Rachel Reeves announced a package of City reforms aimed at reducing red tape and promoting financial risk-taking to stimulate economic growth. The Leeds Reforms include initiatives such as cutting costs associated with senior bankers' accountability rules and encouraging consumers to invest in stocks. A review of ringfencing rules established after the 2008 financial crisis is planned. Additionally, the independence of the Financial Ombudsman Service will be diminished, and consumer compensation rates will be reduced. Reeves is addressing financial sector leaders amid economic pressures and recent growth declines.
The UK government will review ringfencing rules introduced after the 2008 financial crisis that are meant to protect consumer cash from a bank's riskier business activities in the coming months.
Reeves said in a statement, 'We fixed the public finances and stabilised the economy. Now we need to double down on our global strengths to put the UK ahead in the global race for financial businesses.'
Collection
[
|
...
]