Future of Financial Services

Gareth Davies Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

The UK Government issue UK debt. Where spending has a Barnett implication, the money is provided to the Welsh Government. The sovereign bond is just a way of financing the expenditure of the United Kingdom. The Barnett consequentials will always be provided if and when the appropriate expenditure is made, for the Welsh Government to use as they see fit.

[Gareth Davies (Grantham and Stamford) (Con)]

I warmly welcome the statement today, particularly on the issuance of green gilts, which is a great idea. Does my right hon. Friend agree with me that the issuance of a green gilt marks a great opportunity to showcase Britain’s place in the world in terms of our financial services power to move towards net zero by 2050?

[Rishi Sunak]

I pay enormous tribute to my hon. Friend, who has campaigned tirelessly, written tirelessly and advocated tirelessly for many years for the UK to issue a sovereign green bond, and I know he will be heartened by the announcement today. He is absolutely right, and he knows better than most what a signal this will send across the world of our desire to be a global leader in green finance and to deliver on all our ambitions. I know he will pay a key part in making sure that we do.