Britain’s next prime minister will help stabilize markets after a period of turmoil, but his new team should ensure it is focused on keeping London competitive as a global financial center, the CEO of lender HSBC said.
Sunak has said the country faces a “profound economic Challenge,” after being chosen by the ruling Conservative party to lead the country. He is set to be appointed prime minister by King Charles later on Tuesday.
For the latest headlines, follow our Google News channel online or via the app.
Sunak will be tasked with rebuilding Britain’s financial credibility, after his predecessor Liz Truss triggered a crisis of investor confidence with plans for vast unfunded tax cuts.
“We’re very pleased that there has been a decision taken on the UK Prime Minister position, that now allows the markets to stabilize as you can see in the way the markets reacted yesterday, that’s positive,” HSBC CEO Noel Quinn told Reuters, after the bank posted third quarter earnings.
Sunak’s successful bid to become prime minister after rivals pulled out has relieved some of the nervousness around the outlook for the UK economy, analysts said, boosting domestic markets and easing borrowing costs.
Quinn said Sunak’s government should work with the financial industry to ensure Britain’s regulatory environment remains globally competitive, while not sacrificing its reputation for prudence.
“There are some areas where I think there is potential for improvement to drive greater competition,” Quinn said, adding that he welcomed moves to embed competitiveness into regulators’ objectives.
“It’s important for the City of London to remain competitive with regulatory environments around the world.”
UK stocks hit session highs as Rishi Sunak looks set to become next PMUK’s main equity indexes hit session highs on Monday as Rishi Sunak looked set to become the next prime minister after other candidates quit the race, ... Economy
Rishi Sunak set to become next UK PM as rivals pull out of raceRishi Sunak will become Britain’s next prime minister after he won the race to lead the Conservative Party, leaving him with the task of steering a ... World News
Boris Johnson pulls out of UK Conservative leadership raceFormer prime minister Boris Johnson pulled out of the contest to become Britain’s next leader on Sunday, saying he had the support of enough lawmakers ... World News
Boris Johnson, Rishi Sunak hold talks over UK leadership raceBoris Johnson and Rishi Sunak, contenders to be the next UK prime minister, held face-to-face talks Saturday to discuss the Conservative leadership ... World News
Millions of UK nationals skipping meals in cost of living crisis: PollMillions of Britons are skipping meals in the current cost-of-living crisis, a consumer group warned Thursday, having already forecast that many risk ... World News