Tulip Siddiq responds to the Government's financial services sector announcements

Tulip Siddiq MP, Labour's Shadow City Minister, responding to the Government's financial services sector announcements this morning, said:

"Introducing more risk and potentially more financial instability because you can't control your backbenchers is this Tory government all over. That this comes after the Tories crashed our economy is beyond misguided.

"Reforms such as Ring Fencing and the Senior Managers Regime were introduced for good reason.

"The City doesn't want weak consolation prizes for being sold down the river in the Tories' Brexit deal, nor more empty promises on deregulation.

"Its competitiveness depends on high standards, not a race to the bottom.

"The next Labour government will give financial services the certainty they need to invest in the jobs and industries of the future through our Green Prosperity Plan, and our ambition to make Britain the post-Brexit, homegrown start-up hub of the world."

Tulip Siddiq also said:

"What's hidden in the announcement today is a watering down of the UK's commitments on green finance.

"More confusion and change in the UK's net zero plans for the City is the opposite of what businesses are asking for, and risks undermining the City's confidence to invest in the jobs and industries of the future."