By Charlie Conchie
The new prime minister must push through a swathe of reforms to the City if the UK is to regain its place as the “world’s foremost international centre of finance”, a top lobby group warned today.
In a new manifesto for the incoming prime minister, advocacy group TheCityUK said the two Tory leadership contenders Rishi Sunak and Liz Truss needed to outline a vision for financial reform and be prepared to work with industry upon taking office.
Delivering the Financial Services and Markets Bill as soon as possible and scrapping EU-era Solvency II legislation to unleash a wave of UK infrastructure investment should be among the measures at the top of the agenda for the incoming prime minister, the group said
“The financial services and related professional services industry is a British success story – but we can do more,” theCityUK chief Miles Celic said in a statement today.
“As we reach the final weeks of the leadership elections, we hope the candidates consider the role we can play in supporting their economic agendas and help regain our role as the world’s foremost international centre of finance.”
The warnings come as ministers look to deliver a second “big bang” for UK financial services with the long-awaited Financial Services and Markets Bill announced last month. Among the measures in the bill, ministers are looking to boost the City by slashing red tape in the City and doing away with EU-era rules, as well as granting new powers to UK regulators.
London Stock Exchange Chiefs and the government have also been looking to boost the standing of London as a hub for international listings with two major reviews of the capital markets ecosystem last year designed to tempt international firms to float in London; the Hill Review and Austin Review.
In July, Freshfields partner Mark Austin unveiled a batch of proposed changes to ease the way that listed firms can raise cash.
Measures such as rights issues and equity raising were included in Austin’s plans, with other recommendations including greater involvement of retail investors, and digitised shareholding so firms can better engage with individual investors.
Rishi Sunak and Liz Truss were contacted for comment.
The post New PM must push through City reform for finance to flourish, lobby group warns appeared first on CityAM.
