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The UK government has launched a raft of major reforms to the financial sector to replace EU regulation and cut red tape.
Chancellor Jeremy Hunt said the so-called ‘Edinburgh Reforms’ will seize on ‘Brexit freedoms’ to overhaul banking rules.
They include a package of more than 30 regulatory reforms which he claims will ‘turbocharge’ growth in towns and cities across the UK.
The moves will loosen banking rules introduced after the 2008 financial crisis, which saw some UK banks face potential collapse.
On Friday, the chancellor revealed the shake-up will include a commitment to make ‘substantial legislative progress’ on repealing and replacing the Solvency II directive next year, which is expected to unlock more than £100 billion of private investment, according to the Treasury.
He also promised to reform the UK prospectus regime to support stock market listings and capital raises, reforming rules on real estate investment trusts and reviewing provisions on investment research in the UK.
The chancellor said: ‘We are committed to securing the UK’s status as one of the most open, dynamic and competitive financial services hubs in the world. The Edinburgh Reforms seize on our Brexit freedoms to deliver an agile and homegrown regulatory regime that works in the interest of British people and our businesses.
‘And we will go further delivering reform of burdensome EU laws that choke off growth in other industries such as digital technology and life sciences.’
By Henry Saker-Clark, PA Deputy Business Editor
Press Association: Finance
source: PA
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