City policy boss urges new PM Liz Truss to ‘seize new opportunities’

The City of London’s policy chief says now is the time to “seize new opportunities” as Liz Truss swept to victory in the Conservative Party leadership race.

Policy Chairman at the City of London Corporation, Chris Hayward, congratulated Truss after she beat out rival candidate Rishi Sunak, gaining 57 percent (81,326) of the votes.

She will become Britain’s third Prime Minister, following Theresa May and Margaret Thatcher, when she is appointed by the Queen on Tuesday.

“The City Corporation has enjoyed positive relations with her as Foreign Secretary and International Trade Secretary and we now look forward to working with her as Prime Minister,” said Hayward.

“It is vital that we work together to address some of the major challenges the country is currently facing. This will involve seizing new opportunities such as the implementation of the Financial Services and Markets Bill and the secondary objective for the financial regulators to promote growth and international competitiveness.”

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The first ‘State of the Sector’ report, produced by the City of London Corporation with HM Treasury earlier this year, highlighted areas where action “needs to be taken” to boost the UK’s competitiveness as a world-leading financial centre.

Hayward said the report would be a useful tool for Truss’ government to keep London – and the UK – moving in an upwardly mobile direction.

He added: “This includes agile and flexible regulation that works in the interest of British people and businesses by supporting innovation. Continuing strong global leadership on net zero is also a crucial part of maintaining the UK’s competitiveness.

“This will not only benefit the sector but the future prosperity of the UK economy as a whole and forms a vital component of the Government’s levelling up agenda.

“Levelling up must include all parts of the UK including London as the capital’s success benefits every corner of the UK. The sector drives growth, supports investment and accounts for more than 2.3 million jobs across the country – two thirds of which are outside of London.”

Hayward also urged the new Prime Minister to push ahead with the Online Safety Bill to help tackle economic crime and protect people from becoming victims of online fraud.

“We must urgently ensure that social media and technology firms prevent their platforms from being used to commit fraud, and are pro-active in tackling it. Any further delay will only lead to more victims.”

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