New law to maintain City’s competitiveness

Financial services minister John Glen has said that new financial services legislation will be introduced to maintain the City of London’s global competitiveness and openness after the Brexit transition period ends. Mr Glen said the new Financial Services Bill will create a modern, flexible and robust system of financial regulation, and will “underpin the continued global competitiveness of the UK financial services sector by enhancing its world leading prudential standards, promoting openness to international markets and maintaining the effectiveness of financial services regulatory framework and sound capital markets.” He declined to elaborate on Britain’s negotiations with the EU on financial market access, but said the sector, which pays £75bn pounds in tax each year, is at the centre of the Government's efforts to secure trade deals with countries across the world.

Read more: Daily Mail

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