Left Menu
Development News Edition

Lawmakers to buttress post-Brexit Britain as a financial centre

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

Reuters | Updated: 20-11-2020 05:33 IST | Created: 20-11-2020 05:33 IST
Lawmakers to buttress post-Brexit Britain as a financial centre

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.

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.

Also Read: Rishi Sunak lights up Downing Street with Diwali decorations

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Parents in AP kill daughters believing in spiritual powers

In a bizarre incident, a highly educated couple had allegedly killed their two daughters in their 20s in Chittoor district of Andhra Pradesh, hoping that they would come back to life within hours due to spiritual power as the Kaliyuga ends,...

Ayodhya mosque may be named after 1857 mutiny warrior Maulvi Ahmadullah Shah

The proposed mosque in Ayodhya that is set to be built following the Supreme Court verdict in the Babri Masjid case may be named after Maulvi Ahmadullah Shah, the warrior of the 1857 mutiny against the British.The Indo Islamic Cultural Foun...

Tricolour sarees witness high demand ahead of Republic Day in Patna

As the country gets ready to celebrate its 72nd republic day on Tuesday, Tricolour sarees have become a big hit with customers at Patnas Khadi Mall. The manager of the Khadi Mall, Ramesh Choudhary told ANI, There are many customers who come...

EXPLAINER-South China Sea tension flares again as Biden takes charge

A U.S. aircraft carrier group led by the USS Theodore Roosevelt entered the South China Sea over the weekend to promote freedom of the seas at a time of U.S. concern about China-Taiwan tensions and Beijing asserting its maritime agenda.Taiw...

Give Feedback