The British government announced on Friday that it wants to scrap several of the European Union’s fiscal rules as part of a major post-Brexit fiscal reform package. Among more than 30 regulatory measures that Edinburgh Reforms In the package referred to the plan for revising EU rules in areas such as consumer information, securities, long-term investment funds, short transactions, payments, consumer loans and investment research chapter – he writes Politico.
The reforms in Edinburgh will use the freedoms we won from Brexit to create a flexible domestic regulatory system that works for Britons and their businesses.
– noted British Finance Minister Jeremy Hunt.
The government is also reviewing controversial parts of Britain’s post-crisis financial rules: the “boycott” rules that separate investment and retail banking, as well as the system that holds chief executives responsible for failures.
xxi. Big Bang’s century of liberation?
British Prime Minister Rishi Sunak has in the past referred to the current financial reforms as a disorganized 1980s-style “big bang”. But Friday’s announcements promise to build on the UK’s “continuously high regulatory standards” as focus shifts.
The UK is a financial services superpower and we have long benefited from the high regulatory standards to which we adhere
said City Minister Andrew Griffiths.
The measures aim to strengthen London’s position as a global financial center and its leadership in green and digital finance. It is the second reform package to overhaul the EU’s post-Brexit financial regulatory framework, and follows the publication of the Financial Services and Markets Act in July.
The UK government has just announced plans to abandon further EU fiscal rules post-Brexit in a major package of fiscal reforms.https://t.co/qTuwe6msrz
– POLITICOEurope (POLITICOEurope) December 9, 2022
