Lawmakers aim to ensure UK financial services remain globally competitive after Brexit

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

British lawmakers on Friday launched an inquiry aimed at ensuring its financial services remain globally competitive after the country’s full departure from the European Union next month.

“We will be making a series of recommendations on how government, public bodies and the industry itself can ensure the UK remains a leading financial center,” said Mel Stride, chairman of the parliamentary committee on the treasure.

Britain left the EU last January and full access to the bloc under the Transition Agreements ends on December 31, with 7,500 jobs and assets worth around £ trillion having already left the city of London for new European financial centers.

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The inquiry will build on reforms already outlined by UK Finance Minister Rishi Sunak last week, including making UK rules more attractive, changing the rules on insurance capital and lowering the insurance capital tax. sale of 800 million pounds on financial exports to the EU.

Lawmakers will look at the skills and immigration policy Britain’s financial services will need, with banks fearing they will no longer be able to easily hire talent after Brexit promised tighter immigration controls.

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It will also examine how regulators should be funded and whether they should have goals that include broader public policy issues like consumer interests.

The Department of Finance has rejected calls from some lawmakers asking regulators to have a broad statutory target to take into account the competitiveness of the UK financial sector when drafting new rules.

UK Financial Services Minister John Glen said on Thursday that leaving the EU meant “regulate differently, regulate better”.

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“We want to become the most open and competitive financial services center in the world,” Glen told TheCityUK national conference.

(Reporting by Huw Jones, editing by William Maclean)

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