Exclusive: Queen’s Speech to include Financial Services Bill in bid to safeguard City
Plans to safeguard the City’s global pre-eminence after Brexit will be laid bare today in the Queen’s Speech.
City PM understands the government will include a Financial Services Bill in its legislation as part of an effort to ensure the sector stays at the forefront of international trading after it leaves the EU.
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A Whitehall source said that chancellor Sajid Javid will reveal measures including the simplification of rules around the sale of overseas investment funds in the UK as well as the delivery of “long term market access” for financial services firms in Gibraltar.
The source said: “We’re determined the City will stay ahead of the pack after Brexit.”
A previous Financial Services Bill designed to ensure a smooth transition for the City’s laws in the event of a no-deal Brexit was lost last month after Parliament was prorogued.
Efforts to strengthen the UK’s financial ties internationally come as part of a Queen’s Speech that will also outline wider measures designed to boost the economy post-Brexit.
Speculation over whether Britain leaves the EU with or without a deal by the end of this month has been mounting, with hopes of an agreement sparked last week after Irish Taoiseach Leo Varadkar suggested a deal could be reached by the deadline.
Varadkar and Johnson struck a cautiously optimistic tone after holding last-ditch talks in the grounds of Thornton Manor in north-west England.
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The Queen’s Speech will also outline plans to reform the Mental Health Act, implement tougher prison sentences and replace the current rail franchising system.
It will propose the UK should implement an Australian-style points-based immigration system post-Brexit, which ranks visa applicants based on characteristics such as education, language skills and work experience.