Mansion House 2024

Rachel Reeves, the U.K. Chancellor has set out a package of reforms in her Mansion House speech. The reforms aim to drive growth and competitiveness in financial services. Ms. Reeves stated that the regulatory changes post-financial crisis created a system which sought to eliminate risk-taking that 'has gone too far' and has led to unintended consequences. Ms. Reeves hopes to maintain the U.K.'s high regulatory standards while rebalancing elements of the regulatory system to drive economic growth and competitiveness. The package includes:

• A proposed Financial Services Growth and Competitiveness Strategy
• Further reforms to the U.K.'s wholesale markets framework
• A new Payments Vision
• Confirmation of the introduction of PISCES
• A consultation on a proposed U.K. Green Taxonomy
• Confirms that the provision of ESG ratings will be brought within the scope of the U.K. regulatory perimeter
• Potential credit union common bond reform

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