British Chancellor of the Exchequer, Jeremy HuntOn Friday in Edinburgh (Scotland) he will present a reform of the UK’s financial system in order to boost its growth after Brexit, which is expected to confirm the divergence from the European Union.
Hunt will announce A Package of “over 30 regulatory reforms” A statement notes that this will require “review, repeal and replacement” of many regulations inherited from the EU which, according to London, are slowing down the progress of the financial sector.
The rules involved are Transparency obligations For financial products of banks’ prudential rulesWith the aim of creating a “tailored” regulatory framework, based on good international examples, that “balances the needs of businesses and consumer protection,” says the executive.
The Minister will also confirm that he will do so An end to some banks’ demarcation limits imposed after the credit crisis in 2009 Between its investment and retail activities, to facilitate its operations. This will “liberalize” entities “without significant investment activities” that are now hampered by these requirements, the memo said.
At the same time, the government will ask the financial sector regulators – the Financial Conduct Authority and the Prudential Regulation Authority – in addition to ensuring consumer protection and preventing systemic risks, to strengthen Measures that enhance competitiveness and growth.
“Our exit from the European Union gives us a golden opportunity to reshape our regulatory system “And unleash the full potential of our tremendous financial services sector,” Hunt said in the statement. “Today we propose a flexible, proportionate and self-tailored regulatory regime that will unlock investment across our economy, and create jobs and opportunities for the British people.” ” He says.
The government indicates that the financial services sector contributes approximately £216 billion (250,000 million euros(annually for the UK economy including 76 billion)88,000 million euros) Collect taxes.