Rishi Sunak questioned on possibility of being Prime Minister
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The Chancellor wants a new framework for financial regulation in the UK. It seeks to remove laws originally imposed by Brussels to give British firms more flexibility to boost the national economy.
When the UK left the bloc, EU law was automatically rolled over.
Ministers are eager to now go through the laws one by one and eradicate all those that are deemed unnecessary.
The proposals outlined would give the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) the ability to replace EU laws with their own which are better suited to the UK economy.
“The plans would require the FCA and the PRA to consider both the implications for growth and international competitiveness of their regulations, as well as their existing objectives of maintaining market integrity, consumer protection and a sound financial system,” the Treasury said.
A consultation on the plans will now take place and run until February 9 next year.
Mr Sunak said: “Earlier in the year, I set out my vision for an open, green, and technologically advanced financial services sector that is globally competitive and acts in the interests of communities and citizens across the UK, creating jobs, supporting businesses and powering growth across the UK.
“One important part of that vision is ensuring, as an independent nation, that we have a coherent, agile and internationally-respected approach to financial services regulation that is right for the UK.
“Today’s proposals will support the future strength of the UK as a global financial centre, ensuring an agile and dynamic approach to regulation that supports the growth of the UK economy, without diverging from our continued commitment to high international standards.”
The review on financial regulation forms part of a wider reform on regulation as set out by the Taskforce on Innovation, Growth and Regulatory Reform.
Earlier this year Boris Johnson appointed Sir Iain Duncan Smith to head up the group, looking at what UK regulation should look like post-Brexit.
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The group presented their findings in June, and argued the burden on regulation should be removed from businesses in every possible area.
The Taskforce called for an end of regulation for every single possible scenario and instead for a more common-sense approach to be adopted.
In September Lord Frost outlined the UK’s general approach to scrapping laws from Brussels.
He said the Government was looking at creating a “tailored mechanism” to amend laws first introduced by the EU, and would also create a new commission to review which laws should be retained.
The Brexit minister warned it would be a “mammoth task” to break free from Brussels “given the extent of EU influence over our political system over nearly 50 years”.
He said: “First of all, we’re going to conduct a review of so-called ‘retained EU law’, and by this I mean the very many pieces of legislation which we took onto our own statute book through the European Union Withdrawal Act of 2018.
“We must now revisit this huge but, for us, anomalous category of law.
“In doing so, we have two purposes in mind: first to remove the special status of retained EU law so it is no longer a distinct category of UK domestic law but normalised within our law with a clear legislative status.
“Unless we do this, we risk giving undue precedence to laws derived from EU legislation over laws made properly by this Parliament.”
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