Lawmakers to buttress post-Brexit Britain as a financial centre


© Reuters. FILE PHOTO: A pedestrian walks past skyscrapers in the financial district in London


By Huw Jones

LONDON (Reuters) – Britain’s lawmakers launched an inquiry on Friday aimed at ensuring its financial services remain globally competitive after the country’s full departure from the European Union next month.

“We’ll make a series of recommendations for how the government, public bodies and the sector itself can ensure that the UK remains a premier financial centre,” said Mel Stride, chair of parliament’s Treasury Select Committee.

Britain left the EU last January and full access to the bloc under transition arrangements ends on Dec. 31, with 7,500 jobs and assets worth around a trillion pounds having already left the City of London for new EU financial hubs.

The inquiry will build on reforms already outlined by Britain’s finance minister Rishi Sunak last week that include making UK listings rules more attractive, amending insurance capital rules, and a sales tax break worth 800 million pounds on financial exports to the EU.

Lawmakers will consider what skills and immigration policy UK financial services will need as banks worry they will no longer be able to hire talent easily after Brexit promised tighter controls of immigration.

It will also look at how regulators should be funded and whether they should have objectives that include wider public policy issues like consumer interests.

The finance ministry has rejected calls from some lawmakers for regulators to have a blanket statutory objective to consider the competitiveness of Britain’s financial sector when writing new rules.

READ  CMA flags price concerns in Stonegate/Ei pub deal

Britain’s financial services minister John Glen said on Thursday that leaving the EU meant “regulating differently, regulating better”.

“We want to become the most open and competitive financial services centre in the world,” Glen told TheCityUK’s national conference.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here