The Government of the UK has announced a raft of measures to ease banking rules as part of the post-Brexit financial overhaul.
Called Edinburgh Reforms, the reforms are aimed at unlocking investment and accelerating growth in the banking sector across the UK.
The package of 30 measures includes easing the ring-fencing measures that require banks to separate their retail banking business from investment banking operations.
The ring-fencing regime, introduced in response to the financial crisis of 2008, would not apply to consumer-focused banks in the country.
Among several others measures, the government will review rules around short selling, stock exchange listing of companies, accountability of top finance executives, insurers’ balance sheets and Real Estate Investment Trusts.
Commenting on the development, UK Finance Minister Jeremy Hunt stated: “We are committed to securing the UK’s status as one of the most open, dynamic and competitive financial services hubs in the world.
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“The Edinburgh Reforms seize on our Brexit freedoms to deliver an agile and home-grown regulatory regime that works in the interest of British people and our businesses.
“And we will go further – delivering reform of burdensome EU laws that choke off growth in other industries such as digital technology and life sciences.”
Additionally, by the end of 2023, the UK government hopes to make reforms to EU laws in the following four high-growth sectors: digital technology, life sciences, green industries, and advanced manufacturing.
Through these measures, the government aims to support businesses, foster job growth, and stimulate economic development in all four UK regions.