Chancellor of the Exchequer Jeremy Hunt is setting out a major review of banking rules, in what the Government describes as the biggest overhaul of financial regulation in more than 30 years.
According to the Government, the package of over 30 reforms will “cut red tape” and “turbocharge growth” across the UK.
Hunt will announce details of the package, referred to as the “Edinburgh reforms”, at an industry roundtable in Edinburgh later today (9 December).
The plans will repeal or replace many EU laws governing financial services, instead establishing a regulatory framework focused on the needs of the UK economy.
The Government also plans to review rules requiring lenders to separate retail banking from other activities, such as investment banking, which were initially introduced following the 2008 financial crisis.
The Edinburgh reforms will ensure the UK’s financial markets remain one of the most “open, dynamic and competitive” in the world by making it more attractive for firms to list and raise capital in the country.
Economic secretary Andrew Griffith said:
“The UK is a financial services superpower – and we have long benefited from, and are committed to, high-quality regulatory standards.
“Our reforms deliver smarter regulation of financial services that will unlock growth and opportunity in towns and cities across the UK.”
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