UK will finance reform to 'turbocharge' growth

UK will finance reform to ‘turbocharge’ growth

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Britain will launch reforms on Friday to ease bank capital rules, one of 30 measures the government says will unlock investment and secure its position as the world’s “leading financial centre”.

“Leaving the EU presents us with a golden opportunity to reshape our regulatory regime and unleash the full potential of our formidable financial services sector,” Finance Minister Jeremy Hunt said in a statement on Thursday ahead of the announcement.

The reforms, which Hunt said would “turbocharge” growth in the face of a recession and cost of living crisis, would take advantage of Britain’s exit from the European Union to draw up its own rules.

Now dubbed the “Edinburgh Reforms”, the proposed reset was seen as a “Big Bang 2.0”, a reference to the share trading overhaul of the 1980s, raising hopes of a major regulatory push, allowing banks There was a fear of change in the expensive system.

Britain’s finance ministry said on Thursday it wanted proportionate rules based on international best practice that balance the burden on business with protections for consumers.

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