Bank of England Governor Andrew Bailey took the British government to task on Wednesday over its plan to give itself veto powers over post-Brexit financial rules written by independent regulators, including the central bank. Britain’s government has promised a deregulatory …
The UK government is close to an agreement with regulators over insurance capital reforms intended to release billions of pounds of investment into the economy. Jeremy Hunt, the Chancellor of the Exchequer, will announce the details as part of the …
The UK government is rushing to outline a proposed power to overrule the City of London’s financial regulators, as it tries to avoid accusations that the move is an attack on their independence. The power is due to be added …
When senior figures from the City of London gathered for a dinner in July at the historic Mansion House, they broke into applause for someone who was not there. John Glen had just resigned as the government’s City minister, citing …
A plan to give the British government power to override watchogs would raise “serious concerns” about the ability of regulators to oversee the City as a global financial center, Bank of England Deputy Governor Jon Cunliffe said on Wednesday. While …
Reforming European Union insurance rules to release billions of pounds of capital is a key part of the UK government’s program to boost the economy. The market turmoil unleashed by the mini-budget may make such ambitions harder to deliver. The …
Britain’s new Prime Minister Liz Truss promised to “unshackle” the City of London to fuel growth, but crashing the bond market over tax cuts will take the shine off her “Big Bang” plan for financial services. Markets took fright last …
The Bank of England’s new objective of helping the financial sector remain globally competitive should not encourage risky bets on regulatory standards to win business, BoE executive director Victoria Saporta said on Tuesday. Britain wants a “Big Bang 2.0” – …
Kwasi Kwarteng, the UK’s new chancellor of the exchequer, said the government will pursue sweeping financial reforms to unleash growth and competitiveness at a meeting Wednesday with industry leaders. The aim is to unleash a “Big Bang 2,” Kwarteng said, …
After an international career in finance, a rapid political rise and high profile as chancellor of the exchequer during the pandemic, Rishi Sunak must have expected the full-throated backing of the financial sector when he made a bid to lead …
