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Ease rules to make London more competitive, industry officials say -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A view of London that includes Tower Bridge, The Shard and London City Hall. Also, The Fenchurch Building (also known as The Walkie Talkie), The Tower Of London, St. Paul’s Cathedral. London, Britain. March 23, 2022. Photograph taken using a drone. RE

Carolyn Cohn, Huw Jones

LONDON (Reuters] – Financial companies are finding their rules more flexible after Brexit, but there is more to do to make London more competitive globally. Senior industry executives stated Tuesday that more should be done to streamline the process.

Britain’s departure from the European Union has prompted industry and lawmaker demands to relax some of the stricter regulations that were in place after the financial crisis. This was over a decade ago.

Britain has conducted over 30 public consultations regarding market reforms. It has also eased its listing requirements.

Bruce Carnegie Brown-Brown (chairman of Lloyd’s of London’s Insurance Market) stated, “The pendulum swings back in the correct way,” at CityWeek’s annual event.

Although he was pleased by the intention of the finance ministry to set out a global goal for London’s regulators, he said there were still steps to be taken to ensure that investors are getting a more balanced return and reduce risk.

Carnegie-Brown reported that Lloyd’s attended 200 different meetings last year with Bank of England regulators.

“Really? “Really? “So the proportionality needs to be revised,” he stated.

London is holding its own after Brexit. It’s still second to New York in terms of global financial centres. The exodus to EU hubs has been much lower than originally feared. However, the industry demands faster reforms.

According to the City of London which manages London’s financial district on Tuesday, the capital remains the most attractive place for inward investments in professional and financial services.

The country attracted 114 projects in the last year. They were worth 1.1 million pounds (1.4 billion), making it second in terms of money to the United States.

Beatriz Martin Jimenez (group treasurer, UBS bank) said the UK could have a lot to gain by departing from EU rules, provided it continues being an open financial hub.

“We believe that this could place the UK into a stronger position,” she stated.

Miles Celic is the CEO of TheCityUK. He said that being able hire overseas and paying taxes are key to improving your competitiveness.

Celic stated, “Ideally, I’d like to see an organization bringing together government and industry regulators.”

($1 = 0.7862 pounds)

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