Chancellor Zahawi on US journey in effort to bang the drum for London financing – Metropolis A.M.

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Tuesday 30 August 2022 7:00 am

Chancellor Nadhim Zahawi will use an US journey

to promote for London’s financial hub Chancellor Nadhim Zahawi will embark on an US trip today in an attempt to bang the drum for Britain’s post-Brexit financial future.

Zahawi will check out the New York Stock Exchange and meet with senior worldwide bank agents with “the aim of setting the highest possible requirement for global monetary services co-operation in between the 2 countries.”

He will also talk up potential reforms in the UK’s Financial Services and Markets Bill– reforms that some in the City state do not go far enough– as part of his US journey. The Chair of the London Stock Exchange has cautioned that the capital is “in a foot race with our rivals and we can

not pay for to be oblivious of that or complacent about what we require to do if we want to stay appropriate,”according to a submission to the Financial Conduct Authority seen by the Telegraph. Michael Findlay was composing to the watchdog as part of a main markets review which intends to set the framework for the UK

‘s capital-raising markets. Findlay said that the UK has a “as soon as in a generation chance to implement radical reforms”as an outcome of the nation’s departure from

the EU, but that failing to do so would leave London with a”product risk of lessening to that of a regional exchange. “There are currently concerns that the UK has actually stopped to be a positive market for capital listings, with a variety of current drifts stopping working to deliver. UK equities are likewise fairly underpriced compared to international competitors, resulting in a current feeding frenzy of foreign companies seeking to take UK-listed attire personal. Nadhim Zahawi will also go to Washington DC where he will consult with officials from the Fed and the US Treasury. Read more Nadhim Zahawi: The next PM will have ready-made choices for the energy crisis Share this article Similarly tagged material: Sections Categories

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