Trading Century
  • Trading News
  • Economy
  • Editor’s Pick
  • Finance
  • Investing
  • Politics
  • Stock
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Email Whitelisting
  • Contact
Subscribe
Trading Century
Trading Century
  • Trading News
  • Economy
  • Editor’s Pick
  • Finance
  • Investing
  • Politics
  • Stock
  • Politics
  • Stock
  • Trading News

Economists sound the alarm over UK’s post-Brexit finance plans

  • May 16, 2022
REUTERS

LONDON — More than 50 economists warned on Monday that Britain’s post-Brexit plans to boost the competitiveness of its huge finance industry risked creating the kind of problems that led to the global financial crisis. 

The government, seeking to use its “Brexit freedoms”, announced this month that it would require regulators to help the City of London to remain a global financial center after the country left the European Union. 

The group of 58 economists, including a Nobel Prize winner and former business minister Vince Cable, said making competitiveness an objective could turn regulators into cheerleaders for banks and lead to poor policymaking. 

It also raised the risk of hurting the real economy as the finance sector sucks in a disproportionate share of talent, they said in an open letter to finance minister Rishi Sunak. 

“The UK instead needs clear regulatory objectives that promote economy-wide productivity, growth and market integrity, and also protect consumers and taxpayers, advance the fight against climate change and tackle dirty money to protect our collective security,” the letter said. 

Britain’s financial services minister, John Glen, has said the new competitiveness objective for the Bank of England and the Financial Conduct Authority would be secondary to keeping markets, consumers and companies safe and sound. 

Banks have sought more focus on competitiveness than proposed, but the government has faced push-back from the BoE which has warned against a return to the “light touch” era that ended with lenders being bailed out during the financial crisis. 

The signatories of the open letter included Cable, a former leader of the centrist Liberal Democrats, Mick McAteer, a former FCA board member, and Nobel Prize-winning economist Joseph Stiglitz. — Reuters 

Previous Article
  • Politics
  • Stock
  • Trading News

First electric scooter series on mission to push safer micromobility

  • May 16, 2022
View Post
Next Article
  • Politics
  • Stock
  • Trading News

In Indonesia, climate change takes a bite out of apple crops

  • May 16, 2022
View Post
You May Also Like
View Post
  • Trading News

Waller Offers Common Sense View on Financial Risks of Climate Change

  • May 29, 2023
View Post
  • Trading News

Ga. Reps Slice Possible Lifeline for Kids in Failing Schools

  • April 5, 2023
View Post
  • Trading News

Silicon Valley Bank: Mismanagement Is Not an Excuse for Inefficient Regulation

  • April 3, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.


    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



    If you want to delve into the USA business updates and investors daily routine,
    go to our partner project Daily Business Investor.

    TradingCentury.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.

    Copyright © 2023 Trading Century. All Rights Reserved.

    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • About Us
    • Privacy Policy
    • Terms & Conditions
    • Email Whitelisting
    • Contact
    Trading Century
    Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

    Input your search keywords and press Enter.