City Of London
UK Vision of Big Bang for City Dropped From Post-Brexit Plan
- Ring-fencing rules for retail-focused banks to be relaxed
- Chancellor Hunt seeking post-Brexit opportunities for finance
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The UK set out a package of financial services reforms that cuts across dozens of areas but fell short of the ‘Big Bang’ that politicians were promising earlier this year and is unlikely to deliver the dramatic reshaping that some Brexit supporters envisioned.
Dubbed the ‘Edinburgh Reforms,’ the measures include relaxing ring-fencing capital rules to lighten the burden on smaller banks and plans to replace EU regulation covering areas such as disclosure for financial products, according to the Treasury. The government also said it will overhaul “overbearing EU rules which put companies off listing in the UK.”