Economy

Chancellor outlines financial services support plan

Chancellor Rishi Sunak has outlined his plan to assist the financial services industry after Brexit and the pandemic, while addressing Parliament yesterday (9 October).

In his speech, Sunak referred to the sector as being “essential to our economic recovery from coronavirus” and necessary for job growth.

Among the initiatives announced to assist the industry were a new taskforce to make recommendations on the UK’s future listings regime, a ‘Long-Asset Fund’ for pensions and a “green taxonomy” to encourage firms to invest in environmentally friendly companies.

Sunak said: “To boost the number of new companies who want to list here in the UK, I’m setting up a taskforce to make recommendations early next year on our future listings regime.

“To build on the 113,000 jobs already supported by investment management, we’ll shortly publish a consultation on reforming the UK’s regime for investment funds.”

He added: “To encourage UK pension funds to direct more of their half a trillion pounds of capital towards our economic recovery I’m committing to the UK’s first Long-Term Asset Fund being up and running within a year.

“We’re implementing a new ‘green taxonomy’, robustly classifying what we mean by ‘green’ to help firms and investors better understand the impact of their investments on the environment.”

Andrew Kail, head of Financial Services at PwC UK, said: “The UK financial services industry plays a vital role in our economy and is respected around the world. 

“It employs more than two million people across the country, makes a hugely significant contribution in taxes and provides the critical products and services that businesses and individuals need to operate.”

He added: “Importantly the sector will be instrumental in helping the economy recovery from the impacts of the pandemic. 

“It is therefore hugely encouraging to hear the Chancellor announce plans to maintain the industry’s position as a global leader by providing clarity around regulatory equivalence, building on a track record of technological innovation and taking an important role in the focus on climate change.”

 

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