Rishi Sunak Says UK ‘Advances’ On Own Rules For City After EU Talks Stall – As Happened | Business




Chancellor of the Exchequer Rishi Sunak arrives to deliver his’ Mansion House ‘address at Financial and Professional Services, formerly known as the Bankers’ Dinner, at Mansion House in London. Photograph: Reuters

Talks to secure City of London’s access to the EU have stalled, Rishi Sunak confirmed in his first Mansion House address to financiers, as he outlined sweeping reforms designed to help the financial sector British to seize global opportunities after Brexit, my colleague Richard Partington writes:

Addressing a handpicked rally of 40 young financial workers in a lite version of what was, in the days leading up to the pandemic, a historic annual rally, the Chancellor said agreement on a comprehensive services settlement financial post-Brexit with the EU had not arrived.

“Now we are moving forward, continuing to cooperate on issues of global finance, but each as a sovereign jurisdiction with its own priorities,” he said.

Sunak said Britain will deviate from Brussels rules on financial services as he sets a vision for the City.

Suggesting the UK would move away from Europe, he said it would instead rely on deals such as a financial services partnership signed with Singapore earlier this week – with plans to expand the activities in the Indo-Pacific, the United States and China.

He also sent a message to Beijing, however, that deepening economic ties would not come at the expense of Britain abandoning its principles.

Mansion House’s annual dinner, normally a lavish black-tie event in which city stars mingle with ministers of the day, has been replaced this year with a low-key breakfast broadcast live on the Treasury’s Twitter account. The rally was Sunak’s first as chancellor, after last year’s dinner was canceled.

Speaking from inside the mayor’s residence at Mansion House, Britain now has the “freedom to do things differently and better, and we intend to use it to the full.”

While his predecessors reportedly stood at banquet tables laden with wine and port in the building’s neoclassical Egyptian hall, the chancellor of teetotal delivered his speech to a lectern with a glass of water.

He said a more nuanced relationship was needed while trying to take advantage of the country’s rapidly growing financial services market with assets worth over £ 40bn …

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