Commenting on the Labour Party’s plan for financial services, Fergus Moffatt, Head of UK Policy at ShareAction, said: "The Labour Party's plan for financial services includes some promising proposals to better harness the power of UK savings and pensions for sustainable growth. Any future government must understand that the green finance revolution is the economic opportunity of our generation and we support Labour's ambition to make the UK a global hub for green finance activity.
"We agree that the next government should publish a clear timeline for implementing a UK Green Taxonomy, introduce Sustainability Disclosure Requirements aligned with international standards, and require companies to adopt credible transition plans.
"However, we believe a future government needs to go further to ensure the financial system fully supports the transition to net zero and serves all our best long-term interests.
"The UK government should reform fiduciary duty rules to allow investors to think beyond narrow definitions of financial returns and consider the long-term impacts of investments on people and planet. We also need robust action to tackle greenwashing and to raise stewardship standards across the board."
Notes to Editors
For Labour's financial services plan please click here.