Sunak to outline UK roadmap for financial services

Chancellor Rishi Sunak is expected to pledge to make the UK the most "advanced and exciting" financial services hub in the world.

Speaking at Mansion House later on Thursday, he is due to outline a roadmap for the sector that aims to "sharpen" its competitive advantage.

Mr Sunak will also set out a plan to force companies to report their environmental impact.

Firms will have to say how climate change is likely to affect them.

The new Integrated Sustainability Disclosures Requirements will apply to firms "across the economy", the Treasury said.

"As the baton passes to a new generation of leaders in finance, I feel optimistic about the future. Ambitious at home. Confident internationally," the chancellor will say.

"With a plan to make this country the world's most advanced and exciting financial services hub for decades to come, creating prosperity at home and projecting our values abroad."

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Further details of what is described as an "ambitious vision" for reforming the financial sector will be contained in the full roadmap document, to be published later.

Mr Sunak's speech comes amid continuing concern about the future shape of the UK's financial sector after Brexit.

In January, Amsterdam ousted London as the largest financial trading centre in Europe as Brexit-related changes to finance rules came into force.

Climate targets

Thursday's appearance by Mr Sunak will mark the first time that he has given the traditional Mansion House Speech, which is the chancellor's key policy speech of the year.

It is essentially a platform for him to spell out his view of the economy and the wider world and his aims for the future.

The new measures he is set to announce will add to pressure on big companies to help mitigate the effects of climate change.

Earlier this month, oil giant Shell promised to reduce its greenhouse gas emissions more quickly following a legal ruling in the Netherlands.

The court case against Shell was brought by environmental groups and thousands of Dutch citizens

Like its rival BP, it has set targets aimed at reducing emissions to "net zero" by the middle of this century.

However, experts say mandatory reporting would be more transparent and make it easier to compare companies' progress.

On Wednesday, the government announced details of a new green bond, which the Treasury hopes will raise at least £15bn.

The money will be invested in zero-emissions buses, offshore wind and efforts to decarbonise homes and buildings, as well as climate change adaptation programmes, such as flood defences or tree planting.