Rishi Sunak will today lay out plans to make Britain the most “advanced and exciting” country for financial services in the world in his first ever Mansion House address.
The speech comes after the Treasury revealed the first details of the government’s plan for the UK’s first ever green sovereign bond – or gilt – and the world’s first green bond.
At least £15bn of green gilts will be issued in this financial year, and the green savings bond will go on sale ahead of the UN’s flagship COP26 climate conference.
It is hoped that the money raised through the new product will help finance the UK’s net zero push.
The bonds will be available to investors through NS&I, which also administers the existing premium bonds scheme.
Anyone aged 16 or over will be able to put between £100 and £100,000 into Green Savings Bonds from National Savings and Investments (NS&I).
However, the interest rate for the bonds has yet to be set.
Money raised through selling both types of bond will go towards funding new renewable energy infrastructure like zero-emissions buses and offshore wind turbines.
In his speech, Sunak will lay out a new “roadmap” for the UK financial services sector. He will say:
“As the baton passes to a new generation of leaders in finance, I feel optimistic about the future. Ambitious at home. Confident internationally.
“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.”
Sunak will also announce new Integrated Sustainability Disclosures Requirements, which will require firms to report the impact they are having on the climate and environment.