Sunak’s address comes amid ongoing concerns over the banking sector’s future shape in the UK following Brexit. As a result of Brexit-related changes to finance rules, Amsterdam surpassed London as Europe’s largest financial trading center in January. Mr Sunak’s appearance on Thursday will be the first time he has delivered the customary Mansion House Statement, the chancellor’s most important policy speech of the year. It’s essentially a forum for him to express his thoughts on the economy and the rest of the globe, as well as his goals for the future. The additional steps he’ll outline will put even more pressure on big businesses to help minimize the effects of climate change. Following a legal judgement in the Netherlands earlier this month, oil giant Shell committed to cut its greenhouse gas emissions more swiftly. image courtesy of Getty Images It, like its competitor BP, has set goals to reduce emissions to “zero” by the middle of the century. Mandatory reporting, on the other hand, would be more transparent and make it easier to compare organizations’ progress, according to experts. The government published the outlines of a new green bond on Wednesday, with the Treasury hoping to raise at least £15 billion. The funds will be used to fund zero-emission buses, offshore wind projects, and initiatives to decarbonize homes and buildings, as well as climate change adaptation programs like flood defenses and tree planting. Sunak Rishi The economy of the United Kingdom Climate change, according to the HM Treasury/n
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