英国财政大臣奥斯本在长官邸年度银行家宴会英语演讲稿.docx

英国财政大臣奥斯本在长官邸年度银行家宴会英语演讲稿.docx

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英国财政大臣奥斯本在长官邸年度银行家宴会英语演讲稿

英国财政大臣奥斯本在长官邸年度银行家宴会英语演讲稿

MyLordMayor,LadiesandGentlemen,itisagainanhonourtoattendthiswonderfuldinnerandtospeaktoyouasChancellorforthefifthtime.

LordMayor,IremembercomingheretoMansionHouse,justweeksafterthegovernmentwasformedin2021–withBritainonthebrinkofaneconomiccrisis–togivemyfirstmajorspeechonthetaskahead.

Isetoutforyoutheeconomicplanwewouldfollow,andIdrewonthewordsWinstonChurchillhadutteredinthisveryhall,tosaythatwhileBritaincouldnotpretendourtravailswereatanend,wewereatleastattheendofthebeginning.

Inthefouryearssince,supportedbytheresolutionandsacrificeoftheBritishpeople,wehaveworkedthroughthatplan.

Nowwearestartingtoseetheresults:

Britaingrowingfasterthananyadvancedeconomyintheworld.

Arecordnumberofpeopleinwork.

Nowstrongbusinessinvestmentonthebackoflowbusinesstaxes.

Andabudgetdeficitthisyearsettobehalfwhatitwas.

Lastweek,theIMFsaidthatourresolutefiscalpolicyhadbeenintheirwordsananchorfortheBritisheconomythathadmaintainedconfidenceandstabilityinthefaceofthestorm.

AndIwanttosaytothebusinessandfinancialcommunity:

youdidnotwaver;youstuckwithusandIthankyou.

Butthetaskisfarfromcomplete;andtherearemanyriskstotheprogresswehavemade.

Abroad,therisksstemfromtheweakeurozone,unpredictablegeopoliticsandtheslowdowninsomeemergingmarkets.

Athome,oureconomyisstilltoounbalanced,soIamthefirsttosayweneedtocontinueoureffortstoboostbusinessinvestment,exportsandhousingsupply.

Butthebiggestriskcomesfromthetendencyinpartsofourbodypolitics–theleftandnowtoothepopulistright–towageawaronenterprise,regulateprices,proposepenaltaxes,closeBritaintobusinessandreturntotheoldwaysofborrowandspend.

Wemustwinthisbattle.

AndgoonconfrontingBritainsproblemswithlongtermanswersthatwillbuildaneconomyforeveryone.

SowhileIknowthisismyfifthspeechtoyouasChancellor;Ihopeitisnotmylast.

ForIwanttofinishthejob.

LordMayor,tonightwearejoinedbysomeoneattendingtheirfirstMansionHousedinner.

OurGovernoroftheBankofEngland.

Mark,weallthankyoufortheintegrity,intelligenceandinternationalreachyouhavebroughttothechallengesofthelastyear.

Andwelookforwardtowhatyouhavetosay.

Our3newDeputyGovernors–JonCunliffe,BenBroadbentandMinoucheShafik,togetherwithAndrewBailey,completewhatIimmodestlythinkisthestrongestteamofanycentralbankintheworld.

TheCourtcontinuestheoversightoftheBankswork,andattheendofthismonthAnthonyHabgoodwillreplaceDavidLeesasitsChair.

David,thankyouforhelpingsteertheBankthroughthebigreformsofrecentyearsandtheappointmentofanewGovernor.

AndthankyoutootoCharlieBeanforthe6yearshehasgivenournationasDeputyGovernor.

Weareluckythatoneofourgreatesteconomistshaschosentodedicatehislifetopublicserviceforsolong.

TheBankofEnglandnowsitsbackwhereitbelongs,attheheartofourfinancialsystem–supervisingtheprudentialregulationofourbanksandinsurers,thankstothereformsIannouncedinmyfirstspeechhereattheMansionHousein2021.

Andineachspeechsince,Ihavesetoutnewstepstostrengthentheresilienceofoureconomyandthefinancingthatunderpinsit.

2021,Ringfencingourretailbanks

2021,launchingfundingforLending

Lastyear,restructuringtheRoyalBankofScotlandandfiringthestartinggunonthesaleofourstakeinLloyds.

Itwouldbetemptingthisyear,attheMansionHouse,topauseforbreath.

Butourtaskisfarfromcomplete–andtodayIwillannouncefurtherchangestobuildthatresilienteconomyforallandthestrong,competitivefinancialservicesthatshouldcontributetoit.

LordMayor,theCityofLondonhasemergedfromthewreckageofwhatwentsobadlywrong,strongerandbetterregulated,moreinternationalandmoreresponsivetotheneedsofcustomershereathome.

Ourfinancialexportsgrew10%lastyear,andoursurplusinfinanceandinsurancehasreached£45billion–twiceasmuchasourclosestcompetitors.

WevewelcomedtoBritaintheheadquartersofsomeoftheworldslargestinsurancefirms.

AndwehavebeenchosenasthelocationfortheInternationalForumoftheworldsSovereignWealthFunds.

InmyfirstMansionHousespeech,IsaidIwantedBritishfinancialfirmsandmarketstobeattheheartoffinancingChinasextraordinaryexpansion.

NowtwothirdsofallRenminbipaymentsoutsideofChinaandHongKongnowtakeplaceinLondon.

Chinesebondsarebeingissuedhere,Chineseassetsarebeingmanagedhere,Chinesebankswillbeabletoapplyforbrancheshere,aChineseclearingbankissoontobeappointedhere-andnextweek,whentheChinesePremiervisits,wewilltakethenextbigstepforwardintheeconomicpartnershipofourtwogreat,historictradingnations.

Icanalsoconfirmtonightourintentioninthenextfewweeks,subjecttomarketconditions,forBritaintobethefirstwesternnationtoissueasovereignsukuk–anIslamicbond.

ForIwantBritaintobenotjustthewesternhubofChinesefinance–butofIslamicfinancetoo.

ItiswiththeseactivestepsthattogetherwearemakingBritaintheundisputedcentreoftheglobalfinancialsystem.

Butallthiscansoeasilybeputatrisk.

Bybadly-conceivedEUrulesthatonlyreinforcethecaseforreforminEurope.

Bypopulistproposalsforself-defeatingbonustaxesandpunitiveincometaxrates.

Andbythepotentialbreakupofournation.

Edinburghisevenstrongerasaworld-renownedcentreforassetmanagementbecauseitispartofaUnitedKingdomthatisaworld-renownedcentreoffinance.

Andletushopeitremainsso,forwearebettertogether.

Weshouldbecandidtonightaboutanotherrisk.

Theriskthatscandalsonourtradingfloorscallintoquestiontheintegrityofourfinancialmarkets.

PeopleshouldknowthatwhentheytradeinLondon,whetherincommoditiesorcurrenciesorfixedincomeinstruments,thattheyaretradinginmarketsthatarefairandeffective.

TherevelationsaboutthemanipulationofLIBORaddedfurtherdamagetoreputationoffinancialservices,hereandabroad.

InBritain,thankstotheleadershipofMartinWheatleyandAndrewTyrie,weactedswiftlytopunishthewrongdoersandfixthesystem.

Letusnotwaitforthenextwaveofscandalsinfinancialmarketstohitusbeforewerespond.

Theintegrityofthesemarketsmatterstous.Londonishometo40%oftheglobalforeignexchangebusiness;45%ofover-the-counterderivativestrading;and70%oftradingininternationalbonds.AndMarkCarneyandIintendtokeepitthatway.

SotodayIcanannouncethattheTreasury,theBankofEnglandandtheFinancialConductAuthoritywillconductacomprehensivereviewofstandardsinourfixedincome,currencyandcommoditymarkets.

TheFairandEffectiveMarketsReviewwillbechairedbythenewDeputyGovernor,andformerDeputyManagingDirectoroftheIMF,MinoucheShafik–andshewillbejoinedbyMartinWheatleyandCharlesRoxburgh.

ThisReviewmustworkcloselywithindustry.SoIamestablishingapanelofmarketpractitioners,chairedbyElizabethCorley,chiefexecutiveofAllianzGlobalInvestors.

TheReviewwillproduceitsreportinayearstime.

Andsomeofitsrecommendationsmayrequireinternationalagreement.

Inthemeantime,wewillacthereathome.

IamtodayannouncingthatwewillextendthenewpowersweputinplacetoregulateLIBORtocoverfurthermajorbenchmarksacrossforeignexchange,commodityandfixedincomemarkets–manyofwhicharecurrentlyentirelyunregulated.

BasedontheReviewsconclusionswewillpublishandconsultonthefulllistofbenchmarkstobecoveredbythisautumn,andwewillhavethenewregimeinplacebytheendoftheyear.

Iamalsoextendingtheseniormanagersregimetocoverallbanksthatoperateinthiscountry,includingthebranchesofforeignbanks.

AndIcanalsoannouncethatwewillintroducetoughnewdomesticcriminaloffencesformarketabuse,ratherthanoptintoEuropeanruleswedonotthinksuitableorsufficientforourneeds.

Forletmemakethisclear,sonooneisinanydoubt.

TheintegrityoftheCitymatterstotheeconomyofBritain.

Marketsheresettheinterestratesforpeoplesmortgages,theexchangeratesforourexportsandholidays,andthecommoditypricesforthegoodswebuy.

Iamgoingtodealwithabuses,tackletheunacceptablebehaviourofthefew,andensurethatmarketsarefairforthemanywhodependonthem.

Werenotgoingtowaitformorescandalstohit–insteadwearegoingtoactnow,andgetahead.LadiesandGentlemen,

Robustfinancialmarketsareanimportantpartofbuildingaresilienteconomy.

Buttonight,IwanttoaddressanothermarketwhichcancreatearisktoBritainseconomicstabilityandprosperity.

Notanewrisk,butanoldandveryfamiliaronetousinthiscountry–andthatsourhousingmarket.

Thechallengeisthatwewantseveralthingswhichdontsitcomfortablytogether.

Formostpeople,theirhomeisthebiggestinvestmentoftheirlifetime.And,ofcourse,theywantthatassettoincreaseinvalueovertime.

Butahomeisalsoaplacetoliveandbuildourlives–andwewantallfamiliestobeabletoaffordsecurity,comfortandpeaceofmind.Thatmeanshomeshavetobeaffordable–whetheryourerentingorbuying.

Theonlywaythatcanbeachievedoverthelongtermisbybuildingmore,sosupp