Rishi Sunak has used his annual Mansion House speech to insist Britain must beef up its trading relationship with China, while admitting that efforts to reopen direct access to EU financial services markets had failed.
The chancellor was downbeat on the prospects for a new regulatory deal with the EU, but insisted the City of London was well placed to serve a fast growing Chinese “financial services market with total assets worth £40tn”.
“Too often, the debate on China lacks nuance,” Sunak said on Thursday, arguing that Britain could speak out against human rights abuses in Hong Kong and Xinjiang while still deepening economic ties with Beijing.
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