UK set to announce post-Brexit reforms in financial services

The UK government is set to unveil on Friday (December 9) post-Brexit plans to overhaul and preserve its powerful financial services industry.

Finance minister Jeremy Hunt will outline reforms "to drive growth and secure the UK's position as a world-leading financial services hub", the Treasury said in a statement.

Under the plans that will be unveiled, banks without major investment activities will be released from a ringfencing regime that currently seeks to separate retail and investment banking arms.

Add WION as a Preferred Source

The country's financial regulators will be given a "new remit" to help deliver economic growth.

And a "widespread review" will see the Conservative UK government repeal "hundreds of pages of EU law", the Treasury added.

On this point however, the British government may be at odds with devolved Scottish government. The Scottish government in Edinburgh has voiced "deep concerns" about the plans to ditch EU legislation.

Scottish government has urged London to think again. It has said that repealing the EU law will have a "damaging impact... on people and businesses across the UK."

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

WATCH WION LIVE HERE