The UK government is set to announce a package aimed at boosting growth in financial services and the City of London on Friday, according to people familiar with the plans.
The Treasury is in the process of finalizing the package and has penciled in the end of the week for the announcement, pending sign-off from the Cabinet, one of the people said.
City minister Andrew Griffith had been expected to unveil the reforms, which the government will pitch as securing new opportunities from Brexit by sweeping away unnecessary regulations, before Christmas. Key to that has been a plan to replicate the “Big Bang”, the wave of deregulation in the City in 1986.
It’s unclear how radical any changes to the rules might be, or how much of a difference they will make to London’s competitiveness.
Two policies trailed so far are the repeal of the banker bonus cap and adjustments to the ring-fencing regime. But the repeal of the bonus cap is a legal and human resources minefield while plans to partly relax the ring-fencing of banks don’t go as far as some firms hoped.
Listen: New City ‘Big Bang’ Looks Like a Small Whimper
--With assistance from Katherine Griffiths.
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