Chancellor Nadhim Zahawi sets out post-Brexit transformation of UK financial services
Plans to seize the benefits of Brexit by revoking EU retained law governing financial services have been set out by Chancellor of the Exchequer Nadhim Zahawi in his first speech as Chancellor.
- In his first official speech as Chancellor, Nadhim Zahawi set out ambitious plans to capitalise on the benefits of Brexit and transform the UK financial services sector.
- At Mansion House this evening, Nadhim Zahawi confirmed that the government will introduce legislation tomorrow (20 July) to repeal hundreds of pieces of EU retained law governing the sector - so that it can be replaced with an agile and coherent regime fit for the UK.
- He also set out measures to boost consumer protection, embrace technological innovation, and further enhance the growth and competitiveness of UK financial services.
Plans to seize the benefits of Brexit by revoking EU retained law governing financial services were set out by Chancellor of the Exchequer Nadhim Zahawi in his first speech as Chancellor, at Mansion House this evening (19th July).
These will be replaced with a coherent, agile and internationally respected approach to regulation which is fit for the UK.
The Chancellor confirmed that the Financial Services and Markets Bill will be introduced tomorrow (20th July) – the most significant piece of financial services legislation for over a decade.
The Bill will implement the government’s vision for the sector to be open, green, technologically advanced and globally competitive – while maintaining high levels of consumer protection.
The Chancellor also used his first speech to set out his core three priorities for the coming months; first, delivering a coordinated, responsible approach to controlling inflation, secondly, delivering the government’s promise to create the conditions for a private sector recovery, and thirdly, delivering on our vision for financial services.
Chancellor of the Exchequer, Nadhim Zahawi yesterday said:
“The British people can rest assured that we are getting on and delivering the benefits of Brexit.
“The measures I have announced tonight will unleash growth across our financial services sector and will allow us to unlock tens of billions of pounds of investment into the UK economy.
“Consumers will remain protected, with legislation ensuring that victims of scams can be compensated while also acting to protect access to cash for the millions of people that rely on it.”
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