Brexit Britain to unveil City of London reform package

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Ministers are set to unveil a reform package geared towards deregulating the City of London. It is understood that the measures will capitalise on opportunities handed to Britain following Brexit.

A spokesperson from the Treasury said plans will be unveiled “in due course”.

Reports suggest a wave of new measures will be announced this Friday.

These are expected to ease regulatory pressure on firms operating in the capital, in order to draw in new business and to hold on to that which is already here.

Economic Secretary Andrew Griffith last week said: “We can make the UK a better place to be a bank, to release some of that trapped capital over time around the ring-fence.”

The expected measures have now been dubbed “Big Bang 2.0”.

This is a nod to the wave of deregulation in the City of London in 1986 under Prime Minister Margaret Thatcher.

Bloomberg reports that the Treasury is now “in the process of finalising the package and has pencilled in the end of the week for the announcement, pending sign-off from the Cabinet”.

A source told the paper one of the policies being touted under the wave of reforms is the repealing of the banker bonus cap.

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Reports added that it is currently “unclear” just how radical any changes will be.

The Treasury itself has made clear its ambition to ease the burden on the City.

A spokesman told the Times: “We are committed to delivering ambitious reform of the UK financial services sector, ensuring that it continues to be one of the most open, well-regulated and technology advanced markets in the world.

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“We will set out further detail in due course.”

The news follows Chancellor Jeremy Hunt’s own claim, during the Autumn Statement, that the “Big Bang inspires us today”.

He added that “we must stay true to its mission to make the UK the world’s most innovative and competitive global financial centre”.

Reports have also long pointed to a possible “bonfire” of regulations imposed on the UK while it was a member of the EU, and are again suggesting an upcoming scrapping of pre-Brexit rules.

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