The government will loosen Britain’s banking regulations, saying its ‘Edinburgh reforms’ will ‘cut red tape’ and ‘turbocharge growth’.
The Chancellor Jeremy Hunt said that he wanted the UK to be one of the most competitive places globally for financial services”.
Some of the proposals will see a rolling back of some of the restrictions that followed the financial crash.
Rules governing how senior finance executives are hired, monitored and sanctioned will be overhauled and there
will also be new rules around bundling investments together into tradeable units – a process called securitisation.
Critics say that the proposals will remove customer protection and potentially lead to another banking crisis and say the deregulatory package threatens to destabilise the UK economy, offering huge risks but little of benefit to the public.
