Chancellor of the Exchequer Jeremy Hunt today unveiled the “Edinburgh Reforms” of UK financial services – over 30 regulatory reforms which HM Treasury says are intended ‘to unlock investment and turbocharge growth in towns and cities across the UK.’ HM Treasury has released a statement this morning as follows:
- Chancellor of the Exchequer Jeremy Hunt unveils new “Edinburgh Reforms” of financial services, to help turbocharge growth and deliver a smarter and home-grown regulatory framework for the UK – that is both agile and proportionate.
- Speaking at an industry roundtable in Edinburgh today, the Chancellor will announce new plans to seize the benefits of Brexit by setting out a detailed timeline establishing the government’s approach to repealing burdensome pieces of retained EU law.
- Reforms deliver the next chapter of the government’s vision for UK financial services, set out at Mansion House 2021.
We are committed to securing the UK’s status as one of the most open, dynamic and competitive financial services hubs in the world. 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.Economic Secretary to the Treasury, Andrew Griffith said:
The UK is a financial services superpower – and we have long benefited from, and are committed to, high quality regulatory standards. Scotland’s role in maintaining our status as the global benchmark for regulation is crucial – with Edinburgh and Glasgow the two largest UK hubs outside of London. Our reforms deliver smarter regulation of financial services that will unlock growth and opportunity in towns and cities across the UK.The work to repeal, and where appropriate replace, retained EU law governing the sector has been guided by industry – and split into two initial tranches. These will focus on delivering reform to areas which provide the most significant boost to UK growth and competitiveness, and we will set out further detail on future tranches over time. Today’s announcement delivers the next chapter in the roadmap for UK announced at Mansion House 2021 for a UK financial services sector that is open, sustainable, and technologically advanced – one that is globally competitive and acts in the interests of communities and citizens. This vision will create jobs, support businesses, and power growth across all four parts of the UK.