Future of Financial Services

Heather Wheeler Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

Maybe I can help clear this up for the hon. Gentleman. There are a set of decisions that we can make unilaterally. There are others that we cannot, because the nature of the decision requires mutual collaboration between us and the other partner. We have obviously refrained from making those decisions. We have also refrained from making decisions where it would not be in our economic self-interest to do so. But we remain ready, and we stand ready, to talk constructively and co-operatively with our European partners and reach agreement on the remaining outstanding decisions.

[Mrs Heather Wheeler (South Derbyshire) (Con) [V]]

I thank my right hon. Friend for his statement. I strongly welcome the new sovereign green bond, an idea I have been promoting for many months, especially in the far east. Can he explain how he will ensure that the projects invested in are suitable projects?

[Rishi Sunak]

I pay tribute to my hon. Friend’s campaigning on this important issue. She asks the right question to make sure the money is going where we want it to go. I can give her the reassurance that we will be using the use of proceeds structure, along with the principles from the International Capital Market Association. That is the most widely used and recognised structure in the ESG—environmental, social and governance—investing space, and it is the structure that is used by pretty much all other sovereign issuers. It will ensure that the money raised goes where it is required and deserves to go.