MPs have branded a post-Brexit shake-up aimed at boosting growth in the financial sector a “damp squib”.
The Treasury Committee said since the “Edinburgh Reforms” package was set out, there has been little progress.
Its new report suggests some of the changes heralded by the Treasury were not yet complete.
Its new report suggests some of the changes heralded by the Treasury were not yet complete.
In the wake of the UK’s exit from the European Union (EU), the government has been trying to overhaul financial regulation to improve London’s attractiveness in comparison with other European rivals such as Paris or Frankfrurt.
One year ago, Chancellor Jeremy Hunt announced the “Edinburgh Reforms” – 31 key measures, which included plans on scrapping a cap on bankers’ bonuses and allowing insurance companies to invest in long-term assets such as housing and windfarms.
The package of changes was described as an example of post-Brexit freedom, with regulation being tailored to suit the needs of the UK economy.
However, the new analysis by the Treasury Committee said six of the 21 changes the government said it had delivered were not yet complete.
It also questioned whether another six, including things like publishing a document, should be considered “reforms” at all.
MPs have branded a post-Brexit shake-up aimed at boosting growth in the financial sector a “damp squib”.
Its new report suggests some of the changes heralded by the Treasury were not yet complete.
The Treasury Committee said since the “Edinburgh Reforms” package was set out, there has been little progress.
In the wake of the UK’s exit from the European Union (EU), the government has been trying to overhaul financial regulation to improve London’s attractiveness in comparison with other European rivals such as Paris or Frankfrurt.
Its new report suggests some of the changes heralded by the Treasury were not yet complete.
Its new report suggests some of the changes heralded by the Treasury were not yet complete.
In the wake of the UK’s exit from the European Union (EU), the government has been trying to overhaul financial regulation to improve London’s attractiveness in comparison with other European rivals such as Paris or Frankfrurt.
One year ago, Chancellor Jeremy Hunt announced the “Edinburgh Reforms” – 31 key measures, which included plans on scrapping a cap on bankers’ bonuses and allowing insurance companies to invest in long-term assets such as housing and windfarms.
The package of changes was described as an example of post-Brexit freedom, with regulation being tailored to suit the needs of the UK economy.
However, the new analysis by the Treasury Committee said six of the 21 changes the government said it had delivered were not yet complete.
It also questioned whether another six, including things like publishing a document, should be considered “reforms” at all.
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