Britain is preparing to move forward on its own in financial services after failing to reach a Brexit deal with the European Union, Chancellor Rishi Sunak said today.
In his first Mansion House speech in the City, Sunak stated;” We are moving forward, continuing to cooperate on questions of global finance, but each as a sovereign jurisdiction with our own priorities.”
The Chancellor added the ambition had been to reach a comprehensive set of mutual decisions with Europe on financial services equivalence.
“That has not happened,” he said.
“Now, we are moving forward, continuing to cooperate on questions of global finance, but each as a sovereign jurisdiction with our own priorities.
“We now have the freedom to do things differently and better, and we intend to use it fully.”
He added that the US will also remain the UK’s most important bilateral financial services partner, while a mature and balanced relationship was required with China.
Central bank digital currency
Sunak said as well that the UK was exploring the case for a central bank digital currency with the Bank of England and consulting on reforms to support the safe adoption of crypto assets and stable coins.
“But while I believe in the power of new technology, we also need to manage its impact on our economy and society.
“And we’re protecting access to cash, consulting on new laws to make sure people only need to travel a reasonable distance to pay in or take out cash.”
Sunak also confirmed the launch of the NS&I’s world-first Green Savings Bonds.
“We’re issuing the UK’s debut sovereign green bond in September, with the framework published yesterday committing us to the most ambitious approach of any major sovereign nation.”